You are currently browsing the MrBizPlan.com weblog archives for April, 2007.
- Mr BizPlan Says (41)
- October 7, 2008: How the Credit Crisis Affects Small Business
- September 26, 2008: Is Your Brand Awesome? Should it be?
- September 17, 2008: What's going on? From Wall Street to Main Street.
- September 2, 2008: The Universe of Opportunities
- August 7, 2008: Rags to Riches...Anecdotally Speaking
- June 30, 2008: Building Quality Financial Projections
- June 16, 2008: "The Only Thing We Have To Fear..."
- May 29, 2008: "Free Money to Pay Your Bills!" Or Maybe Not (Part 2)
- May 20, 2008: "Free Money to Pay Your Bills!" Or Maybe Not (Part 1)
- May 9, 2008: Ten Reasons Why Businesses Succeed (In My Opinion)
Archive for April 2007
Can a Business Partnerships Work Out?
April 16, 2007 by mrbizplan.
Anonymous Asks:
In my quest to start a small business I have run into the opportunity to partner with another artisan who is skilled in my craft but doesn’t have a lot of money to contribute. What are the things I should consider before partnering with this person?
Mr. BizPlan Answers:
I meet and work with about 200 entrepreneurs a year who are interested in starting a small business. Every time I have a meeting with two or more people involved in the same venture, they always say the same thing:
“Jane and I are staring a XYZ Shop on the north side of town. I have the funds for the down payment and she has the skills and expertise. We are going to split the profits 50/50.”
To this I typically offer the following rules of a partnership:
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Is absentee ownership an option?
April 3, 2007 by mrbizplan.
MTong asks:
I am an Army National Guard soldier who would like to start a business while currently enlisted. Is this even an option?
Mr. BizPlan Answers:
First of all, Thank You for serving our country. We appreciate your sacrifice.
You certainly can start and manage your own business while enlisted in the military. Many business owners are “absentee owners” and with today’s technology it is easier than ever. Even soldiers in most parts of Iraq have periodic access to the internet which is why I would recommend a web based business.
You can set up and run a web based business from any internet enabled computer in the world. Setting up a website is easy with ecommerce solutions from Yahoo! Hosting, eBay ProStores, and others. You can use instant messenger, voice over ip (like Skype), and standard email to stay in touch with potential clients, suppliers and vendors. Here is an excellent guide for starting an online buisness from www.ecommerce-guide.com or you can find other opportunities at SmallBizBooks.com .
If it is not a web based business I would suggest creating a partnership with someone you trust. Before you go this route make sure that you register your business with the correct organizations and create a partnership agreement to protect yourself. Partnership agreements spell out the terms of the relationship such as; minimum hours of work, salary structure, rules for decision making (such as requiring both signatures before making purchases over a specific dollar amount or taking on a loan), and many other issues that most new business partners don’t think about.
A final option is a franchise. Some franchises require the owner to be on site or at least require a multiweek training but this can be done when you are on “leave” or between deployments. So, make sure you check the franchise agreement first to see if they allow absentee ownership. Another good resources is the franchise registry which lists SBA approved franchises.
Good Luck!
Mr BizPlan
www.diybizplan.com
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