Partnerships are always necessary in the business world. Collaboration with the right people can be very beneficial for both sides. However, it has to be set up correctly, with clear goals, obligations, and rights for each member. Also, there has to be a lot of trust between partners, as well as mutual understanding. In this article, we will show you five crucial steps for setting up a partnership business.
Make sure you and partners are on the same page
It is necessary to discuss the roles and responsibilities of each partner before you sign the business agreement. Open talk is vital – tell your partners what they can expect from you and vice versa. Also, all sides must have the same (or similar) reasons to form the partnership. You should agree on the initial business strategy and that is almost impossible without having the same goals. Therefore, discuss your wishes and goals, make sure there is no significant conflict, and make a business plan and strategy. In the end, make sure that such a partnership fits your business niche. Business partnerships are great for service companies,law firms such as Compelling Counsel, private medical practices, etc.
Pick the right business name
The name of your partnership company is one of the most significant aspects of a business. Not only that it should represent both sides, but it is also a starting point for brand development. On top of that, the name of the company will become a trademark of business. So, how to choose the best name? Do your research, find the most exciting name, and make sure you avoided copyright and trademark infringement. Once you all decide on the name, go and register it immediately.
Register your partnership and obtain essential licenses
In most situations, you will have to register the company with your country or state government. However, before that, make sure that agreement contains all necessary details – financial contributions of each partner, profit distribution, managerial roles, etc. Also, you have to explain what will happen to partnership in the future and how members can exit or (re)enter the organization. Details are especially important if you make a partnership with a wife/husband or a close friend. Unfortunately, both marriages and friendships might end, and if that happens, the partnership will also end the same second. Finally, pick all necessary local and state business licenses.
Agree on the structure of your business
Establishing a business structure is vital for partnerships or any other company. In the end, it will determine the amount of paperwork you will have to obtain, as well as licenses, insurances, and permits. However, the most significant reason to structure the partnership business is shared liability between partners. Each partner has to carry a full amount of liability. Also, this step is essential for your partnership agreement, and having a law firm behind your back is crucial. That is the secure way of defining all rights and obligations of each side.
Obtain necessary insurances
Every business has the liability to worry about, regardless of the structure. Therefore, you must consider having the right insurance to protect your business and partners. Any legal claim against your company is a costly and thorough process, and that’s why it is necessary to have proper insurance policy. Another legal aspect you have to take care of, is personal liability. Even if you have general liability insurance, it usually doesn’t cover your claims. Protecting yourself, as well as your partners and business is vital for the future success of your business. Hence, try to obtain all those insurances on time, so you don’t put the whole company in an awkward position.
Setting up a partnership business is a very challenging task which requires many different things to fit together. You need to have the same goals as your partners and the same vision of doing business. However, if that is the case, and each member is on the same side, chances of success will grow rapidly.
What Makes Startup Studios Successful? By Startup Studio Insider
So you’ve heard the buzzword “startup studio,” but what exactly does it mean to be a startup studio? Here are the answers you need about why startup studios are becoming a popular model for entrepreneurial success and how this trend is changing corporate innovation.
What is a Startup Studio?
Startup Studio Insider defines a startup studio as an organization that provides investment, resources, and guidance to startups in order to build and launch successful startups in various industries. Some people call it a venture studio, others call it a startup factory or startup studio. No matter what you call it, this startup model is quickly gaining traction in helping launch startups everywhere.
Startup studios allow founders to focus all their time and energy on developing every aspect behind their business idea, while studios are dedicated to minimizing any challenges that come along the way. By offering a wide range of resources, industry knowledge, and the funding required to build, launch, and support a startup (even after post-launch), startup studios are becoming a game-changing solution for rising startups.
