Since the beginning of this series, we’ve been on a journey. No hurry, no rush. It’s a journey of a lifetime. Most of us have spent their days under pressure, trying to do several things concurrently. It’s different here. When you come to this blog, I want you to set everything else aside. Read, focus, apply, enjoy the dream of eventually reaching abundance. Through these articles, your reading and application, together, we shall make that dream your reality!
Today, I’m going to talk about the second option of financing that dream, which is partnerships.
I had written an article titled “Investment Partnership (TM)“. It would be helpful to go back and have a look at it before you continue reading.
According to the online Merriam-Webster Dictionary (TM), a partnership is “a relationship resembling a legal partnership and usually involving close cooperation between parties having specified and joint rights and responsibilities”
The keywords in that definition are: Relationship, legal, cooperation, parties, specified rights and responsibilities.
How does that relate to our discussion?
Your intention is to reach a certain sum of money by a certain date. In order to do that, you need a capital to grow. Obtaining that capital requires some sort of financing. An investment partnership (TM), is the option we decided to pursue to secure that financing.
As I mentioned in the article referred to above, this partnership takes place between two parties: One party provides the capital, the second party provides the time, energy and expertise to grow that capital, over a specified period of time. The two partners are equal. They share profit and loss on a 50/50 basis.
The partnership agreement “specifies” the details of the “relationship”: The legal aspects, the type of cooperation, the involved parties, and the rights and responsibilities of each party. It also specifies the capital, the timeframe, and the way any outcome shall be shared between the parties.
From your perspective, here is what you need to do:
- Prepare a convincing business plan, that outlines your strategy of how you intend to grow the capital
- Find an interested party, who has that capital, and who is willing to consider a partnership with you
- Present your plan, and hopefully, win the approval of your potential partner
- Work with your new partner on the partnership agreement
- Get the funds and start working!
In the next article, I’ll shed more light on each of the above steps. Please spend some time on this post, and let me know if you have any questions or comments.
The Wealth Maker