Choosing the Right Business Partner

Finding the right business partner is tough. Everybody has different reasons for choosing to go into business with another person whether it be for financial reasons, the persons connection’s or because you and your best friend always dreamed of opening a business together. While business partnerships similar to the honeymoon period of a new relationship normally start full of excitement and enthusiasm, they can quickly turn sour and you may very swiftly find yourself in a legal dispute or worse.

Why Choose a Partner

First you need to establish why you need a business partner. Is it for financial reasons or because you require someone with more knowledge of the market your’re about to enter? When choosing a business partner it’s critical to weigh up your strengths and weaknesses and find someone who can enable the business to succeed in an way that you cannot or in an area that would not do as well if he or she was not on board.  Here is a video on what to look for in a partner.

In order for a business to succeed the people running it must have a great understanding of the product or service they intend to sell. They also must be very well informed of the market that they are entering. They must have the right connections or personality to make these connections and relationships and most importantly they must have the funds to start and run their business.

Evaluate Your Strengths

Consider what your strengths are and choose a business partner that compliments these.Second you need to determine what your values and goals are. Do you intend on setting up a sustainable long term business or is your focus on making profits as quickly as possible? When choosing the right business partner you need to establish the way in which you want to run your business, the way you will use your funding and how you will distribute the profits.

Both parties should decide on what areas in the business they are responsible for and how much time and work they are going to put into it. When choosing the right business partner make sure you share the same values and goals to avoid causing resentment down the line.

Trust is Integral

Last but certainly not least when choosing the right business partner you need to be sure that you trust that person and consider the relationship you have with them. Do you trust this person with your finances? Do you trust that this person has the same dedication to the business as you do and won’t run at the first hurdle? If the answer is no then absolutely do not go into business together.

You also need to consider the relationship you have with the person your’re intending on going into business with. Do not go into business with your best friend, your brother or sister or even your partner without considering if they share the same values and goals in business and whether being in business together will help it succeed. Going into business with somebody you know well can end in not only financial disaster but in the loss of that relationship as well.

All in all going into business with the right person can take a lot of time and consideration but rather than entering a business partnership uninformed and without much thought, if you take your time and choose your business partner wisely you can make a business that would of otherwise never gotten off the ground a success that you never believed achievable.

Business Trends to Leverage in 2017

Business Trends to Leverage in 2017

The year 2016 is behind us and gone.  Again welcome to 2017, which we are already a month into. If last year was anything to go by, it is more significant than ever that you walk through 2017 with some clear road-map which may be adapted on the fly. The following are 6 major trends for 2017 which you may leverage on so as to grow your business.

1.Entrepreneurs Everywhere

This year is going to see a significant rise in individuals taking the plunge to become entrepreneurs. This phenomenon is going to be driven partly by the exponential rise in millennials in workforce, together with global shift towards full time employees vs. contract work. As entry barriers become increasingly less traditional, potential employees are going to look to leverage their time and skills by establishing their own enterprises. Watch out on this.

2. Social proof

Traditional marketing is on its death throes. Customers today are smart enough and sufficiently connected to see right through marketing and advertising. Social media comments, consumer reviews, and interest groups are going to be responsible for driving decision making. Therefore, the major challenge for business people is to make sure they have a two-way information flow between them together with their target audience to avoid market obscurity.

3. Internal disruptors

Big companies are quite aware their size is no longer a guaranteed advantage, but rather a real impediment to innovation. Therefore, intraprenuers are going to become the pillars of innovation in big corporations. They’re free spirits who are bound to challenge the status quo, and authorities, make some bold suggestions and decisions, and trail blaze new paths to market. Most significantly, they’re provided an official mandate to act so.

4. Solo Acts

Single employee business is going to see some dramatic rise. This is because popular websites such as Fiverr, Etsy, and eBay among others have managed to create global market places for solo businesspersons. It is now quite easy to establish an online enterprise, just from the comfort of your house. This opportunity presents also dual income for the smart individuals, therefore you no longer have to limit your income sources to the traditional 9-5 parameters. In 2017, coffee shops are going to continue to be new boardrooms.

5. Micro Trends

In 2017, as compound growth of information takes its full effect, it is going to become crucial monitoring for micro trends. Innovation and disruption both are making macro trends become obsolete before they have had enough time to take full effect. You should keep close eye on those trends which run parallel to your industry niche, as the ripple effect of disruption traverse sectors.

6. Becoming an SME

Well, small and Medium-sized businesses is going to become Subject Matter Experts so as to continue thriving. As competition is going to increase, generalists are going to fall by the wayside. The victors, predictably, are those that are the leaders in their own field. You should find a niche within your field to guarantee long-term growth and profitability in 2017.