The Obstacles Home Business Owners Face When They Start A Home Business

If you have made up your mind and you are 100% certain about starting a home business, then you might have in mind what product or service you want to market. You should also know that for the first two years you will be devoted to making your business grow. If you are willing to take a huge risk such as this, you will need to be motivated, determined and confident. There are numerous obstacles that you could run into if you don’t take the necessary precautions.

To work your way through the start-up of your business you will need to take the following steps

SWOT analysis (Strengths, Weaknesses, Opportunities and Threats). By knowing and using this method, you will be aware of what competition you are facing, where your business can grow, and you will get a better understanding of the business market.

Form a business plan. Forming a business plan can be overwhelming and slightly confusing. A business plan should include the audience that will be looking at your plan, an outline of the business plan, a collection of research and data, a general abstract of the market, an inquiry profile, finances, and finally the executive summary.
Funds for the business startup. Do you have the resources needed to start the business or do you need to find the money or money lender?

Naming your business. What will be the name of your business? This is a crucial and significantly important element.

Electing your business structure. Sometimes people get confused due to the business types. You will need to elect the right business partners. The choice you make will cause an impact on your business.

The license and permit. This entails registering your business, you might also need a business identification number, and may also include other tax licenses and zoning permits.

The location. This step also entails many minor tasks such as finding the right location for your business, buying office supplies and equipment and designing your business place.

The insurance. You are responsible for any risks associated to your business. Getting a business insurance will protect your office of any disasters or litigations that could occur.

Lastly, create an accounting system. Many individuals that want to start their own business tend to fail because they get caught up with location and buying supplies and other details that they forget to keep an account of money going in and out. A good option would be to hire a professional accountant that will keep track of the businesses finances.

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Why You Should Stop Boasting About How Busy You Are

An Accomplished Life

“Hi Tom, how are you?”

“I’m well Jane, just extremely busy.”

“Oh, I’m glad to hear you’re keeping busy then.”

“Yes, I’m flat out at the moment.”

The above interaction is one that takes place between people on a daily basis.

But what is behind the busyness?

Is it a way to deflect attention from what really matters?

People brag about their busy lives to highlight themselves living an accomplished life to their peers.

Similarly, they may wish to communicate how meaningful their work is and so it becomes a self-fulfilling prophecy.

Being occupied implies oneself is consumed with matters of significance. That is why people state their busyness, to have you know they are important.

Busy people struggle to keep their attention in the present moment because their focus lies in future events and planning for the next project.

“We become active and busy, but this doesn’t actually move us any closer to success. Activity is often unrelated to productivity, and busyness rarely takes care of business,” states authors Gary Keller and Jay Papasan in, The One Thing: The Surprisingly Simple Truth Behind Extraordinary Results.

I question those who have a hectic schedule as a method to divert their attention from connecting with their core self.

The title quote by the Greek philosopher Socrates, invites you to be wary of a busy life which can be barren.

The busy person is disconnected from others, simply because their attention is focussed on their own commitments. There is the impression of a purposeless life, masked behind the facade of a frantic lifestyle.

Busyness can be reframed to imply your pursuits are purposeful instead of busy.

Gary Keller and Jay Papasan affirm, “Don’t focus on being busy; focus on being productive. Allow what matters most to drive your day.”

Busy or Just Unproductive?

You can be busy but not productive and still chase your tail.

Beneath the busyness lies the unconscious desire to be rewarded for hard work.

People believe being preoccupied is impressive and associated with status. You must be pursuing something prestigious, otherwise you wouldn’t be busy.

I’m reminded of an episode in the Seinfeld sitcom where the character George Costanza, played by Jason Alexander, walks around the office looking annoyed. He realises that being busy is associated with stress and works hard to uphold this facade.

He appears irritated, causing his supervisor; Mr. Wilhelm to fear George is cracking under the pressure of his work.

While this scenario is fictional, it shows how people unconsciously use busyness to draw attention to themselves.

