Where can I find potential business partners?

Discussion in 'General Business Forum' started by HeadTurtle, Sep 5, 2019.

  1. HeadTurtle

    HeadTurtle UKBF Newcomer Free Member

    22 2
    Thank you for that. I didn't even realise that paid mentorship was a thing. Do you have a rough idea of cost? And I'm assuming the fees could go through as an expense?
     
    Posted: Sep 5, 2019 By: HeadTurtle Member since: Sep 5, 2019
    #21
  2. fisicx

    fisicx It's Major Clanger! Staff Member

    30,725 9,012
    Yes I get that, but what exactly do you what a partner for? What skills are you expecting? Is there an age range? Can you afford to pay them? Do they have to be in the same country?

    You mentioned shares in an earlier post. Are you offering directorship? In which case it's no longer a partnership.

    I totally get what you are asking for. It's just that you haven't really thought about the question.

    I want a resource where I can find X. What is X? Forget the word 'partner'. What is the X your business needs in order for it to expand in the US?
     
    Posted: Sep 5, 2019 By: fisicx Member since: Sep 12, 2006
    #22
  3. Mark T Jones

    Mark T Jones UKBF Big Shot Full Member

    3,347 987
    I’m going to go with the trend here

    Business partnerships can work very well indeed. They can also be disastrous. There are multiple threads on here about failed partnerships -
    Though to offset that, there is little realistic chance of people coming on to post how well the partnership works

    In my view, the stronger partnerships are a result of lengthy, detailed discussions around expectations, aspirations, ‘what ifs’ culminating in a strong parter/shareholder agreement.

    In response to your specific question, there is no ‘natural’ or ‘obvious’ Hunting ground. Sites or meets for the purpose will be magnets for sharks. I guess the best advice is to go where business people go and gently drop it in.
     
    Posted: Sep 5, 2019 By: Mark T Jones Member since: Nov 4, 2015
    #23
  4. HeadTurtle

    HeadTurtle UKBF Newcomer Free Member

    22 2
    Thank you for the input Mark. I've pretty much spent half the day looking into the pro's and cons of partnerships, and it's looking more and more like a bad idea. I think I just had it in my head that two or three heads were better than one. I shall put that down to inexperience.

    Someone has suggested a paid mentor, which had never even crossed my mind. I think that good advice from a knowledgeable person may be more valuable than 'another me' within the business. Something I may need to organise after the Christmas rush!
     
    Posted: Sep 5, 2019 By: HeadTurtle Member since: Sep 5, 2019
    #24
  5. The Byre

    The Byre UKBF Ace Free Member

    8,855 3,457
    Online eBay and Amazon shops are ten-for-a-penny, so you may like what a mentor has to tell you. When picking a mentor, find someone who is where you would like to be in some years time.

    TIP - I am working under a famous mentor right now (nothing to do with business) and that person mentors people in his chosen field for free. He enjoys the journey and seeing the development.
     
    Posted: Sep 5, 2019 By: The Byre Member since: Aug 13, 2013
    #25
  6. busowner987

    busowner987 UKBF Newcomer Free Member

    18 0
    Partners only interested when you are making money. Problem is when you are making money you can hire good people.

    I make fairly good money and I can hire fairly good people.
     
    Posted: Sep 5, 2019 By: busowner987 Member since: Aug 27, 2019
    #26
  7. Socio South West

    Socio South West UKBF Enthusiast Free Member

    863 212
    Nothing I suspect.... but when he mentions to his Insurance broker that he wants to supply the American market methinks he will change his mind, especially when he gets a second quote with America excluded.....
     
    Posted: Sep 6, 2019 By: Socio South West Member since: Mar 24, 2013
    #27
  8. Paul Norman

    Paul Norman UKBF Ace Free Member

    2,500 766
    There is a lot of careful stuff to be done in setting up a partnership. Legal stuff. Written down stuff.

    But you are not at that point yet, as you have said.

    You need to meet some people that might want to get involved in your business, and who those people turn out to be might well shape exactly how you formulate the next steps.

    In a way, you have started. Put it out there that you are interested. Do some networking. Get out there on LinkedIn. Pop to the Chamber events. The person might not be in any of those places, but the peope that are might know someone.

    Take your time. Meet a number of people. Get to know them well. This is bigger than marriage!
     
    Posted: Sep 6, 2019 By: Paul Norman Member since: Apr 8, 2010
    #28
  9. HeadTurtle

    HeadTurtle UKBF Newcomer Free Member

    22 2
    Thanks for the tips. I shall get the ball rolling in January I think. Until then, I may stick to the UKBF forum.

    I'm realising now how big a deal a partnership is, so have already started looking into other options. Expect to see more posts from a clearly 'inexperienced newbie' in the coming weeks!

    Cheers guys
     
    Posted: Sep 6, 2019 By: HeadTurtle Member since: Sep 5, 2019
    #29
  10. stender

    stender UKBF Regular Free Member

    461 56
    How would you be looking to structure this partnership if you were starting a spinoff business as suggested? What are you expecting from a partner? You have an online business and I assume concentrating on that otherwise would have time to spinoff yourself.
    what are you looking for from the partner? 50/50 split with you providing the idea and supplier details? They setup a website and do the marketing etc? manage postage and packing etc?
    I'm in full time employment in a well paid job but looking to set something up to run alongside with a view to eventually jumping ship, but I have struggled to find a partner. There is definitely a market for it as this shows. I have internet and business skills and money but no ideas. Problem is I wouldnt commit to anything without knowing what the idea is, and people dont want to share the idea without the commitment first. NDA's aren't generally worth the paper they are written on.
     
