GSB-21: How To Create Effective Partnerships To Grow Your Gas Station Business Rapidly

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In last week’s episode we spoke about how to have investors or partners to invest in your business if you are short on cash right? That means you are willing to do the hard work and share profits with your partners or investors. But today I want to focus on the other side of that same scenario where you have the funds and want to grow but you don’t have enough man power or other resources to do that. We all know it is not just money that you need to grow it takes much more than that.

Last week we spoke about

3 ways to get people to invest with you

crowd funding

Partnership

Investors

But today I want to focus on

Working partnership vs. Silent partnership and what is multiple partnership with one key operation person and how all these can benefit you to grow your business

Depending on your situation, one of these should work for you. Again from last week’s episode i only talked about what if you don’t have the money to start your dream business if that is your case than I assume you are willing to do the hard work and operate a business and make it profitable and share that profit with your partners or investors, but just remember transparency is the key in any partnership success. If you are the key operating person, as I mentioned last week make sure you have a good CPA or accountant that can provide timely sales and P&L and all other financial reporting to your partners or investors so they are up to date with what is happening in the business.

Similarly when you are looking to grow, you will be expecting the same. So let’s jump right in and talk about how you can grow when you have the funds but not enough help.

You can go about it in 3 ways again just like last time

Here are the 3 Ways to Start a Great Partnership

1. Get a working partner
2. Equal partner
3. Get multiple partners with one key operation person

Partnerships usually have the following characteristics …

• All the partners have some sort of personal stake in the partnership;
• All the partners are working towards a common goals;
• The partners have a similar ethos or system of beliefs;
• The partners work together over a reasonable period of time;
• There is an understanding of the value of what each partner can contribute;
• There is respect and trust between the partners.

Partnerships are only successful because …

• They share creativity, risk, responsibility and resources;
• Participants are able to feed off each other’s energy and enthusiasm;
• They can gain from each other’s strength and not from weakness
• There is more potential for productivity/efficiency;
• Service delivery is often more effective;
• They offer support and diversity.

The TV show I mentioned in this episode is a show from CNBC network call The Profit