Finding a business partner

Discussion in 'Growing and Managing a Business' started by DaveScotford, Jan 26, 2011.

  1. DaveScotford

    DaveScotford
    uix_expand uix_collapse
    Member

    Joined:
    Jan 17, 2011
    Messages:
    44
    Likes Received:
    0
    Hey!

    I wondered if anyone out there currently works with a business partner for their venutures? I'm looking to bring someone in to help push the brand and just get the business out there - so ideally some form of marketing experience or some good ideas at least!

    We've got a good product and we're getting some really great feedback from everyone that we're sending stuff out to. The plan needs a push on marketing and hopefully some deals with physical and online shops too :)
     
  2. Fergal

    Fergal
    uix_expand uix_collapse
    Premium Member
    Premium Member

    Joined:
    Nov 18, 2007
    Messages:
    10,575
    Likes Received:
    1,165
    Taking on a business partner is a big move and if you do decide to go that route it is very important to get everything in writing and signed by both parties. Why do you feel you need a partner, as opposed to hiring someone or using an agent, distributor or other reseller?

    Have you considered other options that would involve less long term commitment for your business, e.g. introducing an affiliate scheme or other revenue sharing program?
     
  3. DaveScotford

    DaveScotford
    uix_expand uix_collapse
    Member

    Joined:
    Jan 17, 2011
    Messages:
    44
    Likes Received:
    0
    Thanks for the reply Fergal.

    I'm looking for someone who can really push the brand and really help me get it off the ground. Capital investment isn't at the forefront of the desire to bring someone in.

    I guess a sales agent is something I can look into... Though like many small businesses at are so new the capital isn't there to bring someone in. I guess a commission based sales agent would be appealing, but do these even exist?

    Affiliate scheme is something I'm developing, though it's difficult to be able to integrate with a BigCartel store like the one we're using at the moment.
     
  4. Fergal

    Fergal
    uix_expand uix_collapse
    Premium Member
    Premium Member

    Joined:
    Nov 18, 2007
    Messages:
    10,575
    Likes Received:
    1,165
    There are sales people who work on a commission only basis, even some who work for very well known corporations in the utility and telecoms sectors. You could advertise for people and businesses like that on your website, you'd never know when someone would visit and have an interest in promoting your product in return for a sales commission.
     
  5. DaveScotford

    DaveScotford
    uix_expand uix_collapse
    Member

    Joined:
    Jan 17, 2011
    Messages:
    44
    Likes Received:
    0
    Yeah good idea. I'll get that added to the site as soon as possible. :) Been looking at the PeoplePerHour website too!
     
  6. clydeshaw09

    clydeshaw09
    uix_expand uix_collapse
    New Member

    Joined:
    Jan 26, 2011
    Messages:
    4
    Likes Received:
    0
    There are a lot of people who are also looking for business partners. In terms of business partner it is better to look for a personal business partner and as what Fergal is saying it is better to have sign contracts for both parties.
     
  7. Fergal

    Fergal
    uix_expand uix_collapse
    Premium Member
    Premium Member

    Joined:
    Nov 18, 2007
    Messages:
    10,575
    Likes Received:
    1,165
    When agreeing a partnership with someone, it might be a good idea to trial it for a certain period of time, e.g. one to three months. That way if things are not working out (for either party) you can end the partnership relatively quickly and easily, thus avoiding any serious conflict between the parties.

    Even when agreeing a longer term partnership, it would be a good idea to include a "get out" / termination clause that provides for ending the agreement, should the arrangement not be to your satisfaction in the future.
     
  8. firstchoicecar

    firstchoicecar
    uix_expand uix_collapse
    Member

    Joined:
    Mar 17, 2010
    Messages:
    713
    Likes Received:
    29
    On business world, whether you are friends or not it is adviseable to have your contract of agreement signed by the two of you. On that way your business will work accordingly without any hesitation, doubt or anything else.
     
  9. Bharat Book

    Bharat Book
    uix_expand uix_collapse
    Member

    Joined:
    Jul 11, 2012
    Messages:
    129
    Likes Received:
    2
    I agree with this post.Find business partner who is intelligent and aware of current market situation.He must be experienced person.so,it will beneficial for your business.
     
  10. SeanFace101

    SeanFace101
    uix_expand uix_collapse
    Member

    Joined:
    May 11, 2012
    Messages:
    47
    Likes Received:
    6
    Yeah, i agree that it is a big step and should be given good thought before doing so, but it can also be very rewarding if you go through it.
    You have to decide what benifits it will bring having a new buisness partner on board and also if it is right for what your wanting to achieve and what your end goal is.
     

Share This Page