Similarly, you may believe multitasking is indicative of productivity. Busyness implies being on top of things which is often the furthest thing from the truth.

“Productivity isn’t about being a workhorse, keeping busy or burning the midnight oil… It’s more about priorities, planning, and fiercely protecting your time,” affirms associate editor at Psych Central, Margarita Tartakovsky.

The busy pandemic comes at a cost to people’s well-being and happiness. You may find it difficult to disconnect from work to spend time with family. These are the pursuits that rejuvenate you instead of deplete you.

Busyness can be a sign of procrastination. It is a smoke screen to cover up being overwhelmed and in need of help to prioritise your life.

Consequently, those in the creative field will tell you they are absorbed in their interests and not busy with work.

It was the late Stephen R Covey, author of The 7 Habits of Highly Effective People who said, “It is possible to be busy-very busy-without being very effective.”

The Demands of a Hectic Schedule

It is vital that you set clear boundaries if you wish to be fulfilled. Busy people find it difficult to say no since they do not wish to offend others or be seen as incapable.

I’m yet to meet a busy person satisfied with their hectic schedule. I’m certain they would trade their frantic life for: less work, more time and money.

Occasionally, you might be pulled by circumstances not of your choosing. Business may unexpectedly increase if you’re self-employed as you try to meet the pressures of growing sales. But that doesn’t mean you are happy if all you are doing is working to provide for the demands of other people.

You have a choice how you spend your time. To claim you are busy is failing to prioritise your time wisely.

“Everybody’s busy. Everyone does the actions. But were they the right actions? Were those actions productive? Did you take a step forward? These are questions that most people never take the time to think about,” reminds us author Jeff Olson in, The Slight Edge.

After all, what is the point of being busy and stressed to the point of exhaustion that your health and relationships suffer, just to improve your bottom line?

Surely, there’s a more efficient way to work in the 21 century while enjoying more leisure time?

Busy people are prone to being overwhelmed if they continue to drive themselves hard. It is not healthy to run yourself into the ground and expect to stop at the drop of a hat.

Something must give. That may be as excessive drinking to help you wind down or toxic behaviours such as: compulsive eating, gambling or whatever distracts you from what is important.

We all have the same hours in the day and how you spend it is entirely up to you. Many people squander their time running around believing they are productive, when they are simply busy due to their lack of organisation and prioritisation.

“We are so busy being enticed by our next endeavour that we forget to savour what is already there and could be deeply meaningful. It is useful to remember the adage “The more things change, the more they remain the same” avows author Bernard Roth in, The Achievement Habit: Stop Wishing, Start Doing, and Take Command of Your Life.

A better way to reframe busyness is to state you are productive or engaged in what you are doing. Conversely, communicating you have taken on more than you can handle, is a step towards reclaiming your lost time.

This is not a cry for help, but exposing your vulnerability to those willing to help you better manage your time.

Find ways to be less busy and more engaged so you are in Flow, as the Hungarian psychology Professor, Mihaly Csikszentmihalyi espouses.

Busyness is a not indicative of a rewarding life if all you are doing is jumping from one task to the next.

Those who manage their time successfully hold on to it like it was their last breath. They prioritise what is important and so should you.

I invite you to think with the end in mind as Stephen R. Covey conveys in his teachings.

Only then will you appreciate what really matters and worth devoting your time and energy towards.

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Let Your Car Breathe Freely With Routine Air Filter Replacement

In a similar way to living creatures, vehicles also need to be able to freely “breathe” clean air. Of course cars do not have lungs, so when we say “breathe”, what we really mean is “filter air.” Your vehicle’s cabin air filters should be inspected and serviced on a routine basis to ensure perfectly clean and unobstructed “breathing.” For permanent filters, a professional car mechanic will clean them, dry them, and replace them as needed. For disposable ones. A simple inspection and replacement is all it takes! Continue reading to learn more about the importance of clean automotive air filters.

