Are you in a joint venture with someone? If so, what specifically made you choose them?

1 replies
Second, what are the things you MUST or highly recommend doing before partnering up?

Would like to hear from those with experience.

Thanks in advance,

P.S. If there's a thread about this topic already that I've missed, could you direct me to it?
Didn't see anything on this topic.
#choose #joint #made #specifically #venture
  • Profile picture of the author gingerninjas

    I set up my business about 4 years ago and it was meant to be just mine, it was easier that way and I didn't want any complications.

    A few years on and I realised I needed some support, not a business partner but a bit of VA and admin support to help things along.

    Fast forward to the beginning of this year and I realised that the business was growing but I was working harder and not smarter and the sort of work I was bringing in was really not going to be that profitable in the long term. I run a digital marketing agency and while my services are always in demand, I was constantly being told I was too cheap and I also wasn't able to offer strategic advice and additional support that people were wanting with their campaigns.

    I thought long and hard about what to do about this. I had a colleague who was looking to start out her own business and she is in the same field and I had worked with her before however while she approached me to do a joint venture with her I just didn't feel it was a good fit.

    From that point, my husband started working for the business after hours doing work. He is from a slightly different field however compliments what I do. He doesn't necessarily offer the same skills however what he did offer was lacking in my business. At that moment, I knew I had my solution.

    If you're looking to go into a joint venture I would from personal experience suggest the following:

    - Think long and hard about the collaboration and whether the person looking to collaborate has the same ideas as you

    - Ensure legal paperwork is signed and you are equal partners in the finance side of things

    - Draft up a business plan with strategies before you agree

    - Discuss the hours they plan to work to ensure this fits with your expectations

    - Arrange an NDA and also a watertight agreement for non-compete - should anything go wrong with the partnership

    I would probably suggest if you're not 100% about a joint venture just getting yourself some support while you grow. Also, I would bring in your accountant and solicitor to formalise any partnership to ensure your business is protected.
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