Instead of having two or three small start-up businesses in a community, can these businesses come together to form a sturdy one?
Imagine a small shoe seller, a small clothing shop and another local who deals with underwear’s all come together to open a boutique, where they all share the rent and each person focuses on each side of his business.
Another example is having two little local shop owners coming together to create a bigger one, that will be better than having several business meeting the same need.
The plight of a street vendor. A Case study.
Street vendors and small kiosk owners remain in that circle for a very long time: These street vendors go about the same daily activities until they probably can no longer work and sometimes their children will just take over the business. Then it seems their life is just going around in circles.
There is a great power in partnership.
Now imagine that rather than being a street vendor for years without moving, form a team with other people who have great business ideas, join the small funds you have together and open an enterprise you seek for investment.
Draw out your business plan properly and you place your complete attention on growth and improving the business, after some years you grow and expand your business, you begin to employ road side vendors who will generate profit for you while you pay them salaries.
However, as powerful as partnership is you also have to consider the fact that it has harmful effect.
If you enter into partnership with the wrong person, no matter how close you are, it is important for you to agree on legal terms how your sharing formula is going to be and the partners must be restrained from spending the company fund.
support local business
In the end, local small businesses need support from its community, whether its a partnership or a solo one. No better time to explore the nearest local business in your community than today.