Defense Against Airborne Contaminants

Your vehicle’s air filters play an important role in terms of interior cabin air quality and comfort. But it also plays a significant role in how your vehicle operates. Clogged or defective filters can cause a decrease in engine performance and capacity, as well as, lose their ability to protect you against harmful airborne contaminants. You see, dirt, oil, and other harmful contaminants are trapped in air filters, and after sometime, they accumulate to mass amounts, causing the filters to lose their value. And when the filters become too saturated, they cannot trap anymore contaminants. As a result, these contaminants enter the engine and damage pistons, piston rings and bearings, cylinders, cylinder walls, and more. This causes the engine to then lose power. For fuel injected cars, air filters protect the air flow sensor from contamination.

As for interior air quality and comfort, dirty filterings can jeopardize the cabin environment. Without anything between you and airborne contaminants, you are left to suffer from dirty indoor air. This results in musty odors, stuffiness, allergy-agitation, and more. When it comes to cabin air filters, try to have them inspected and replaced every 12,000 to 15,000 miles. If you are a frequent driver or frequently drive long distances, decrease this rule to every 10,000 to 12,000 miles.

Although such an important part of car safety and maintenance, air filter replacement is often overlooked. Be sure to talk to your trusted car mechanic about recommended factory scheduled maintenance for your vehicle. They have the knowledge and advanced diagnostic systems to provide accurate and effective service for your exact make and model car or truck. They can then provide you with a trusted schedule that you can continue to use and refer to for years to come!

Call Main Street Auto Tech at 317-881-7220 for car filter replacement in Greenwood, Indiana. They are ASE certified car mechanics that offer a wide range of automotive services for all make and model vehicles, domestic or foreign. Ask them about their auto repair coupons and discounts too! Call 317-881-7220 to request a free estimate for Greenwood car maintenance, today.

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Must-Know Facts About Armored Recovery Vehicles

Various kinds of military vehicles are used in used in war-torn areas or places where conflicts are present and continuous. One of the most common types of specialized vehicles you will see in such areas are armored recovery vehicles.

An armored recovery vehicle, also known as Armoredownload-12d Repair and Recovery Vehicle or ARRV, has the primary purpose of recovering and/or repairing damaged or inoperable vehicles right in the battle field.

These specialized vehicles were first called Salvage tanks during World War I. It was only during the Second World War that people began calling them recovery vehicles.

The earliest versions of these vehicles were usually equipped with repair tools or with winches of heavy-duty to release the stuck vehicles. However, the latter generations or newer models were outfitted with a type of crane attached to the A-frame – a feature which could perform the task of lifting heavy parts from disabled vehicles, such as the engine. In addition, during the post-war period, various great alterations and improvements were made in these vehicles. Some of these capabilities include the improved ability of these vehicles to carry an extra engine to replace a non-working on the field and fuel pumps which allow the easy transfer of fuel. They can also carry anchors which can be utilized as stabilizers in heavy lifting situations.

In the past, recovery vehicles were usually derived from battle tanks of other armored fighting vehicles. Today, most manufacturers build them from the same type of material or vehicle they will most likely or frequently recover on the war field.

Although recovery vehicles are one of the sturdiest and strongest specialized vehicles around, they also have limitations. In cases where the work of a recovery vehicle is not possible anymore, tank transporters will have to be used. Tank transporters have the mission of transporting the tanks on the war field for longer distances, to reduce road damage, save fuel, or to recover them from the war field. Certain types or models of tank transporters are equipped with special protection, in case they have to make their way up to the first line.

Armored recovery vehicles are important types of specialized vehicles to have and use where fighting, especially with the use of artillery, is consistently present. To make sure that you can make the most of your vehicles and that the operator and passengers will be safe during transport, make sure that you purchase them only from a well-known and trusted automotive manufacturing company.

