Having a business partner, while not essential, can often be a very wise decision. With two (or more) people heading up a company, both bringing different areas of expertise, they have the capacity to do twice as much for the business and can make it even more successful than each could do individually.

A business partner can be a huge advantage to a company. This is truer still if your partner knows a lot about the market already. If you’ve got two people there with an advanced knowledge of business and how to go about it, a company can be hugely successful.

They’re always on hand to offer advice and support, and to help make tough decisions. It can often be encouraging to know that you’ve got someone there with you at every step of the way. Business can often be trying, so if you know someone else is going through the same thing and you’re there to support each other, it can make a huge difference.

A business partner can also bring more money to the company, so you have a better chance of succeeding straight away. With two people investing you’ve got much more capital to get started, so could find the early stages a whole lot easier.

However, make sure that you and your potential business partner get along, and you’re sure that your friendship can withstand the tests of sharing a company. While you may be firm friends in home life, business can be a completely different ball game.

If you don’t both have the same idea of the company and where it’s going, or you don’t agree with the decisions that each other makes, it can seriously damage not only your business but your friendship as well. Make sure you thoroughly consider all the options before you jump into a partnership.

So, if you make the right decisions, having a business partner can be hugely beneficial. They’re there to provide support, and when times get tough you’ve got someone you trust to lean on. If you choose the right person, it can lead to the ultimate success of your business.

Do you obtain much of your business through referrals from others-from people who know, trust, and like you?

Are you happy with the number of referrals your referral partner network is producing?

Do you want to increase the size and quality of your referral partner network?

Getting business by referral from other people is one of the fastest ways to grow your business. If you want to earn more business by referral, you have to be involved in a referral partner network that is large enough so it can provide you with a steady stream of new business. Referral partners are people who are in touch with your prospective clients on a regular basis.

For example, if a business provides web site design services to small business, their referral partners may include graphic artists, copywriters, business coaches, etc. Get the picture?

By actively seeking out referral partners (some of whom you may not personally know at this time), you will increase the number of people who can refer business to you.

A network of 100 referral partners is usually large enough to provide you with enough business. Yet, is not too large that you can’t handle staying in touch with them—perhaps monthly with an eZine publication, or meeting them quarterly for coffee or lunch.

Here are 5 super-easy steps you can take to build your referral partner list:

1. Think about who your potential client is, and brainstorm what type of business services they need to operate their business. This information will give you clues about what other professional categories may be good referral partners. Develop a list of 10 professional categories.

2. For each professional category you identified, actively seek to get to know 10 people. This is most likely a simple task because there’s a good chance you already know people in these occupations. If you need more individuals to increase your list to 10, ask current business associates if they know individuals they would recommend. Ask existing referral partners if they will introduce prospective referral partners to you.

3. Schedule a time to meet with your potential referral partners. Meeting these individuals provides you an opportunity to tell them about your products and services, and their benefits. It also gives potential partners the opportunity to tell you about their products and services, as well.

At your meetings, give prospective referral partners details about your market niche so they know exactly what type of prospect is right for your business. For example, if you are seeking businesses that generate $1M to $5M in revenues, and operate in the metalworking industry, give your referral partner this information.

4. When you meet someone who seems willing to send you referrals, add their name to your referral partner list until eventually you attain 10 people x 10 occupations = 100 referral partners

5. Once you have 100 names on your partner list, determine your tactics of how you will stay in touch with them to build relationships. Here are some ideas about how to stay in touch: Develop a tickler file to remind you to contact and meet them. Send out a monthly eZine to keep your business top-of-mind Attend networking functions Send greeting cards Invite you referral partners to a cocktail or holiday party. The methods you can use to keep in touch are endless! Contact your referral partners at least one time, every three months, to keep your relationships intact.

Over time, you may find some people are not good referral sources. Replace them on your list to keep it fresh.

You have finally decided to take the plunge and enter into a franchise or business opportunity. You have critically assessed your personal and professional skills and you feel you have the necessary requirements to set up and operate your own business. Now for the hard part! Perhaps one of the most vital aspects in the franchise process is deciding what franchise system you want to become part of. The following points should give you some basic points to help you choose the perfect franchise partner for you.

