– Who Is Your Best Financial Partner? –
In my quest to find $1,500 per month, I spoke with a lot of people in order to find out about innovative ways to create cash flow, company ideas and how to save money. At the end of this kind of discussion, several individuals will say something like:
“we should start a business together someday”. There are two things to be careful about this line: the word “together” and the word “someday”. Today I want to speak more about the “together”, I’ll leave the “someday” for another post.
So you want to start a project but you are thinking it would be easier if you would have someone on your side to work with you. Working as a team could result into a great source of motivation and generate more ideas. But in order to be productive, you need to choose a good financial partner. Here are your choices;
Those are individuals with resources (cash, knowledge, assets) who are looking for ideas or people to manage a project. They could be a friend of a friend or simply someone you met at your latest Happy Hour. You obviously have to be careful with this kind of partnership as they are some people living off the back of naive people.
If you want to go ahead with an unknown investor, I strongly suggest that you create a corporation and that you sign a contract. If you start on clear and solid basis, you will avoid a ton of problems in the future.
This is where I decided to look for when I wanted to start something. Friends could become really good financial partner as you know them; you know how they work and how they think. Therefore, there is less chance for surprises.
Communication is the key if you want to make sure to not jeopardize your friendship. If both of you constantly make sure that the other one is happy with how the project is managed, you should go a long way.
I personally tried to do business with family members and it failed every time. The good thing is that each project failed before it even started. We just couldn’t agree on the plan.
I cannot really point out what was the source of the disagreement but the one thing I was sure of is that I didn’t want to start on the wrong foot.
Yep, in my internet project, I have two really important financial partner; my friend with whom we work together and my wife that supports me. More than that, she is a great source of motivation and comprehension.
In the day-to-day life, she is my major support. When you decide that you want to create a side project, it requires time, effort and energy. If your spouse is not on your side, you will never achieve anything.
I personally think that everything starts with a good financial partner and then, you can start designing your project.
image source : jazzadog
|How I Suck at Not Paying Debts||Hitting 6 Figures Income at 28|
|How I Get a Huge Income Raise Each Year||Making $125K Online in 12 months|
|How I Buy Blogs||Most Debated Articles: The Primerica Saga|
|How I Have Survived My MBA||What is So Wrong With Making Money?|
|How I run multiples blogs and makes money without burning out|