We’ve all heard of someone who’s quit or had to get a job to help make ends meet in the real estate market, or any industry for that matter.  Whether it’s a real estate agent, home stager, painter, furniture store, or organizer, it’s very necessary to think of additional ways to create a thriving business.  When looking into a partnership always remember to get everything in writing no matter what.  It’s easy and very economical with Legalzoom. According to BizStats.com, over 72% of all small businesses are sole proprietors compared to 6% who form partnerships. Believe me, it’s hard to run a business alone.

Create a win-win situation for you and your partner. According to the Small Business Administration, the contents of a business partnership agreement should include (a) the amount of equity invested by each partner, (b) type of business, (c) how profits and losses will be shared, (d) pay and compensation, and (e) distribution of assets if the business is dissolved.  Additionally, have your future partner and you create of list of wants, needs and dislikes in the business. Each should contribute something to the business.

Keep in mind these points:

1. Both must share the same vision, strategy for the business, and set up a clear focus that will meet the needs of both partners.

2. Capitalize on the strengths and skills of each partner: one may be good in marketing and the other sales and leadership.

3. Do not split ownership an equal 50/50.  There will be no conclusion to a future decision, so consider 49% to 51% split.

4. Meet monthly to discuss and share, review and provide thoughts, insights and constructive criticism for each other.

DC Redesign and Home Staging is located in Westminster, CA, and services all of Orange County CA as well as surrounding cities.  Create more freedom,  contentment and enthusiasm in your business by partnering with another business owner in your industry!  714-815-3506 or diane@dcredesign.com