A recent article featured on The Huffington Post’s blog titled, “5 tips for Starting a Business with a Partner,” discusses partnering up when starting a business.
“Starting a business on your own can be difficult,” writes Clark Howard in the blog post. “Sometimes finding a partner with the right skills set is a necessity.”
Howard offers five tips to keep in mind when considering a partner:
- Find a partner at your own speed. It is important to select a partner that complements your skills, experience and goals. Free sites are available, such as FounderDating.com and StartUpWithMe.com, that will screen for potential partners to find one that is the right fit for you.
- Work with a startup accelerator. Consider working with an organization that provides professional development, training, consulting, networking and other opportunities for startups and entrepreneurs. The website, GlobalAcceleratorNetwork.com, can help you find one located near you.
- Search online for capital. When you are looking for startup capital, peer-to-peer lending sites, including LendingClub.com and Prosper.com, can help. With these types of sites, you are borrowing money directly from individuals, not banks. The interest rate is determined by your creditworthiness.
- Use a “freemium” model. Consider a freemium business. Under this model, “you give away something for free, and then your customers pay for an upgrade if they want more of your products/services.
- Don’t ignore retirement planning. According to a recent survey from The American College, approximately a third of all entrepreneurs are not saving for their retirement. Most are too busy putting all of their money into their startups. “Here’s my alternative: As a self-employed person, you have access to a simplified employee pension (SEP),” shares Howard in the blog post. “The paperwork to set up a SEP is simple, and you can even open one at a low-cost investment house like Vanguard, Fidelity or T. Rowe Price at no cost.”
Read the entire article on partnering up for startups here.