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Best Tips to Avoid Squandering Your Inheritance

When you receive an inheritance, it is important to figure out what will you do with that money. If you do not plan properly on how to spend that money, it will slip out of your hand within no time. If you have already got the cash, or you are about to inherit the money, here are some five tips for using it properly.

Don’t Rush Your Decision

People generally do not allow the money for a cooling-off period, after receiving the cash. This is one of the worst mistakes that people usually do. They are always in a hurry of spending the money without thinking twice. You can save the money either in a money market account or savings for at least two months in order to plan your options. You can also put the money into a short-term deposit for saving it, because you have to pay penalty if you withdraw it before time.

Assess Where You Are

If you analyse your present financial situation, you can get an idea about your future move. You can plan to start a college fund for your children, add the money to your retirement savings or keep it as an emergency fund. Make a goal in life, so that you can achieve it with the help of your inheritance.

Be Realistic About Your Inheritance

A sudden chunk of money will you lead to towards a changed lifestyle. The things like a new car or a luxury vacation that you could not afford before will now seem to be very tempting. You have to be careful to control your temptation and save your money for future needs.

Establish Boundaries

It is evident that when you receive an inheritance, many people come with a try to have a share in the money. Bank or financial sales people may call you so that you invest your money in their products. You may also be asked to make a huge donation by any charitable organisation. So, it is very important to set boundaries and prepare yourself for saying no to the people.

Be Proactive

You may need some professional help to figure out how to save your inheritance. It is absolutely fine to hire a financial advisor, but do not make your decision solely as per his guidance. In the end, it will be you who will take the final decision. Do some research and set your goals before taking professional’s help.

Thus, though an inheritance is like a blessing to you, but along with it comes responsibility. Plan properly to make sure that your money lasts for a longer time.

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5 Benefits Of Using Security Tags

If you go to most of big retailers, you will see that they have electronically tagged their expensive goods. It’s possible to tag all the products including beauty products and alcohol. Usually, retail stores use security tags to secure items that are most commonly stolen. As a matter of fact, security tags offer a simple solution for businesses to secure their stock. Read on to know more about it.

How security tags work

In simple words, security tags are designed to send an alert when products at a store are moved through a security barrier. These tags are put on the product packages. When a shoplifter tries to steal the package and passes through the barrier, the tag will turn on the alarm sending an alert to the security.

The staff at the store can detach or deactivate the tags for their customers. So, their genuine customers won’t face any embarrassing situation. The fact of the matter is that these tags prevent shoplifters from lifting stuff from retail stores. As said before, these tags can be used on any product sold at the stores. Given below are 5 major benefits of these tags.

5 Great Benefits of Tags for security

1. Affordable

Since security tags are sold in bulk, you can get discount when buying them. While they may cost you a good amount of money, you will save a great deal of money in the long run. The protection you will get is worth the investment. That’s the reason the product is an effective solution for small as well as large businesses.

2. Ease of use

The great thing about the product is that it is very easy to use. This means that you can use them on a wide range of products. While they are easy to apply, they can’t be removed without a special device called a deactivator. So, the shoplifters won’t be able to remove them.

3. Easy deactivation

With a deactivator, it’s easy to remove the tags in a few seconds. So, your customers don’t need to wait for the tags to be removed before they leave your store. Unlike other gadgets, security tags are not complex items.

4. Peace of mind

With security tags on each product at a store, the staff and customers will have a peace of mind. All the staff at a store will be able to focus on their jobs as they will have peace of mind that any attempt to steal the products will be detected. Moreover, the customers will also be satisfied that they are in a safe store.

5. Reliability

Security tags are very reliable as they can’t be removed without the special device known as the deactivator. Once the deactivator is removed, the tag won’t set the alarm off when the customer will pass it through the security barrier. So, the devices are 100% reliable. There will be no surprises.

So, if you run a store and want to improve the security system at your store, you may want to consider installing tags.

