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

Hi,

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.