1. Define Your Search

The first step in searching for the right franchise opportunity is to research the franchise industry from top to bottom. Considering there are over 1500 franchise opportunities from which you can choose from, this can be the most difficult step. However, if you narrow your search by assessing your personal interests according to the requirements of a particular franchise system, then you are sure to find the right franchise partner for you.

You would be surprised how many people choose a franchise for its estimated financial earnings, rather than if it interests them on a personal level. You are more likely to succeed as a franchisee if the franchise relates to your personal interests.

2. Search Relevant Franchise Sources

After narrowing your research to a particular franchise category, it is now necessary for you to research this industry in a methodical fashion. You must research this industry and be informed of every element relating to this specific industry, form location, training, costs and financial obligations to staffing, HR, and media and PR campaigns. In order for your research to be effective, the following list of websites, directories, magazines and exhibitions is provided.



Franchise Websites

There are thousands of websites dedicated to providing you with information relating to the Franchise industry, which will provide you with the most relevant information relating to your area of interest. Simply typing the word “pizza franchises” into Google or Yahoo will reveal the top results for your franchise sector. However, the following websites are worth singling out:

http://www.franchise.org/ International Franchise Association (IFA)

http://www.franchisedirect.com Franchise Direct

Franchise Magazines and Newspapers

Subscribe to relevant business and franchise magazines that are available in retail or on-line. Also regularly read the Financial Times for their business supplement or other relevant newspapers for their business sections. Most magazines available on-line are free:

http://www.businessfranchise.com (Business Magazine)

http://www.entrepreneur.com (Entrepreneur Magazine)

http://www.franchisetimes.com (Franchise Times Magazine)

Franchise Exhibitions, Seminars and Conferences

Attending a franchise exhibition in your local area can be a great way of meeting potential franchisors and finding out key information relating to your franchise area of interest. To find out when the next exhibition is scheduled for your area, contact either the International Franchise Association or Franchise Direct Information Center for a list of relevant exhibitions, dates and times for 2007/2008.



3. How relevant is your previous work experience?

Your past work experience is key in helping you choose the right franchise partner or franchise opportunity. For example if you held a position as a manager in a retail store for a number of year’s, then not only do you have the necessary business and/or management skills to operate a business venture on your own, but you should also consider buying into the retail franchise industry. Similarly if you are a stay-at-home mom or dad, then you might consider a part-time franchise opportunity working from home. It is essential you utilize past skills to help you succeed in the long term.

4. Assess Your Financial Costs and Budget Accordingly

Perhaps one of the most monotonous or arduous tasks is calculating your budget costs for buying into a franchise opportunity. If this seems a daunting task, the best advice would be to consult a financial advisor within an institution such as your local bank, and ask them to draw up a budgetary plan for your business venture.

Finally, do you have what it takes?

Attitude

Attitude is defined here as a positive connotation for a consistent and pro-active approach to being in business for yourself. This means that you have a positive outlook and the necessary skills to succeed. Do you have the right “attitude”?

Capital

Before any interview with a potential franchise partner you must be certain you have the required capital in place before the interview even starts! A franchisor will expect an initial fee to be paid on signing a contract, and this is generally calculated as 10% of the franchisee’s start up costs. Make sure you have a legal or financial expert analyze all fees and accounts before signing a franchise agreement.

All Round Skills

What skills and experience can you bring to the franchise agreement or opportunity? Be aware of your personal and professional skills such as leadership, organizational qualities, communication skills and managerial skills. Other abilities include time management, reliability, efficiency, motivational qualities.

To sum up, the above points should guide you in the right direction in deciding what franchise opportunity is right for you. However, it is certainly not an exhaustive list by any means! Here are some bullet points for where you should be after choosing a franchise opportunity.



You must read as much information as you can about franchising and the franchise industry before deciding to enter into a franchise agreement.

You will have attended franchise seminars and exhibitions, and talked to franchise experts and consultants and other franchisees to gain valuable insights into the franchise industry you are interested in.

You will have worked out your net worth and assessed your liquid assets.

You will have a meticulous idea of where you to go, where you want to buy into and some target companies you are interested in targeting further.

So what are you waiting for?!