Partnering For Profit

Doing almost anything, besides meditating, is easier when you have two or more of the right people. So, why aren't more people asking for help in their business or creating joint venture relationships?

Doing it alone is the trap of a self-employed mentality. Leveraging the resources, skills and experiences of other people is simply a smart business practice.

I'm going to do my best sales job to get you collaborating with one or more partners, and to make it a complete win-win. If you already do deals with partners, make it your intent to take it to the next level. How easy can you stand it?!

Benefits of partnering with someone outside of your team:

You have access to each other's resources and contacts.
You get to share the expenses when you're collaborating on a new project.
You have built in accountability and you can challenge each other to stretch into new areas of growth! You'll get motivated to do more and be smarter about the way you get it done. A partner depending on you will get you off that couch.
You get another perspective. Your partner will have insights that you hadn't thought of. They may also have expertise in areas that you don't. You'll have the power of two or more people brainstorming. There is power in numbers. Synergy creates magical results.

Like any relationship, it takes a commitment to communication and some upfront planning.

Taking a little time in advance, to plan what you want in the partnership and what you want it to provide is key.

Begin by making your wish list of what you desire from being in partnership. What will it give you? What type of person would be a great compliment to you? What are your weaknesses? You can either learn to make them into strengths or get a partner who is really great at the things you are not.

If you already have a partner, it's good to do some checking in with yourself to see if the relationship is still a match to your needs. If not, what do YOU need to shift, say or do to make it better? Constantly redesigning your alliance with your partners will keep each of you expanding.

Things you must discuss honestly:

The way you will communicate with each other and how you will discuss any issues that come up. How will you deal will conflict?
What are your criteria for saying yes to a project or vendor? What is your exit strategy for the investment? What if one of you has a financial crisis? How will you dissolve the partnership if something comes up?
What will each of you be responsible for? What percentage of the load are you willing to handle (with no resentment)? Will it be equal to the percentage of money you'll be compensated?
What are you unwilling to tolerate? Each of you needs to set clear boundaries. This means someone will know if they've crossed a boundary long before the other person gets mad.
Will there be agreements regarding other investment opportunities?
What needs to be in writing? Even if your partner is a very good friend, writing down all aspects of the partnership and each deal gives each of you clarity. This saves you from future misunderstandings.
What parts of the joint venture are you unwilling to do? What will be delegated? What do you need to learn? What makes your knees shake? What gets you excited? Where do you procrastinate? Where do you need support? What's the best way for your partner to support you? Do you like a kick in the pants or a persistent nudge?

You can have a blast together and create big time profit with some specific planning. Win-win or no deal. Never make assumptions about what you think is happening in the mind of your partner. Seek to understand ... ask questions to gain clarity.