Connect with us

Entrepreneurs

How to Create a Successful Business Partnership

Published

on

Image Credit: Unsplash

The key to all success in business partnerships is communication. Without clear and consistent communication, your business will not grow and succeed. You will miss opportunities, miscalculate your partner’s expectations, and potentially move into opposite directions. It’s a blueprint for failure. Instead, follow the simple path: communicate.

That’s it. In over twenty years in business, capitalizing on our strengths in multiple income streams, culminating in Easier Accounting and Real Business Owners, Kale Goodman and I have found communication to be the key to make or break our day-to-day operations and our long-term success. 

Let’s look at several scenarios in partnerships to see how this plays out. As you read, picture your own business in these situations, and grab keys to avoid major mistakes and create wins.

Situation 1: Partners who “get each other” too well

Maybe you’ve worked together for years, like Kale and I. Or maybe you’ve been friends for a long time before teaming up. Either way, you now take each other for granted. You are both too busy making the business run. You don’t communicate the same way as you used to. At the beginning, it was easy. Maybe you are like us in our early days. You spend 90% of the time making deals and having fun, and 10% of the time doing the hard-knuckled decisions. Now, you just don’t have the same time anymore. 

Or, maybe it’s a step further. Maybe you trust each other too much. There’s a disconnect because there is so much trust between two people. You may think that whatever he’s doing, it’s going to be good. You figure you can read your partner’s mind. You stop asking questions and checking in with each other. 

But, the best intentions don’t guarantee the best results. A partnership should become a camaraderie where two people knowingly divide and conquer. It can’t be that the left hand doesn’t know what the right hand is doing. The best results come from clear communication.

One specific problem that can come from this familiarity is overcommitment. Overextending leads to disappointment. You start making decisions independently, assuming you can make it all happen because there is more than one of you. You just keep saying yes. You’ll run out of steam for all of those yesses. Then everyone is frustrated, and no one wins. 

Success does not allow for such imbalance. Partnerships have to establish a flow of communication that sets up boundaries for what one can and cannot take on, so that no one leaves disappointed.

Situation 2: Partners who have “too many” ideas running wild

You have tons of ideas, but haven’t spent the time either sitting down to implement them or deciding who is going to run with them. Partnerships are usually forged by two individuals who are like iron sharpening iron. They make each other better. Often, they think a lot alike, but they may have different perspectives on the ideas, how to implement them, or where to go with them.

The question, then, becomes: who runs with a new idea? How does it shake out? If it is going to be successful, these questions must be answered before the idea begins to fly, not on the fly. Otherwise, it could end in a lot of disagreement and wasted time. Since time is money in our world, communication must happen first to succeed.

“The best partnerships aren’t dependent on a mere common goal but on a shared path of equality, desire, and no small amount of passion” – Sarah MacLean

Situation 3: Partners who make assumptions about their vision

Let’s say the present or the future is in jeopardy. What if the vision is changing for one of the partners? You can’t win the game if one player decides to peace out and jump to another game altogether. What if he or she wants another end result?

The partners begin drifting apart. It may not even be a conscious decision to go different directions. The currency of life could make a drift happen. But perhaps they do want to throw in the towel. 

You’ve got to come back together and agree to the same goal, the same North Star. Do you have the same goal for the next year? The next 3 years? The next 5? What is the vision for expansion and growth? How do you want to disrupt the industry? If you fail to communicate, each party might start to wonder if the other partner is really on the same page. 

That uncertainty creates friction. Frustration builds up, seeps into relationships and decision-making. It sucks the life out of the partnership. Communication is king. So communicate. It’s not complicated.

Situation 4:  Partners who run on autopilot, without auditing for success

One must communicate to keep the business strong. Once you get to a certain level, it’s easy to start making assumptions and let the company coast a bit. It’s not exactly being lazy. It’s just being comfortable with the systems you put in place. The problem is you might find areas that just aren’t working anymore, and yet no one is taking the time to communicate about how to get rid of them. It only takes a moment to speak with your business partner to assess what parts of the business are working, and what parts are holding it back. 