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A Heartfelt New Year’s Resolution: Show You Care

I heard the sirens behind me before I saw the flashing lights of an ambulance, followed closely by a fire truck. Like everyone else on the roadway, I looked around trying to figure out where the ambulance was heading, and as soon as I saw the lights, eased my car over to the right side of the road. Only the ambulance wasn’t traveling in the direction of traffic, the ambulance was heading for whichever side of the roadway was clear, if only for a few car-lengths – much to the surprise, no doubt, of those in the oncoming lane of traffic.

I figured it must be a truly urgent emergency for the ambulance and fire truck to be commandeering both sides of Pacific Coast Highway. Nonetheless, drivers on either side were nudging their cars onto the side, out of the way. At no time did the ambulance have to blow its horn, slow down, or do anything else to get where it needed to go.

We care. We really do. In moments of crisis, large or small, our respect for one another simply as human beings, shows up. I am reminded of a very touching video posted in the final weeks of the chaotic Presidential campaigns, which featured a woman trying to find the owner of a lost dog found wandering in a parking lot. It was an “equal opportunity” posting, in that the same situation was played out in both Trump and Clinton rallies. The woman wore a “Trump” t-shirt in the Clinton situation, and a “Clinton” t-shirt in the Trump situation. Didn’t matter. People in both rallies, without exception, treated the woman with respect, and tried their very best to help her find the dog’s owner. Small crisis, true, but oh-so-telling.

We care. We really do. So what if, this New Year, we made a resolution to show our caring, our respect for our shared humanity, when it isn’t a matter of a lost dog or tragic accident? What if, just as a matter of course, throughout our most ordinary of days, we made the effort to give people the benefit of the doubt, to assume people are doing their best (including ourselves!), and to respect them, regardless of whether or not we agree with them?

I know, it’s easier to do with lost dogs than it is with co-workers or family, much less strangers who are rude to us or ignore us altogether. But heck, we’re still all in this together, and a little bit of respect and consideration goes a long way.

And who knows? Someone may give you some of that respect and consideration when you least expect it, in a most delightful way.

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Have You Ever Heard of Parallel Marketing?

Have you ever heard of Parallel Marketing?

If you haven’t I’ll explain it to you in just a sec.

I love the technology of the day. No more hassling friends and family, no more 3 foot rule, no more inviting everyone you know over to your house so your sponsor can “show the plan”, no more winding up being a member of the NFL club. And no, sports fans, I’m not talking about the National Football League.

In this case I’m referring to the NFL club as for NO FRIENDS LEFT club.

Trust me, back in the day your friends didn’t even want to see you coming because they knew you were going to try and sell them on looking at your business. And before you knew it… no friends left.

Thank God for the Internet. Now, even the most introverted guy or gal has a shot at building a downline that could pay them the extra money to make a car payment or afford the vacation of their dreams.

And this brings me to the question I asked you earlier. Parallel Marketing?

Parallel Marketing is when you offer someone something of value that other networker’s need which, in turn, helps them build THEIR business. This brands you in their eyes as someone they can trust. Therefore developing a bond of friendship between you and them.

I believe the FREE resource I’ve found is perfect for Parallel Marketing and thus helping you build YOUR business.

And to think I found this resource by accident. One night I was speaking with a fellow networking friend who asked me as to whether or not I had ever heard of a site that was ideal for networking. I responded with no, never heard of it. Anyway, I took his advice and went over to the site and started reading some of the comments of its members. Then I noticed some of the members kept talking about this new site. I figured I had better check the site out too. Next thing I knew, I was signing up as a free member, then happily upgrading.

The resource below will help you increase enrollments into YOUR business. Plus there is actual training that’s afforded to you too! And right now, for a limited time you can sign up for free and receive a Lifetime membership.

Anyway… here’s the link to hear an industry veteran explain what could very well be the secret to your business exploding within the next few months.

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The Secret My Lawyers & Accountants Didn’t Even Know About – How to Get a Business Loan

Stop! Turn off your cell phone.

Quit tweeting and texting for the next 4 minutes. Grab a cup of coffee.

