Once you’ve decided that partnering with another entrepreneur is the ideal next step to take for your small business development, you may be extremely excited to move forward. However, you still need to take time to ensure that you’re setting up the partnership for the best possible chances of success so that both parties can thrive and benefit. Consider the following advice as you take on this new endeavor.

Do:

Match your investments.

Your partner should be as dedicated to your small business development as you are in order to avoid friction. This is more likely to happen if their financial investment is equal to yours or if it at least represents a significant sacrifice. Both parties should also give the same amount of time to the business, whether you're working on the front lines or behind the scenes.

Emphasize compatibility.

Running a business together means that you and your partner must agree on philosophies about work ethic and the best methods for success. These ideals should inform and support the overall vision and long-term goals for the business, which you should also share and see eye-to-eye on.

Create detailed plans and agreements.

A small business plan will guide the company toward your goals. Work on one with your partner, and include factors like how the money should be spent when it comes to growth and expenses. Write out a list of each person's individual duties and responsibilities, along with the compensation arrangements. Also, draft an exit agreement in case either of you decides to leave the business.

Don’t:

Move too quickly.

Once you’ve agreed on a partnership, don’t immediately start running your whole business together at once. Take time to adjust to one another and get used to each other’s styles and routines. Start out working on one aspect of the business together until you’ve mastered your teamwork, and then gradually move on to other areas.

Put off difficult conversations.

Your small business development may go through numerous changes and challenges as you join forces. There may even be occasions when you don’t feel completely in sync with your partner. Throughout all these situations, you need to have frequent, open, honest, and respectful communication. Don't put these off, no matter the difficulty, as it can cause unnecessary tension that can lead to arguments.

Dismiss legal counsel.

Once you’ve drawn up an agreement with your partner, visit an attorney that has experience working with small businesses. They can review the contract, advise you on any potential problems, and offer advice for making it fairer, safer, or more thorough.

The members of the Greater North County Chamber of Commerce in Florissant, MO, can offer endless support for your small business development. Since 1955, this organization has taken pride in offering small business services to the community to strengthen the local economy. They offer great networking events so you can get advice and guidance as you venture into your new business partnership. Call (314) 831-3500 or visit the website to learn more.