Often, it’s time to cut the fat. You’ve got to learn to serve at the highest level for the highest good of your clients. Ultimately, that serves both your clients and your business best. It serves you best. That means you and your partner must communicate to streamline. Outsource. Eliminate. 

Often this requires humility. Partnership is not about ego. It’s actually about continual refinement and willingness to grow. You can’t be a lone wolf in a business and expect to lead the pack. Leaders are servers, and often the best leaders communicate in a way that encourages others to speak up so that they don’t miss something important in the day-to-day operations. 

I want to know if there’s something I could do better that I’m not doing, even as an 7-figure earner and owner of a busines that does 8 figures in revenue. Simple solutions can be chosen in a matter of minutes if you talk with your partner with the goal to succeed.

In the end, all business and non-business partnerships boil down to a few simple questions. If we narrow down our vision, clarify and sync up, we can be the best of the best in our field, regardless of the economy or market trends. Sit down and have a conversation. Ask each other: what are your intentions? Why do you have those intentions? Why is this project or goal a priority? When you communicate the answers to those questions, you can understand perspectives and move forward together. A business partnership leads to success by knowing each others’ strengths, sharing a vision, cutting the fat, and most of all, clearly communicating

Trevor Cowley is a 37-year-old serial entrepreneur, investor, and co-owner of Easier Accounting, 60 Day Credit Repair, and an Everbowl franchise. He’s also the co-host of a business podcast that's ranked in the top 1% in the world called, Real Business Owners with his business partner Kale. The Real Business Owners Instagram page has grown to over 130k followers in just two short years and continues to grow day after day. Trevor's mission is to make a positive impact in the entrepreneur space by giving advice to those who are going through the struggles of owning a business. Trevor is passionate about entrepreneurship and plans to continue seeking opportunities that will make a positive impact on his life and others.

Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Entrepreneurs

10 Lucrative Buy and Sell Businesses to Start in 2024

The buy-and-sell business model provides opportunities across many niches

Published

on

Businesses to start in 2024

In the dynamic landscape of 2024, starting a business that capitalizes on buy-and-sell models can be incredibly lucrative. This article explores ten different models that entrepreneurs can consider. These ventures range from real estate flipping to trading in domains and luxury items, providing a broad spectrum of opportunities regardless of your initial capital or interest area.

1. Car Flipping

Flipping cars can be a very lucrative business venture for an individual with business acumen, an eye for value, and mechanically adept at cars. It involves buying under-priced cars, restoring, and selling them for a profit. For deeper insights and opportunities in this market, refer to sca.auction.

2. Real Estate Flipping

Flipping real estate—be it houses, condos, or even commercial properties—remains pretty solid business, especially in markets where real estate values are on the way up. Investors buy properties relatively low, do rehab or renovation, then sell at a profit.

The success of the area is endowed with a huge potential spotlight, the ability to juggle various elements such as local real estate market knowledge, and efficient management of renovations.

3. Vintage E-commerce

With the advent of technology, it became easy to sell vintage or retro items over the online selling platform. Be it clothes, furniture, or even collectibles, consumers these days prefer something unique that is eco-friendly and which may have a nostalgia quotient in it. Hence, it brings the opportunity to open an e-commerce shop effectively.

4. Domain Flipping

If you have the skill to predict catchy phrases or business names that would be popular in the future, then buying and selling domain names would be a very profitable business. Register prices are available to purchase domains, which later can be sold at high prices to interested parties or businesses that wish to get an early online identity.

5. Luxury Items

One of the most promising buy-and-sell businesses is the luxury market, and what makes it very attractive is its less sensitivity towards economic downturns. Some of the common items in the luxury market include high-end watches, jewelry, and art, rare cars, all with high yields. Most times, items do appreciate, especially when they are limited editions.

6. Sports Memorabilia

While the sports memorabilia trading business can at times seem lucrative, especially when one focuses on big personae or big events, authenticity and rarity can definitely help items fetch top dollar. Provenance and limited supply both go towards inflating their values.

7. Sneaker Reselling

In recent years, the sneaker resale market has exploded, fueled by a commodity of scarce releases and athletic brand collaborations with a list of celebrities. Today, with operations such as StockX and GOAT, it’s really that easy to break into the worldwide market. It’s pretty easy to find your buyers and make a very good profit if you’re targeting the right trend and releases.