Shut the door so there are no distractions. This is that important!

Because I’m about to reveal to you the greatest secret to getting a business loan for as much as $25,000, $50,000 or even $250,000 – even when the bank says “NO!” and even if you don’t have perfect credit.

I have to warn you though… Don’t pay attention to the credit card companies. Forget everything you’ve heard. You can actually hurt your chances of getting the small business loan you need if you follow their advice.

It’s true. Why? Because they’re more concerned about raking in record profit margins and reaping huge bonuses! They don’t care about your business or if you get a business loan.

Credit cards companies want you to keep piling up debt on your high-interest personal credit and hold you personally liable for your expenses.

Do you think they really care if it takes you 10, 20 or 30 years to pay it back? Or if lowering your spending limit for no good reason has affected your business? Or if your personal credit is destroyed while you try to build the business of your dreams?

Of course not. Not when it means more money for them! And let’s not leave out the banks. Business lending is at all-time lows. Think they’re interested in taking a risk, however small it may be?

The secret… How to get a Business Loan

But there’s a little known secret that most small and mid-size business owners don’t know about. Heck, even most credit card companies don’t advertise it. I didn’t even know about it and I’d been running businesses for years!

Accountants I’ve used for years weren’t aware of it. Lawyers who I’ve paid up to $700 an hour didn’t know about it. But I’m about to reveal it to you right now and it won’t cost you a penny…

I’m not going to make you read every word of this or make you jump through hoops to get the secret. I know you’re busy so I’m going to give it to you right now and then explain how to make this secret work for you.

Here it is: You can get a small business loan. Usually reserved for large corporations, there’s a 7-step process for small and mid-size business owners to get the business loan they need without a traditional personal guarantee.

Mystery solved! More about that in a moment…

Whether you’re looking for a start up business loan, have an existing business or if you’re buying a business or franchise, you can now access working capital.

Don’t have perfect personal credit? No problem.

It doesn’t even matter if you have less than perfect personal credit. You can still get business financing, whether that’s a merchant cash advance, or business loans with bad credit.

That’s right. You no longer have to rely on your personal credit to finance your business. You can rebuild your personal credit and create a business credit profile to get the business loan you need to grow your business.

Imagine not relying on just personal credit cards to finance your marketing, purchase inventory or pay for expenses… sleep easier every night knowing one misstep won’t cost you your family’s home… and get access to much needed working capital so you can expand. That’s a dream come true for many business owners I work with, especially right now.

Does this sound familiar?

“We’re very sorry to inform you that your credit limit has been reduced due to current economic conditions… “blah, blah, blah!

Take one client we’re working with right now. Mike owns a dozen wireless phone stores. This is his most recent venture after successfully running other small businesses for more than 30 years. And just like he’s always done, he financed his inventory with his American Express card.

Every month he bought $50,000 worth of inventory, sold it and paid it off before the end of the month. But just a few months ago, his purchase was declined. American Express reduced his credit limit from $50,000 to $30,000 without any notice – not because of anything he had done.

The only response he got went something like this: “We’re very sorry to inform you that your credit limit has been reduced due to current economic conditions… ” blah, blah, blah! So he had to scramble to find other ways to finance his inventory. A short while later his $30,000 inventory purchase declined. Why? Because his credit limit was reduced to $20,000. Then his credit was squeezed again to $10,000.

It gets worse. As his credit is getting squeezed American Express is reporting to the other credit bureaus that his credit is being reduced so they also follow suit.

Meanwhile, the amount of debt as a percentage of his total available credit or what’s called his debt utilization rate increases. This is one of the most important indicators creditors look at when evaluating a credit score – and Mike’s personal score was dropping like a brick.

When he came to us, we immediately showed him how he could separate his business credit from his personal credit and his first reaction was, “I didn’t know I could do this. Are you telling me that I could have been building business credit and may still be able to get a small business loan?”

The answer is, “Yes!”

