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Education

Entering into a business and participate in community events, such as setting up a
table at a street fair. By pooling resources, you'll build your
partnership can be key to network and gain valuable referrals.
building relationships with Choose wisely

the public, manufacturers and Everything I've mentioned is only beneficial if you
distributors. While one partner choose the right business partner. Make absolutely sure
it's someone you can trust and that is willing to put in
can be at the store and working the hard work; someone who won't walk away from the
business at a critical time, or is unscrupulous and may try
on tasks like budgeting or to pocket some profits when your back is turned. Michael
Eisner, the former CEO of Walt Disney was quoted saying,
inventory, the other can be out “It is rare to find a business partner who is selfless. If you
are lucky, it happens once in a lifetime.” Your relationship
in the community building with your business partner will work best for both of you
relationships. when your values, goals and work ethics are in alignment.

And of course, when choosing a business partner, you
should look for a positive mental attitude. This will keep
You also need to know when it's time to hire seasonal or work pleasant and spread to your entire team and staff.
additional full-time employees and how much surplus Before you go in with a partner you don’t fully know yet,
to put aside for staffing costs. Bouncing numbers and ask people in the business world what they know about
scenarios off one another can spur inspiration and the person and ask your potential partner for references.
creativity in contrast with working on a static foundation, Then make follow-up calls. Google the person and visit
and ultimately make for better informed staffing decisions. their social media platforms. Do everything you can to
ensure that you're entering into a partnership with an
Shared burdens, decisions honest person who is willing to put in the work with you
Funding is essential to building inventory. Smart analyses to build a successful business, and will take responsibility
and decisions are key to ensuring that you build the right and help manage the business if you’re ever away.
inventory. By having a business partner, you are less likely
to make a misjudgment because you are part of a team. It Some entrepreneurs may feel there is no one more suitable
can help a lot if you bring in a partner with good credit, in terms of honesty and knowing the person than a
and/or liquid assets to contribute towards the business. friend or family member. Be extremely careful with this
assumption. Running a business isn't always smooth
Not overstocking or understocking is crucial. If you order sailing. Arguments, egos and other factors, such as the
too much of an item, especially one that's not popular, business going sour, can cause fallout and feuds among
it will take up valuable shelf and storage space without friends and family. If you do go into business with a
going anywhere. By understocking, you might order the close friend or relative, separate business from personal
right type of products but not enough of them. The items activities as much as possible. Set boundaries and work
fly off the shelf, but too many times you end up having standards that are separate from the family relationship.
to tell disappointed customers that you're out of stock, Establish confidentiality. And most important, clearly
leading them to go to your competitor for their purchases. define roles and responsibilities to prevent resentment
If you get a reputation of being a store that's always out of and mitigate failures.
things, you'll lose customers and deter people from ever
entering your shop. Whomever you choose as a business partner, an outsider,
someone highly recommended, or your brother or cousin,
The intensity of finding a location for your business they must possess the utmost integrity, business acumen,
and/or building an ecommerce platform can also be patience and name recognition that will attract others to
overwhelming to one person who wears every hat. Again, join your venture as you grow. Researching and choosing
funding is critical—and can be expensive—but is well wisely are the bottom line when it comes to picking a
worth the investment. Having a partner to give you a business partner that will result in success rather than
break at times will lessen stress on both of you. disappointment.

Entering into a business partnership can be key to Elie Y. Katz, founder, president and CEO of National Retail Solutions, can
building relationships with the public, manufacturers and be reached by email at ekatz@nrsplus.com. NRS provides a POS network
distributors. While one partner can be at the store and and NRS Pay credit card processing for thousands of independent retail-
working on tasks like budgeting or inventory, the other can ers across the USA. To join the NRS Channel Sales team, visit sellnrs.com
be out in the community building relationships. They'll or call 888-870-0017.
have time for personal visits with vendors and attend
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