From Atomic to Wilbur Labs and eFounders, numerous startups are being built around the world and gaining major traction along the way. Deciding the best path to found and build a company can be a daunting task. To help you understand the unique offerings of startup studios, here are some of the most important benefits startup studios offer:
How Startup Studios Protect Startups – Graphic by Startup Studio Insider
- Strategic Counsel
Startup entrepreneurs oftentimes lack the necessary experience to anticipate the roadblocks that come along with building a business. In addition, the expertise level of a founder doesn’t always cover all grounds including marketing knowledge, product development, testing, and research. That is not a problem for startup studios, as they provide a wide spectrum of tools and resources to build a perfect strategic plan. In addition, studios have access to a wealth of knowledge in technology tools and trends, business operations, human resources, and more, which become part of their core team to help startups succeed.
- Core and Shared Resources
Out of all the investment platforms, studios take the most hands-on approach and provide the most resources. With this, startup studios are able to provide access to the largest amount of top-notch resources to help enhance the vision and goals of the startup and cut down the launch time that could usually take a couple of years to about three months.
- Human Capital
Usually, the vast majority of startup companies are made up of small teams. This is why getting the perfect fit to support the launch and operations needs of your business is crucial. Startup studios help tackle this problem by recruiting the right team with diverse backgrounds and broad skills to handle the immense workload that comes with the challenge of launching a startup.
Building a startup from the ground off can be exhausting and cash-consuming. What frequently goes wrong is that startup management fails to achieve the next milestone before cash is exhausted. Startup studios are able to solve this problem by refining the needs and expenses required to prepare for the launch and avoid the risk of becoming insolvent by providing funds even after post-launch. This is one of the major differentiating factors of startup studios compared to their competitor founding models out there.
- In-Depth Market Research
According to Startup Studio Insider, startup studios are highly selective, and as a result, will not launch a startup without substantial research and data to prove that there is a market and potential for success. This in-depth market research ultimately leads to better decisions when preparing for the launch and can help mitigate any risks in the long run.
An Interview with Nathaniel Mell, Founder and CEO of Felt+Fat
Nathaniel Mell is the founder and CEO of Felt+Fat, a ceramic design, and manufacturing studio serving both professional and at-home chefs. Nate Mell started the Philadelphia-based company in 2014 after graduating from the Tyler School of Art at Temple University and working at the world-renown Philadelphia Clay Studio.
Before his foray into ceramic design, Nate gained experience that included working in a variety of media, including glass, metal, wood, and mold-making. The opportunity to design a beautiful line of plates for Eli Kulp’s award-winning restaurant ‘High Street on Market’ oriented Mell towards exploring ceramic design in-depth. In doing so, he came up with the concept for a ceramic design studio catering to the Hospitality industry. The company name, Felt+Fat, came as a nod to the material explorations and theories of midcentury artist Joseph Beuys, one of Mell’s favorite artists.
Today, Nate Mell’s Felt and Fat has a track record of working with over 100 restaurants worldwide, producing more than 30,000 pieces annually, and being featured in the NY Times, the Forbes 30 under 30 list, and many other publications. Timeless design, ethical manufacturing, and intentionality toward relationships are the core values of the ever-growing team at Felt+Fat.
We recently got a chance to interview Nate.
Nate, Thank you for talking with us. What are the projects that you most enjoy working on?
I most enjoy working on custom projects, specifically for restaurants. Great chefs are artists and our mutual respect for craft and the collaborative energy involved in making a new shape or finish is really exciting. When my part is done I then get to see how they interact with the design, plating their food and presenting it in the context of the restaurant elevates it all to another level.
What was your biggest ‘a-ha’ moment?
This was early on. When I started this business I had been working in restaurants for nearly 8 years, supporting myself as an artist, and a chef asked if I could make him plates for a new restaurant. I said yes and initially took it on as a little gig to make a few dollars. Somewhere during the course of that project, I realized that the top restaurant in the world at the time (Noma) was using custom, hand-made tableware and that meant every aspiring chef in the world would be wanting to do the same now, we were on the crest of what could be a seachange in hospitality tableware. It was an exciting realization and what really prompted me to take this much more seriously.
What has been the most important part of your professional journey?
Understanding the importance of planning. I have never been much of a planner, very good at thinking on my feet and getting done what’s right in front of me, but over the years I’ve learned that sustainable growth happens when you pair that ability with solid, diligent planning and execution.
