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Business Partnership Advice

 
 
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marceloc
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PostPosted: Mon Jan 04, 2010 10:36 pm    Post subject: Business Partnership Advice Reply with quote

We are 3-partners company already started a year ago. We all have full time job and are working in part time to build our business idea. It is a web project and we outsource the design and development work to India. The project idea is great, but since we are working in part time, the progress is pretty slow, not only the development side, but also the marketing, the decision making, the business planning, etc. Recently, we also find that the budget is almost close to our limit. I know there are some missing pieces which needs to be completed before launch, but we have some argument about our working capital. With that in mind,

1. Should we launch our project no matter what?
2. Should we give up our idea since we don't have time to work on?
3. What other alternatives do we have?

Your advice is much appreciate. Thank you.

Regards,
Marcelo
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paul
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PostPosted: Tue Jan 05, 2010 12:58 am    Post subject: Reply with quote

Hi Marcelo

Sorry, I can't help with any advice but this is the problem with partnerships. You might all be working from the same hymn sheet at the onset but, give it time, and I reckon most partnerships are destined to failure due to disagreements, big or small.

Obviously without knowing any details, I would personally opt for 3. and go it alone.

Paul
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Raisecapital01
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PostPosted: Tue Jan 12, 2010 11:59 pm    Post subject: Reply with quote

This is tough. It is great to have partners, but someone needs to take the lead roles in your project. What roles have you established?
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Smooth
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PostPosted: Tue Jan 26, 2010 5:57 pm    Post subject: Reply with quote

I'd say give up the idea.

Sorry to be harsh, but if you don't have a solid written agreement in place and you aren't all clear on your roles and responsibilities then it's not working. The longer you drag it out the worse it will be.

OTOH, if you can all sit down, clear the air, allocate jobs and elect one person to lead the team then you may have a chance.
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mikekh
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PostPosted: Thu Feb 04, 2010 10:35 am    Post subject: Reply with quote

My two penn'orth:

As others have mentioned, formalise the partnership. Is it a registered company or just three friends working together?

Make sure one of you is an accountant, or has already successfully run a small business.

Partnerships always break up in the end. If define the rules when you start, you can break up amicably.

If you are still making slow progress even with outsourcing, work out why this is so. No-one has time to define and manage the outsourced tasks?
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martynh
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PostPosted: Tue Feb 23, 2010 9:29 am    Post subject: Reply with quote

As well as the issues surrounding being in a partnership,

there's a problem in that all of you still have pt jobs
on that basis you'd struggle to get anyone to invest through this perceived lack of commitment. Which is presumably what you need if you're close to the budget and still at the idea stage.

go it alone or get out of it

Martyn Very Happy
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businessbroker
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PostPosted: Tue Mar 09, 2010 5:56 am    Post subject: Reply with quote

Hello everybody,

Well I think this is a very serious matter.

It seems very good that you all three partners and started a business . As you said that you all are busy with your job. But one should give full time efforts in that. Otherwise you wont be able to achieve your targets.

And if anyone of you cant give full time to your business then its better to give up the idea.
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rkallit
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Joined: 17 Aug 2010
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PostPosted: Tue Aug 17, 2010 8:34 am    Post subject: Reply with quote

Hi,

I would suggest to go head and give a shot at it. I believe these things are important:

- Establish clearly defined roles and responsibilities
- Have small milestones to finish a task
- Keep learning & improvise

And having more people in decision making also helps.
You people have to improvise a lot in terms of time, work & ideas to get things done.

Thanks
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