5 Steps for employee to get started in Business Part 3:

Your Partner

Find your partner to help you in business. This is one of the best options that you can consider if you don’t have enough time to run your own business. Just get a partner who you can trust and let him helps you to run the business. Maybe you just invest some money, or provide your expertise and experience in your business and share the profit with your partners.

There are several things you must pay attention when dealing in partnership business: works, right or power and profit sharing. Before you start your business with your partner, you must discuss with your partner clearly about :

1. Each responsible in business,
2. Agree with the power or right to make decision for the business,
3. How you 2 going to share the profit?

If possible please make a black and white agreement with above agreement. So if any arguments happen in future, there will be a contract or witness to protect each others.

Before this I saw a couple of friends just start a partnership business. Initially they are working well with each other. However, when the business starts making money, argument happened and finally the business had to be closed down. So my advice is, it is great to have an agreement to protect you and your partner to prevent any unhappy ending.

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