IS DOING BUSINESS WITH FAMILY AND FRIENDS A GOOD IDEA? BLOG BY: PHILICIA JONES
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In a perfect life, we are able to start a business with our family, friends and people we know. Everyone comes together bringing their own specific talent and make things happen as one unit. Well we are living in the real world and when starting your business, it is best to start with a plan of your own and if there be any people of like minds and finances then it is ok to join. With the Proper & Necessary Paperwork Needed to protect you, your business and brand.
The truth is there is very little to no loyalty in business. These days (and maybe in the past of my unknown) it is about the almighty dollar. Or at least that is my unfortunate truth and since this is my blog, let's continue. But. Instead of getting into the dreadfulness that is called backstabbery, let me help those who are considering doing business with a "partner" especially if this will be someone you are close to.
Rule #1: There is no way to close a deal if the team is Not United.
That's it. That's the blog. You and your partner must stand together through the good and the bad of negotiations and business. If you all are in the middle of a major deal and one person from your team is easily swayed, the entire deal can and will fall through. If only One person wins from a group deal & the purpose was doing business as a team, one person walking with a separate deal is actually a loss.
I have learned that it is best to write down my plan, put a budgt aside to hire the work needed and utilize as needed. Save yourself the heartache or make sure that there is paper work involved that will protect you so well, that whatever side deals are made still come back to your pockets.
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