We’re working with him to help him and he’s borrowed $100,000 that does not have a traditional personal guarantee.

You really can get the funding you need without putting your personal credit at risk.

I’ll show you how in just a moment. But first I think it’s important that you know a bit more about me.

I own a firm that specializes in helping business owners get the business loans they need to finance their businesses without sacrificing their personal credit.

If you’re like me you probably thought business funding wasn’t even an option.

As a small business owner (prior to starting my own financing company), I personally guaranteed everything because I thought that’s the way it was done. I even prided myself on how well I did it while growing my Internet marketing business. I started with a $5,000 line of credit on my American Express and I played the 30-day float. Over time, I was regularly spending $300,000 on my card – every month!

If anything went wrong the expenses would have crushed me. I didn’t have that kind of money to cover the costs! Fortunately, I was lucky enough to avoid disaster.

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5 Ways of How to Destroy a Business Partnership: Don’t Start That New Business Until You Read This

Let any one of these 5 situations into your business and you’ll ravage your entrepreneurial career:

1st – Stop needing each other:

There’s a considerable chance that the partnership power and responsibility structure will start to shift and will look very different starting anywhere from 3-12 months after inception.

In the beginning of any new venture, a dynamic and compelling new venture phenomenon, made up of fear, anxiety, stress and excitement, emerges and makes for an impressive personal barrier disintegrator. No facades and no charades are the hallmark of a new venture. The partners forget about their own needs and are on their best behavior. Everyone is madly in “love.”

“Needing each other” is a compelling power source in successful business partnerships. In most partnerships that “need” is the bond that keeps it all together. As time passes, especially after the 12th month of being in business, everything and everyone starts to shift, evolve and a displacement arises that will be unsettling and transformative for the business and all the players.

See #4 for more information on “not needing each other”

Solution: Accept the fact that the above information is valid. Discuss it openly with your business partners. Be vigilant and sensitive to your business partners and what they say and do and how they say it and do it. You don’t have to be “a touchy feely kinda person.” Think selfishly. Think protection for your future. Think protection for your business’ future. Communicating, openly and civilly, is the only preventive measure that will increase the chance for a favorable outcome.

2nd- Allow your significant other to point out all the expensive gifts your partner’s significant other is receiving and they’re not:

Significant others, and other family members, can be the source of great pain and distress when it comes to the relationship you have with your business partner.

Greed, jealousy, being overcritical, being generally resentful, tactless and being superficial are some of the flies swimming around in the business partnership ointment. Money and power sometimes brings out the worst in “significant others” and family.

Solution: There’s two parts to the solution:

a-It’s the smart business person who pays extreme attention to the health and tone of his business partnership. It should be the number one concern, above and beyond anyone else in your life. I know I’ll get a lot of Boos and Hisses but, if you take care of your business and the business partnership, it will always take care of you and the people you love and who love you. Everyone will be happy and satisfied.

b- Going to, or inviting in, a counsellor or therapist to meet privately once a month, individually and aggregately, with the business partners will always be money well spent. I’ve seen the wreckage that family members have created in some very successful businesses.

You will have partnership strife and discord. Bet on it. Prepare for it now and have the preventive and supportive resources at the ready and/or in play from the beginning. It will be a shame if one day you’re standing outside your padlocked office wondering what happened.

3rd – Have sexual relations with a family member of your business partner:

I “feel” the smirks already. Talk about destruction. This is an insidious act of extreme betrayal. It not only will leave your business ripped apart, it will destroy precious family and personal relationships. People will be crushed and devastated for a lifetime.

The reputations of all the partners will be tainted. You’ll be amazed and appalled at the same time to find out how many suppliers, banks and customers will turn their back on you. They know that with a soiled and stained situation like this, destruction and failure may be close by. No one wants to be part of this, especially if it hurts them financially. Something many people take for granted is that It takes years to build a reputation that’s respected and trusted. It takes 24 hours or less to blow it up.

