Keys to Success Data shows that four out of five new business ventures fail within the first five years. How to Write a Business Plan. For related reading, see:
Partners can clash over countless things, including conflicting work ethics and financial goals, roles in the business and leadership styles.
What follows is a primer on how to avoid that and set up — and sustain — a business partnership. Do I really need a business partner to build a successful company? Taking on business partners should be reserved for when a partnership is critical to success — say, when the prospective partner has financial resources, connections or vital skills you lack.
You may be better off hiring the other person as an employee or an independent contractor.
Communication is important at every stage of a partnership, and especially so at the outset. A common mistake business partners make is jumping into business before really getting to know each other.
You must be able to connect to feel comfortable expressing your opinions, ideas and expectations. For example, you may be detail oriented and your partner may be a big-picture thinker. Or you may be an expert in marketing and sales, while your partner prefers to stay in the backdrop poring over financials.
Key questions to answer include: Do you and your partner share personal and professional values, ideas and goals? In what areas of everyday life and business do you agree? Other points to consider: What if a spouse or kid later wants to join the business?
How will it be handled if one partner acts unethically? What if one partner wants to move out of the country? Potential partners may want to consider taking a two- or three-day retreat together to go over their individual expectations for the business and partnership, one by one, and compare notes.
Be especially careful when partnering with close friends or family members. Like many marriages, business partnerships can end in bitter divorce. Approach a partnership with close friends or family as you might with strangers: A note about partnering with a spouse: Working together puts an added strain on a relationship, and couples can quickly discover there is a little too much togetherness.
Those who succeed often have learned to set boundaries keep the business from dominating every aspect of their lives. For example, they may have agreed to leave the office at 5 p. Once the decision is made to start a business together, you should create a partnership agreement with help from a lawyer and an accountant.
Take this step no matter who your partner is. People with strong personal connections may feel certain that their supposedly unbreakable bond will help them overcome any obstacles along the way. Get a written agreement. Every agreement should address three crucial areas: Include who owns what percentage of the business, who is investing what, where the money is coming from, and how and when partners will be paid.Create an investment-worthy business plan with our template builder.
Download into Word or PDF for free. We ask the questions, you fill in the answers. Get inspired with our gallery of over example business plans. Choose the category that is closest to your own business or industry, and view a plan you like. LivePlan includes all business plan samples, so you can easily reference any of them when you’re writing your own plan.
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Start-up business plan. Use this template to help write a great plan for your new business. Download the template [DOCX, KB] News for business. A Business Plan can be used to build the framework for your new or existing enterprise, and to set goals for your business. It can also be used by your startup as a way to present your ideas, sales projections, and plans for achieving your objectives to potential investors for funding purposes.