#161: 10 Questions to Ask Before Going into Business Together

In this episode I’m setting out some preliminary discussion points for co-creating or co-founding a business venture with someone. 

Keep these in your back pocket to examine new ventures and discuss with a potential co-creator. 

Better yet - send them this episode and discuss after! 

 

I go over: 

• Co-founder first dates

• Venture relationship examples (co-founder, investment based, co-operator and and more)

• Why I don’t believe in 50/50 ownership 

• Focusing on willingness to collaborate vs 100% agreement

• Planning for the end at the beginning and…

 

10 Questions to Ask Before Going into Business Together: 

1. What is my vision for this venture? 

2. What is their vision for this venture? 

3. Would I still want to work on this if it took twice as long and cost twice as much as expected to reach v1? 

4. Is this business model sound and do we both understand it & know how to work it?

5. What is the exit strategy? 

6. How well do we lead together? 

7. What are our expectations for time and resources given on a weekly basis? 

8. What is the break up plan?

9. Is this a relationship I’m willing to lose if things go south? 

10. Would I trust this person to make sound business decisions on my behalf? 

 

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This podcast is brought to you by One year from Now: The Residency. The residency is a coaching container that blends custom-to-you strategy, one on one coaching and small-group experiences to help high-impact, high-profit entrepreneurs implement their one year from now visions over a 12-month term. 

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 Listen to to this episode on your favorite podcast player (Apple Podcasts, Spotify, you get it) or on on my website: oyfn.co/podcast