Some have said a business partnership is like a marriage. I’m not sure about that but I will tell you from personal experience, your partner and you may make strange bedfellows, (a person or thing allied or closely connected with another).
The interview process with a prospective business partner can range from interesting let’s investigate this further to this won’t work, let’s not engage. This part of the process is very much like a date with a prospective mate…
But here’s the rub – the outcome of the meeting and potential engagement depends on the answers to a series of questions. In some fashion we attempt to get the answers to necessary questions, without really knowing what questions to ask.
Here They Are!
Drill deep when asking these questions because the first two in particular are very personal. The third and fourth questions address someone’s ability to, what I describe as holding your breath. This is important because it is generally true that things take longer and cost more than you think.
- What income demands do you have?
- What are your income sources?
- What do you expect to get out of this project?
- When do you expect it?
It’s good to know where a person’s money goes when they get it, especially if you are going into business with them.
Knowing about their income sources allows you to gauge whether or not they will be able to handle the possible long term nature of a business venture paying off. Knowing what they expect out of the venture allows you to align goals and desired outcomes and to divide up the “hats” in the business.
Knowing when they expect the return or pay-off helps because if they are expecting a payoff in eight months but that payoff doesn’t come for twenty-four months there will be trouble. Be prepared to be asked these questions and of course ask them of yourself as a preparatory measure.
- Ask these questions of yourself and answer them honestly.
- Have friends and/or family ask you these same questions.
- Ask your friends and family these questions.
- Ask prospective partners/team members these questions and discuss the answers to see to it there is a meeting ground and a full, complete understanding before – and while – you move forward.
We all have motives when going into business. Usually to make a lot of money. This is done by building and launching something. Of course buying into an opportunity (investing or Network Marketing company) and reaping a return or the ever elusive ‘passive’ income is an option. But, it is still a lot of active work and requires building and launching something.
In any event, it all comes down to building and launching something. This can be a great adventure, and from my mind adventures are best experienced with another.
Believe me, building a business is an adventure! 🙂
Featured Image courtesy of patrisyu at FreeDigitalPhotos.net