Business Partnership Advice

Posts : 1 Reputation : 0 Join date : 2010-01-05

We are 3-partners company already started a year ago. We all have full time job and are working in part time to build our business idea. It is a web project and we outsource the design and development work to India. The project idea is great, but since we are working in part time, the progress is pretty slow, not only the development side, but also the marketing, the decision making, the business planning, etc. Recently, we also find that the budget is almost close to our limit. I know there are some missing pieces which needs to be completed before launch, but we have some argument about our working capital. With that in mind,

1. Should we launch our project no matter what?
2. Should we give up our idea since we don't have time to work on?
3. What other alternatives do we have?

Your advice is much appreciate. Thank you.

Regards,
Marcelo

Subject: Re: Business Partnership Advice Sat Jan 09, 2010 9:42 am

Wooo, thats a tough one, how is the risk for this current business you are trying to work on like?

Posts : 15 Reputation : 1 Join date : 2009-05-05

Do not understand your term "before launch" as you mentioned progress is slow, I assume that you 3 have already started the business.

If your full-time job leave the 3 of you no time to look after the the web project than is anyone willing to full time since the potential to grow is there as you mention as project is "great". You will have a full time person to bring in the sales, look after the development.

Budget is up to the 3 of you to trashed it out.

Subject: Re: Business Partnership Advice Wed Jan 20, 2010 2:52 am

You got a business plan to work on????

Subject: Re: Business Partnership Advice Thu Jan 21, 2010 11:56 pm

Entrepreneur spirit is about taking chances and opportunities. But do you calculation of the potential of your business. If the opportunity is big enough for you guys to go into this business full time, then take the step of faith and jump into it. Of course, if the calculated opportunity is not up to your expectation, reserve your resource for better opportunity. No body knows your business potential other than yourselves.

Dream your dreams and work towards it. But if you keep dreaming and do nothing, you are still in the same position in the next 5 or 10 years...

Time waits for nobody...

Subject: Re: Business Partnership Advice Fri Jan 22, 2010 4:51 pm

Agreed. If you believe in your business idea and that there is a market for it, and truly believe that you will help people with your product and business, then proceed with caution. Your conviction will help if it is strong.

In the meantime, you can let your website remain dormant while you sort things out.

I am currently setting up a web based business with a partner. Problems also arise, leaving us having to leave the website dormant until around april this year.

If u are concerned about working full time on the business, consider hiring someone to work on it instead. Ideally, the business should be able to run on it's own, without the 3 of you, so why not start hiring early?

I hope we can help. It is sad to see a good idea go to waste.

Posts : 5 Reputation : 0 Join date : 2010-01-28

Hi.. Seriously there is not enough information to really give solid advice. But from what i see, there are a few options:

1) Terminate the business before you make more loss
2) Leave it as it is now, and trash out your internal problems first
3) Get someone to manage the business on your behalf (hire someone)
4) One of the partners have to quit and manage the business

If you are interested, we can meet up and discuss in details on your next step in your business venture at isaac@niq.sg