    Posted: Sep 6, 2019 By: stender Member since: Jul 9, 2008
    #30
  11. HeadTurtle

    HeadTurtle UKBF Newcomer Free Member

    22 2
    Hi Stender
    Thank you for taking the time to reply, but I've kind of been put off the idea of partnerships and am now looking into other options.

    Funnily enough, I was actually in the same boat around three years ago. I was working in the double glazing industry (trade supplies) but grew to hate it. I started up selling online as a means to escape and it grew big enough after around 15 months to support me full time.

    Idea's are easy. Just go to eBay, Amazon, Etsy or Not On The High Street and find some products you like the look of. Work out how they are made and make them (if you can make a good enough margin obviously). Everyone has ideas... It just comes down to work ethic and self motivation to get something started.
     
    Posted: Sep 6, 2019 By: HeadTurtle Member since: Sep 5, 2019
    #31
  12. stender

    stender UKBF Regular Free Member

    461 56
    I wish it was as easy as you say. I've done ebay, amazon, affiliate marketing, dropshipping but nothing that's more than pocket money. I've been trying to think of something to manufacture for a long time too. I have a large double garage i can use for a workshop or storage, looked at various machinery that might make me money. Savings are sitting in the bank earning me nothing. I can create websites. I can literally start an online business without much risk, no debt, have a wife who doesnt work so can do admin, post etc. Frustrating having all this and no business ideas.

    Partnerships can work but it needs to be a 50/50 on ownership and the work put in. I previously was in a group of 3 developing a mobile game. Ownership was 3 ways but each felt that they were contributing more than the others and didnt value each others skills the same.
     
    Posted: Sep 6, 2019 By: stender Member since: Jul 9, 2008
    #32
  13. NickGrogan

    NickGrogan UKBF Ace Free Member

    2,006 439
    Ideas are easy, but so are excuses. There are probably 50 ideas on this forum that you could "copy" right now, put your own spin on them and there's your business idea.

    Partnerships are hard, and in my experience, an uneven partnership works much better.
     
    Posted: Sep 6, 2019 By: NickGrogan Member since: Nov 15, 2012
    #33
  14. Mr D

    Mr D UKBF Legend Free Member

    16,097 1,797
    Start a hobby. Become good enough with the hobby to sell the finished product.
     
    Posted: Sep 6, 2019 By: Mr D Member since: Feb 12, 2017
    #34
  15. HeadTurtle

    HeadTurtle UKBF Newcomer Free Member

    22 2
    Completely agree with this. I'm still a toddler in the world of business, stumbling around, knocking things over, but my business is proof that you don't need a completely original idea.

    As long as you put the time and effort into a businesses, you can turn a good profit.
     
    Posted: Sep 6, 2019 By: HeadTurtle Member since: Sep 5, 2019
    #35
  16. stender

    stender UKBF Regular Free Member

    461 56
    Example?
     
    Posted: Sep 6, 2019 By: stender Member since: Jul 9, 2008
    #36
  17. NickGrogan

    NickGrogan UKBF Ace Free Member

    2,006 439
    OK, looking at the people on this page.

    Headturtle - personalised mugs/tshirts/etc
    Fisicx - web design, seo, wordpress plugins
    Mark Jones - specialist finance, for shops I think
    The Byre - Music, publishing, journalism, international trade
    Socio South West - business advice to SME in the SW
    Paul Norman - fashion?
    you - ebay, amazon, affiliate marketing, dropshipping
    Me - energy advice for businesses

    That's 17 ideas that you can take and make your own, without even loading another page.
     
    Posted: Sep 6, 2019 By: NickGrogan Member since: Nov 15, 2012
    #37
  18. stender

    stender UKBF Regular Free Member

    461 56
    Those aren't ideas. You might as well just quote categories from amazon.
     
    Posted: Sep 6, 2019 By: stender Member since: Jul 9, 2008
    #38
  19. NickGrogan

    NickGrogan UKBF Ace Free Member

    2,006 439
    Sorry, would like them expressed as ideas? I'm starting to see where the problem is.

    OK, here goes.

    One idea would be to sell personalised mugs on Amazon, you could photograph local graffiti, call it art and sell the mugs for £10 each. Or call them limited editions and sell for £50 each.

    Another idea would be to print T-shirts with words on. Lots of people try and be funny, which is hard, so why not be political? Print pro/anti Brexit tshirts and sell them on a market stall. "I voted for Brexit and all I got was this lousy T-shirt" - there that's the first one done.

    You could set yourself up as a web designer, like 1000's of other people, so its good to find a niche, one niche would be people who can't think of any ideas. You could use your experience to make them websites.

    There are courses on SEO, @Tin sells one. Buy it, learn it and you'll know more than most people. Now you can sell your SEO knowledge to people for a fee, this could be a lump sum or a monthly fee. Or you could teach people based on Tins course. That's two ideas in one.

    Hopefully, you get the idea.

    Any others you'd like me to expand?
     
    Posted: Sep 6, 2019 By: NickGrogan Member since: Nov 15, 2012
    #39
  20. stender

    stender UKBF Regular Free Member

    461 56
    no thanks. All been done to death and even if you come up with a good Tshirt for example, you then need to market it to be ahead of the other 10m online. I've done amazon merch tee's, redbubble stickers and mugs etc.... You can have a really good design and it never gets seen. or if it does you then get 20 other people plagiarise it. These aren't business ideas unless you can keep coming up with designs and get them out there.
     
    Posted: Sep 6, 2019 By: stender Member since: Jul 9, 2008
    #40