What are some of the risks that your company is currently facing?
We are currently looking at a lot of avenues for growth. Manufacturing means you are always walking that line of demand vs. supply. If you’re over-supplied that means you’re wasting money, if you’re undersupplied you disappoint customers. We have been growing quite a bit but are looking at rolling the dice on some big purchases that will help us up the supply side significantly, but the risk that the demand doesn’t pan out to justify the expense is always a scary thing.
What would you do with unlimited resources?
Create a top-of-the-line production facility with a best-in-class R&D studio bringing in young, world-class talent to create inventive and exciting new products.
When was the last time you totally lost yourself in doing something?
I routinely lose track of time while working on new designs, it’s easily one of the best parts of the job.
What do you do when you’re not at work?
My off time is spent with my wife and dog primarily. We go for hikes, cook great meals, mix cocktails and read aloud together or spend afternoons working on remodeling our small home (currently painting a new ceiling we put up last month).
You and your team at Felt+Fat are already making a positive impact with the “BadThings Happen in Philadelphia” product line. What more do you feel you can do to make a difference in your local community?
The BadThings line of products was a really fun experiment that allowed us to send money to causes we thought were worthwhile, we’ve often found things like that to do over the years but what I am most excited about moving forward is to be working with Baker Industries here in Philly. Baker finds work for hard-to-employ individuals; primarily the recently incarcerated. We’ve just recently hired our second employee through this program and are so happy to be providing jobs for individuals in our community who would have a hard time finding work otherwise. Not only do we get to help the community, but they have also been some of our best staff! It’s a win-win.
Inspiration and Wellness At Your Fingertips
There’s a great saying. ‘Push yourself, because no one else is going to do it for you.’ For many people pushing themselves ahead comes naturally and they deal with the challenges of this life with equanimity. However, for many, it takes a little bit of fine tuning before they are able to take various challenges head on. Wellness and Inspiration coaches play a great role in these cases and can help you achieve that level of composure through their expertise.
However, getting such kind of expertise is not possible for many mainly because of accessibility and affordability. Solving this problem is Katherine Appello, Manhattan-based Inspiration and Wellness Coach. Born in New Jersey, Katherine has been helping individuals realize their true potential through meditation and other tools including pre-recorded seminars.
In an Interview with Times of Startups, Katherine said that some of the challenges in her personal life made her more resilient in her efforts. She believes in seeing the glass half full and that we need to take ownership of the choices we make so that we can make different choices going forward.
The ongoing pandemic has made things tougher for businesses and individuals worldwide. Due to the restriction in movement, it has become even more important to focus on mental wellness. People get inspired by motivational speakers to follow their dreams and achieve their goals. Among other things, motivational speakers also help people to succeed in business, improve their relationships, develop a positive attitude, become healthy, achieve financial prosperity, and have more fun in life.
Realizing that in this day of technology, everything possible should be at your fingertips, she provides wellness coaching through video conferencing too. Although, she regularly engages herself in public speaking and Interviews in Manhattan.
The harder you work for something, the greater you’ll feel when you achieve it. And in that process, it is always better if you can take help from professionals.
An Interview with Criminal Defense and Family Attorney Alexander Petraglia
What Makes Startup Studios Successful? By Startup Studio Insider
An Interview with Nathaniel Mell, Founder and CEO of Felt+Fat
Interview1 year ago
An Interview with Joel Arun Sursas, Head of Clinical Affairs at Biorithm, Singapore
More1 year ago
6 Promising Up and Coming Fashion Companies
Interview7 months ago
An Interview with Russell Jack, Southland-based Yogapreneur and Mindfulness Teacher
More3 years ago
Factors to Consider When Planning Your Office Design and Layout
Other Internet Tech3 years ago
How to become an IPTV reseller? A beginner’s guide
More3 years ago
IPTV business for beginners
Business Ideas3 years ago
50 Small Business ideas with low investment
More3 years ago
Advantages of Using Ride-hailing Services for Transportation