Meaning of partners: when an individual is ready to join another individual in an agreement and they share all the risk, losses, gains, ownership, responsibility under same roof is known as partners.
Meaning of partnership
It is the legal form of business and it is the agreement between two or more then two persons who are ready to share their profit and losses for the same business partners in the partnership firm can be a individual, business, organization, school, government associates so on.
Types of partnership-mainly there are three types of partnerships-:
◪ general partnership
◪ limited partnership
◪ joint ventures
Description
◪ General partnership– general partners have equal workload and they actively participate in the activities.
◪ limited partners- limited partners allow outside investors which increase flexibility in terms of ownership and decision making.
◪ joint ventures- They work together on short term projects and bring multiple partners together.
Types of partners you need to grow your startups or small business
◪ Company partnerships
◪ Financial and accounting Advisors
◪ Business mentors
◪ Referral partners
◪ Brand supporters
◪ Company partnerships– When you develop relationship with other companies or small business it can help you to bring your companies name in front and it is the great way to promote yourself and attract audience.
◪ Financial and accounting advisors- When you are on the initial or on the growing stage of your business it is very necessary to handle financial decisions and books of business that is accounting bookkeeping software so what you need is expert accountant and financial advisors who can help you in growing your business.
◪ Business mentors– one of the best example for this is Mark Zuckerberg and Bill gates because they used business mentors to build their business and make their companies successful. Mentors can help you in elimination of mistakes and give you suggestion and advice for your business which can help you in avoiding mistakes.
◪ Referral partners- referral partners are also known as affiliate partner. Basically referral partner is the term of internet marketing it can be a company or an individual, referral partners is business associates who recommends a particular company and its service in in exchange of something in value. They increase sales and revenue in business.
◪ Brand supporters– Branding is company’s way way of life. When you provide great product or services to exceptional customer service you create loyal brand supporters. And when the more customers actively promote your business online and through social media,The more you can attract for business. Give free product and services as a rewards to your top customers they not only promote your business but also spend money in business for long run.
Final thoughts
When you choose right partners for your business this can not only makes business successful but also accelerate the growth of business and this five types of partners will definitely result in growing your business using gst software at the initial stage.