Why A Partnership Can Be The Key To Your Success with High-Ticket Drop Shipping
THE BUSINESS PARTNERS
Partnerships are a great way to start with any business and high ticket dropshipping is the same way since a lot of people are good at one thing but not on another thing. If you can find a partner that is good at other things that you are not good at, it will really enhance your ability to create a good business and also speed up the time that you will be able to build your business.
PARTNERSHIP IS LIKE MARRIAGE
Things to contemplate when finding a partnership since the partnership is a lot like marriage.
- You must have a lot of shared time together. You spend a lot of time communicating with each other.
- You have to make sure to put a written down good partnership agreement. Make sure to include an exit plan in case one of the partners wants to exit the partnership.
- Create an official business. You can create a plain partnership that is not protected or start an LLC if the partners have assets to protect. Make sure to tax it as a partnership. You have to file an IRS form 1065. Depending on the state you are in, you might want to file a DBA. You might as well create a business account.
- A partnership is really important because you have somebody to bounce ideas with. Entrepreneurship is like a maze. You are trying to find the exit of the maze and if you don’t find it, you have to go back and find another path. For that reason, you can reach out to mentors and coaching to try to find out what that good path is. That will help you speed up the time to find success.
- Having a partner is really great because you can have someone to talk to before investing. They can also help you in trying to figure out things in general and relieving your stress. As an entrepreneur, you will be having stress most of the time and you need somebody to release the tensions.
- The other people lose focus or they start doing other businesses outside the partnership.
- Lack of business. If the business is going down, the partner will look for other places to make money.
- If the business is really good, the business partners get greedy.
- Personal reason. They have realized that they want to do something else and they want to leave.
MY SHORT HISTORY ABOUT PARTNERSHIP
I started a partnership at the beginning. He was an older gentleman of about 50 years old and he has an established business and established a credit line. I worked with him and he was willing to put his credit upfront as long as he got 50% of everything and I would sit down and do all the work in front of the computer. He is the one who calls the suppliers and talks to customers and does the sales. I was the one who takes orders over the phone and does the customer support after the sale. I worked a day job and he had a business.
To maintain the partnership, you should have good communication with the partner because as the business grows, there are new things that will come every time and new problems to solve. The business will evolve like relationships and you have to be willing to evolve and learn new things.
I believe it is one of the best ways to get started. As long as you don’t get greedy, just be humble and keep communications open. A partnership will really work as long as you give your best foot forward to it.
Find the best partner and enroll in my High-Ticket Drop Shipping Masterclass where I take beginners from scratch to launch in 30 days and then teach how to scale past 7-figures.
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