Step 1 - Taking stock

The starting point is to be very clear what your own assets, skills and aspirations are. By taking stock you will be able to:  

• Honestly communicate what you have to offer
• Draw up a focused set of search criteria so that you can select the best options for you and your business
• Identify clear outcomes and parameters against which to evaluate potential arrangements

• Motivations ‒ What are your plans and aspirations? 
• Assets and skills – What have you got to offer? 
• Requirements – What do you need? 

It is essential to be honest with yourself and any prospective business associate. This will increase the potential for a positive future working relationship. Honesty is key!

Think extensively about all of the opportunities that may be available to you. Sometimes the easiest answers are the wrong ones, and it pays to do your own research. If possible speak to others that have taken different approaches to what you might naturally lean towards. Keep an open mind for future innovations and collaborations.

What do your family, friends and stakeholders think? If it is a new idea, gather all the facts and consider taking professional advice.

It is important to have a clear vision for your business, but you should remain flexible about how you may achieve your objectives. By collaborating with another business, you may discover unexpected solutions and opportunities.  

In shaping the balance of any business relationship a key consideration will be the degree of risk each party feels able to take. This will vary from relationship to relationship, and will depend on the experience, skills and confidence of each party as well as their personal motivations and resources. It’s useful at this stage to consider your attitude to risk.

Setting personal objectives