Start & Run a Graphic Design Business. Michael Huggins
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Another important item is the need for partner accountability. Include clauses in the agreement to hold each other accountable. This means you clearly outline what each partner is required to do, at scheduled times, and the penalty if the person doesn’t meet the requirement. Add checkpoints into your business contract so that you can both evaluate each partner’s performance objectively. Include penalties at each checkpoint and enforce them in the event that you or your partner is not holding up his or her end of the agreement.
In extreme cases in which one partner is failing to follow through on his or her commitments, you might both agree to transfer the ownership of the company to one partner.
Lastly, get the advice of lawyers. You should each have your own lawyer look at what you’ve both outlined and created in the contract. Ask the lawyers to provide guidance and feedback and then bring your edits together for signing of the final contract. Don’t rush into your business just to make money. Slow it down and plan wisely. If it’s a good partnership contract, it will make you both lots of money once you get started.
6. Alternatives to Partnering
People get into to partnerships for many different reasons, but partnerships are not for everyone. The following sections discuss alternatives to partnerships while still having some of the benefits of a partnership.
6.1 Forming a strategic alliance
No one says that your business has to be a traditional partnership. There is another type of arrangement that could work to your advantage. It’s called a strategic alliance.
Forming a strategic alliance involves approaching other businesses that have complementary services in order to create a mutually beneficial business relationship. For example, if you design corporate communication materials, you might approach a business writer to form an alliance. The writer provides all the content for the designs you create. In return, the writer directs all his or her clients to use your services for design.
You can form this arrangement with printers, copywriters, public relations companies, or marketing firms. In fact, it can work anywhere you have an opportunity to make your service offering stronger. The great thing about these relationships is that there is no legal mumbo jumbo or contracts if you don’t want them. It can be based purely on the merits of your relationship to each other. You can agree to exchange specific services or recommend each other’s businesses exclusively; whatever represents a mutual advantage to you both.
I have been keeping these types of relationships in my business for many years. I have “partners” whose services I exclusively recommend and they do the same for me. In fact, this one strategy alone brought me one of my biggest clients. It was a marketplace I wasn’t able to break into, but my strategic partner was! He positioned my services as an extension of his own, and he got me the work. We work as a team on all projects that require both content and design for this client. I, in turn, bring him new work from all my other client projects.
These relationships can be as rigid or as flexible as you like. The key to making them work is finding mutual benefits. Talk things through in detail. Look at the pros and cons of aligning your businesses. What do you want out of the relationship? What does the other person want? You will need to be open and honest with each other. For your alliance to be successful, the person has to trust you, and you have to trust him or her. Don’t be afraid to test the relationship first. Start with small commitments and work your way up as you see evidence of the benefits.
6.2 Talk to other design business owners
One of the things people like about partnerships is the feedback and access to knowledge they get from their partners when they have decisions to make. But instead of getting feedback from a formal partner relationship you can choose to get it from other sources.
What’s the cheapest and fastest way to get information? Ask someone. Why not find someone who is in a similar type of business as you, and ask him or her questions? You can connect with others at trade events, design seminars, or you can open the phone book and give someone a call. Your goal here is to initiate a relationship with another design business owner so you can ask questions. Many designers are willing to talk, given the right circumstances. In my years of business, I have spoken to hundreds of designers. Some of them have called me out of the blue, just to connect with me.
When you are connecting with others, it is important to bring something valuable to the table when you call. You can’t enter into a conversation, and ask for something, without being prepared to give something back. Be ready to answer any questions the other person has. Or perhaps you need to send a small gift. Remember, the information others give you is a privilege, not a right.
For greater success, try connecting with someone who operates a business in another far-off state or province. It might make it easier to build trust between you. This way you avoid the suspicion he or she might have that you are trying to steal his or her business. Be honest and open with the person, and he or she will likely return the favor. Remember to be respectful of the information he or she gives you. If the person doesn’t want to share everything with you, that’s okay.
6.3 Business and coaching groups for entrepreneurs
One of the best ways to avoid a partnership but still get the guidance and experience of another person is to pay for it. Join a business-coaching program. There are hundreds of business and coaching programs available all over North America. You can join them in person, on the phone, or over the Internet. These sessions can give you plenty of feedback and inside knowledge. You’ll get information on everything from how to do something to examples of past experiences of other professionals. It’s amazing what a 20-minute session with another seasoned professional will do for you and your business.
6.4 Thought-leadership groups
Thought-leadership groups give you the ability to coordinate your knowledge and experience with two or more like-minded people to attain your business goals. This is similar in some ways to coaching, but is more informal.
Thought-leadership groups are made up of people in a similar business situation to yours. In these groups, you informally share your knowledge, experience, and research findings with the other members. These types of meetings are a huge benefit because, unlike the coaching groups, they are unscripted. They often don’t follow a structured plan, but they can provide immediate real-world feedback. If you are having troubles in collecting fees, for instance, you can ask others in your group what they have done, and the kind of success they’ve had doing it their way.
Some local business groups may run these types of meetings in your city. In many cases, these groups are free to attend or have low joining fees. Your local Chamber of Commerce might know of such a group in your area.
If you want a group exclusive to design business owners, why not start your own? Look around for other people who own a business similar in size and structure to your own and approach them with the concept. Design the meetings so they are easy to have, and so that the members can easily connect with each other, and you’ll have greater success. A meeting could be a gathering at a coffee shop, or in someone’s home or office. Meetings could also be held through conference calls. There are many free conference call services available that allow you to have as many as ten people on the line for no cost. You can even record your discussions and distribute the recordings to the group.
With all that said, I understand that any of these solutions may still fall short of the benefits you feel you might get from a real partnership. That’s because the motivation to avoid doing it all yourself is a strong one. Just remember there are a lot of cautions to consider. If you really have to have a partner for your business, do yourself a favor and take the partnership contract and lawyer route that I’ve outlined in this chapter. Spell it all out right down to the penny if you can. You’ll be better off in the long run if you do.
Part II
SETTING