Be Careful with Your Business Plans

When it comes to business success, no one ever really does it alone, which is why a potential collaboration is an exciting time for a business. However, there is also an element of risk. Ill-advised partnerships have often been the death knell for a business that is doing well otherwise. In some cases, your partner may have good intentions, but other issues that could cause your business to fall. It’s important that you as a business owner know exactly what to do if you need to back out. In addition, keep an eye out for potential signs that things may start on the wrong foot.

A good thing to consider is to make sure is that what your potential partner is offering matches their action. For example, every freelancer has a story of a potential client who, in lieu of payment, promises a piece of future success using some vague qualifier like “when they get real big” or “get outside funding.” Are you really willing to stake your financial security on something like that?Think of it this way. If you were buying a Ford Focus in Costa Mesa, wouldn’t you rather have someone who’s an experienced car salesman and can answer your questions properly? Your partner needs to prove that they are people of action rather than of just ideas, so you can get the most return on your investments of money and time.

Of course, flaws may pop up in other areas as well, like a product or service that just doesn’t have the audience to be successful. While your partner may have a good pitch, you want to do your own homework to see exactly how successful they may be. Figure out what your ideal audience looks like and use this to your advantage.

If you’re noticing a common theme here, it’s making sure that your partners/clients are people with some grounding and don’t have their head in the clouds. In some cases, it’s not a bad offer or a bad idea, but bad execution. Some people in business get too excited to get their idea off the ground and don’t actually think about what they need to do. This can sink a potential idea faster than anything else, as too much, too soon is a guaranteed path for failure. There’s also the matter of the bottom line-make sure your partner pays their bills.

Ben Walker of Transcription Outsourcing LLC shares that he’s ended up on the wrong side of this type of deal. “Unfortunately, I’ve fallen victim to this a few times: Someone makes an offer to you and they try to close as soon as possible. I’ve trusted and believed these people before, so I’ve gone ahead and signed the deal only to find out that they didn’t tell me the whole story or they flat out lied. Make sure you take your time and do your due diligence. Google can save you a lot of headaches, trust me.”

Posted in Huntington Beach Ford Dealer | No Comments »