Starting a partnership, Think twice

 So you want to start a partnership?, I know it's really exciting especially the fact that you will at least contribute half of the required capital and your partner the same. This is from my personal experience and my first ever partnership business.

Before you embark on that adventurous journey please consider the following factors:-

1. HOW WELL DO YOU KNOW YOUR PARTNER

I will be straight with you, take as much time to find out as much as possible about your partner. Find out his friends and dig out as much information as you can since this will be the foundation of knowing more about him/her. If you are able to access his family members, the better. this will give you a bit of sense on the character that you want to trust with your business capital

2. CONTRACT.

This is the most crucial part in any business and always put everything in writing no matter how small the details are for they will haunt you later on. Trust me I made that mistake and I ended up losing big time 

3. GOALS

first of all, what do you want to achieve in the next 5-10 years together. set your goals and priorities right in order to avoid future problems that might come up

4. TOGETHERNESS

When we started our partnership, we made up a verbal agreement, bad mistake, that we were to work together like literally doing everything including the dirty work but to my surprise, I ended up doing everything on my own. So always make sure that the partner you want to trust should be able to have your back no matter the circumstances 

5. PROFITS AND LOSSES 

Every partnership business goes through this but the worst mistake is that after doing all the dirty work , your partner expects to share profits without lifting a finger, I know its really bad but some partnerships go through this. Try and point out such problems early and rectify because without dealing with the issue then that is a ticking time bomb just waiting to blow up when you least expect it.

6. ASSETS

Please, please, please always make sure you try as much as possible and keep the receipt and any asset that you might have bought. You might have come across something useful in your business, and decide to buy it, always keep the receipt, if possible separately, in case of dissolution to avoid splitting the cost 50/50. 

After all the few factors considered, You can start small and grow gradually to avoid the stresses that come with partnerships, I am not disputing the fact that partnership are good or bad but just to point out the problems that come with and how to avoid them