Are you are going to make your bed and Lie in it, or not?

Solution: If you’re over 18, take a wild guess. Under 18? Talk to someone over 18.

4th – Do some self-talk about how you deserve more money than your business partner:

“I’m working so much harder than her.” “He was supposed to be the sales end of our business but…” “Our biggest customer can’t stand her.” “He can’t handle the pressure.” “I never realized how much she talks.” Do I need to go on? You may recognize one of these.

In the beginning of a new venture there’s “reality” and there’s “wishful and well-intentioned thinking.” The responsibilities and strengths that you bring to the new venture are not necessarily the responsibilities and strengths that will be in play when things get started and are rolling along.

Being aware of each partner’s powerful strengths and their ‘vulnerabilities’ will allow weekly partner meetings to be productive and allow for everyone to be open, honest and transparent. Staying flexible and being willing to adapt, not only leads to a sustainable business but what’s more exciting is, it leads to personal growth for all the partners.

Solution: There’s 3 parts to the solution.

a-Mandate, enforce and re-enforce up close and personal, respectful and empathetic communication meetings on, at least, a weekly basis. These meetings are confined to the partners only and are done behind locked and closed doors. Bring in food. Do not go to a public place to talk.

b- There are always 3 realities: Yours, theirs and the business’ reality. Work with the reality of the business only and adjust your life to the needs of the business. I repeat, make your business the priority above and beyond all others and the “others” will have a phenomenal life.

c- Accept as fact, that you may have to change your place and responsibilities in the business as time passes. Welcome it with open arms. If you have a problem with this I say, respectfully, get a therapist as soon as possible. Your reluctance is connected to, and about, ego, self-image and self-confidence. It pays to have someone help you disentangle your emotions and consequently save your entrepreneurial career.

5th -Start the new venture on a 50/50 ownership platform:

If you’re forced to initiate an equal stock partnership, then having or learning patience, empathy, and anger management becomes even more crucial and essential than ever before. A 50/50 is fine until the “cracks” start to appear. If you don’t follow the advice in step #4, it could be the beginning of the end for everyone.

Some interesting points:

a-In a partnership breakup your net worth is never, I repeat, never what you think it is. It’s always much less.

b-Banks, customers, suppliers and even employees will scatter when they get a whiff of bad news on the horizon. Your net worth could entirely dissipate in the time it takes you to say “Wait, I changed my mind.”

c-Make the partnership agreement as simple as possible (two pages is good) or you’ll find that the lawyers will make more than you.

d-You could make a 51/49 % stock ownership with a 50/50 % profit split. It’s worth it to give up more on the profit split in order to get 51% ownership of the company. In any event, no matter what you decide it’s always wise to have salaries, expenses and benefits remain equal.

Solution: See the solution in step #4

“Now go with your eyes wide open”… Good Luck out there.

A Personal Note:

I’ll be accused of being negative and shortsighted. My response: That’s Crap. This is reality. This is life. It’s raw, pure, up close and certainly personal.

You don’t like the article? I understand. The truth and reality have a way of making people feel uncomfortable.

Just do me one favor. Print it and put it in a drawer, in a sealed envelope. Open it 12 months to the day that you started your business. If I was right you unfortunately learned a valuable lesson and if your verdict is that I was wrong, please take a closer look and search for cracks in the partnership relationship. You may be in the “subtle stage.”

Partnerships are great when they’re solid and built on mutual respect. Unfortunately, this is not a perfect world. This article is about possibilities that you must be aware of and in tune with. Consider this article a practice “fire drill.” Adapt now, because when the flames start to roar, it’s too late.

This article is about coating your business relationship with empathy. It’s about knowing that you’re not only responsible for your welfare and performance, but you’re also responsible for your business partners state of being. I’m not advocating that you become super-parent. I’m advocating for you, and this article is all about your protection and your financial and mental well-being.

Once again. Good luck out there and never, ever give up on your dreams.

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