8. Book Flipping

Flipping rare and first editions can become a really meaningful, and yes, one more profitable, business for a book lover. Sometimes the signed ones, rare manuscripts, or those early editions of famous novels could sell for thousands of dollars, usually done by collectors or academic institutions.

9. Furniture Upcycling

Upcycling furniture consists of restoring and using second-hand furniture to sell it at a higher price. For the environmentally aware consumer, this business model has great appeal. It could be pretty profitable if done with good taste and talent in design and restoration.

10. Electronics Flipping

Smartphones, tablets, and laptops resell at values significantly high; hence, business ensues. Buy, refurbish, and sell in better condition to appeal to budget-minded consumers looking for technology at more affordable price points. 

Overall, The buy-and-sell business model provides opportunities across many niches. Be it real estate flipping or vintage item upcycling, you can succeed in both models with market understanding and trend application. That, with careful planning and strategic investment, will throw huge financial returns for these business models in 2024.

Continue Reading

Entrepreneurs

How Your Business Can Outmaneuver Your Competitors by 85%

Did you know that companies that master big data can outmaneuver competitors by 85% in sales

Published

on

big data strategy

Did you know that companies that master big data can outmaneuver competitors by 85% in sales and more than 25% in gross margins? Sounds inspiring, right? But the thing is that data alone isn’t enough. Rather, it’s the strategy behind it that unlocks these enviable boosts. So, this article explores how to make the most out of your big data and build a strategy that’s functional and competitive. (more…)

Continue Reading

Entrepreneurs

Most Entrepreneurs Fail to Do This and It’s Killing Their Success

Celebrating progress also provides entrepreneurs with the psychological sustenance needed to endure the marathon of building a business

Published

on

celebrate your milestones

The journey from a mere concept to a tangible reality is one of the most exhilarating yet challenging paths an entrepreneur can navigate. This odyssey is punctuated by milestones that stand as testaments to perseverance, innovation, and relentless hard work.  (more…)

Continue Reading

Entrepreneurs

9 Ways Augmented Reality Gives Your Business a Competitive Edge

By embracing AR technology, companies can unlock new opportunities for growth, innovation, and success

Published

on

augmented reality in business

Leveraging Augmented Reality for Business Advancement: Exploring Applications

In the ever-evolving landscape of business innovation, Augmented Reality in business emerges as a transformative force, reshaping traditional paradigms and unlocking new opportunities for growth and advancement.

Through a comprehensive examination of AR’s capabilities, applications, and business benefits, this article serves as a roadmap for enterprises seeking to harness the full potential of augmented reality to propel their success in the digital age.

UNI.Agency as a forefront developmental agency tailors unmatched digital products and immersive experiences. They help companies outperform their competitors and customers’ expectations. And now, there is time to delve deep into the AR realm.

Gaining Insight into Augmented Reality

From revolutionizing customer experiences to optimizing operational efficiency, AR in retail is poised to drive significant advancements in how businesses operate and engage with their stakeholders.

Augmented Reality (AR) seamlessly integrates digital information and virtual objects into the real-world environment, offering users an immersive and interactive experience through devices like smartphones or AR glasses.

It revolutionizes various industries, from entertainment to healthcare, by enhancing perception and creating innovative opportunities for engagement and exploration in the digital era. AR not only enriches our understanding of reality but also opens up new possibilities for creativity, communication, and problem-solving, making it a powerful tool for businesses seeking to enhance customer experiences and streamline operations in an increasingly digital world.

Differentiating Augmented Reality and Virtual Reality

Augmented Reality (AR) overlays digital elements onto the real world, enhancing the user’s perception of their environment. Virtual Reality (VR), however, immerses users in entirely virtual environments, blocking out the real world. There are some core differences between these two technologies in gear and display approaches:

  • AR enriches reality with digital information, while VR creates entirely immersive virtual experiences.
  • AR typically requires less specialized hardware, like smartphones or AR glasses, while VR often involves dedicated headsets.
  • AR is commonly used for enhancing real-world experiences, such as in gaming, retail, and navigation, encouraging augmented reality shopping. Whereas VR is primarily employed for immersive simulations, training, and entertainment in fully virtual environments.

