Starting a business with a friend, relative or spouse is becoming an increasingly popular choice for budding entrepreneurs but it requires detailed planning in order to avoid personal and professional conflict. Business expert Susan Schreter wrote on SeattlePI.com that it is therefore important to agree some essentials beforehand in order to save stress and friction later on. Firstly, she recommended drawing up a partnership agreement that details the ownership of the company and dispute resolution procedures. In this area "odd is good", she said, as having an odd number of executives can break deadlocks. Other important points to determine before starting out in a partnership include how much each member can afford to invest in the venture and how much it will need to generate in order for them to make a living. Ms Schreter advised setting specific numbers in order to "minimize future angst". Finally, starting any new enterprise means adopting a wide range of sometimes unfamiliar roles. Business partners should therefore examine what attributes they will need - be they administrative, marketing or sales skills - and dividing them in line with their own strengths. According to Small Business Notes, there are around 20 million small enterprises in the United States.  |