Starting a business partnership can be an excellent business development strategy to share resources, ideas, and workload. However, it's not as straightforward as finding a partner and jumping in. There are specific do's and don'ts that must be followed to ensure a successful partnership. In this article, we will discuss these do's and don'ts for business owners, entrepreneurs, and contractors who are considering a business partnership.

The Do’s:

1. Do choose a partner with complementary skills: When starting a business partnership, it’s important to choose a partner who has skills that complement yours. This will help ensure that all aspects of the business are covered and that you can both contribute equally.

2. Do have a clear agreement: Before starting the partnership, it’s essential to have a clear agreement in place. This agreement should include details such as the roles and responsibilities of each partner, the percentage of ownership, how profits will be split, and how decisions will be made.

3. Do communicate openly: Communication is key in any successful partnership. Make sure to have open and honest communication with your partner. This will help prevent misunderstandings and ensure that you are both on the same page.

4. Do set realistic goals: It’s important to set realistic goals for the partnership. This will help you stay focused and motivated, and will also help you measure your progress and success.

5. Do have a plan for conflict resolution: It’s inevitable that conflicts will arise in any partnership. Have a plan in place for how conflicts will be resolved. This could include a mediator, a written process, or simply talking it out.

The Don’ts:

1. Don’t rush into a partnership: Take your time when choosing a partner. Rushing into a partnership can lead to problems down the line.

2. Don’t ignore red flags: If you notice red flags or warning signs about a potential partner, don’t ignore them. It’s better to address these issues upfront than to deal with them later on.

3. Don’t overlook legal and financial considerations: Starting a partnership has legal and financial implications. Make sure to consult with a lawyer and accountant to ensure that you are setting up the partnership correctly.

4. Don’t neglect your own responsibilities: Even though you have a partner, you still have responsibilities to the business. Don’t neglect these responsibilities or rely solely on your partner to handle everything.

5. Don’t forget to revisit your agreement: As the business grows and changes, it’s important to revisit your agreement and make updates as necessary. This will help ensure that the partnership remains fair and equitable.

Starting a business partnership can be a great way to increase your business development. However, it’s important to follow these do’s and don’ts to ensure a successful partnership.

If you’re a business owner, entrepreneur, or contractor in Florissant, MO, consider reaching out to the Greater North County Chamber of Commerce for support and resources in business development. Contact them at (314) 831-3500 or visit their website to learn more.