First steps for successful business partners

Whether you are starting a business with a  friend or a colleague, there is a sense of excitement in forming a team to work on something new. As you look toward the future, you and your new business partner are ready to conquer the world.

Looking at other newly-formed businesses, it can seem like many components make up a successful partnership. You may have seen partnerships that do not work out, and you want to take this opportunity to make the right moves.

Here are a few of the steps successful partners take as they get started.

Form an agreement with boundaries

When you start a business, you may plan to put in long hours and deal with high demands. While there may be times when you and your partners are willing to sacrifice your personal lives to build your company, you will also need to have time away.

Part of having good boundaries is having clear conversations with your partner before the demand for your business builds. You and your partner should set clear expectations for when you are not available so you can commit to using your time effectively when you are available.

You and your partner will also need an agreement to establish your partnership. Your relationship is likely positive now, but there may come a time when you need to discuss expectations and commitment.

Balanced compensation

Initially, significant compensation may seem like a long way off. However, it is essential to discuss what you consider fair for your efforts early in your partnership. You will want to include the result of your discussion in your agreement.

When you have clearly defined roles and rewards that match your efforts, you can focus on creating a successful company rather than some of the conflicts that dissolve other partnerships.