The Influence of AR on the Customer Experience Journey

As of 2024, Augmented Reality (AR) has evolved into an indispensable tool across various sectors, offering immersive and interactive experiences that seamlessly blend digital elements with the real world.

Stimulating Interest

Augmented Reality (AR) captivates customers by offering visually engaging experiences that spark curiosity and intrigue, enticing them to explore products or services further.

AR’s ability to overlay digital content onto the real world creates an immersive and attention-grabbing experience, drawing customers in and igniting their interest.

Educating and Empowering Users

AR in business empowers users by providing interactive and informative experiences that educate them about products, services, or concepts in a visually compelling manner.

Through AR, customers can interact with virtual models, animations, or informational overlays, gaining a deeper understanding of the features, benefits, or use cases of the offerings.

Exploring Further Depths

AR encourages customers to delve deeper into products or services by offering immersive and interactive experiences that go beyond traditional marketing materials.

By allowing users to explore virtual representations of products in real-world contexts, AR in retail provides a unique opportunity for customers to visualize how offerings fit into their lives, fostering deeper engagement and understanding.

Business Benefits of Augmented Reality

Businesses utilize AR for diverse applications, including product visualization, virtual try-ons, and enhanced customer engagement. In education, AR transforms learning experiences by providing interactive simulations and visualizations.

Additionally, AR has become integral to industries such as healthcare, where it facilitates surgical training and patient education. With advancements in AR technology and widespread adoption, it continues to shape how we perceive and interact with our environment, ushering in a new era of innovation and connectivity.

Let’s look at why AR has become so indispensable as a business tool nowadays.

Revolutionizing Training Methods

AR in business transforms training by offering immersive, interactive simulations that replicate real-world scenarios, enhancing employee learning and skill development.

It’s lucrative for hands-on training experiences. Since there’s no need for physical equipment or environments, reducing costs and logistical constraints while improving knowledge retention and performance.

Boosting Productivity Levels

Augmented Reality in business boosts productivity by providing real-time access to information and guidance, allowing employees to complete tasks more efficiently and accurately.

Through AR-powered tools and applications, workers can streamline workflows, troubleshoot issues, and collaborate effectively, resulting in increased output and operational efficiency.

Implementing Dynamic Marketing Approaches

AR enables businesses to implement dynamic marketing strategies that captivate and engage audiences in unique ways.

By integrating AR into marketing campaigns, companies can create interactive experiences that drive brand awareness, customer engagement, and sales conversions, setting themselves apart in a crowded marketplace.

Fostering Product Development

Augmented reality and marketing foster innovation in product development by facilitating virtual prototyping, design iterations, and collaborative decision-making.

With AR, teams can visualize and test product concepts in 3D, gather feedback from stakeholders, and make informed design decisions faster, leading to faster time-to-market and more successful product launches.

Creating Tailored Customer Experiences

AR creates personalized customer experiences by allowing users to interact with products and services in customized ways.

Through AR-enhanced applications and experiences, businesses can tailor content, recommendations, and promotions to individual preferences and behaviors, enhancing customer satisfaction and loyalty.

Amplifying Brand Recognition

Augmented Reality shopping amplifies brand recognition by providing memorable and shareable experiences that leave a lasting impression on customers.

By incorporating AR into branding initiatives, companies can create immersive brand experiences that spark conversations, increase social media engagement, and strengthen brand loyalty, ultimately driving business growth and success.

Final Thoughts

In conclusion, Augmented Reality in business stands as a transformative force, offering a multitude of benefits across various aspects of operations. From revolutionizing training methods to boosting productivity levels, AR empowers businesses to thrive in an increasingly competitive environment.

By embracing AR technology, companies can unlock new opportunities for growth, innovation, and success, while delivering immersive and engaging experiences that resonate with customers and stakeholders alike.

As AR continues to evolve and integrate into everyday business practices, Uni will incorporate the best practices to promote business advancement and drive meaningful change for the clients. We’re to shape the future of commerce to your benefit.

Continue Reading

Trending