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Anyone Started a Business with Partners Here?This is a thread in the Starting a Retail Business forums.I'm curious, if I find a partner online (either through this forum or other websites etc.) to setup a retail ... |
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16-07-2013, 10:57 PM
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#1 |
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Member
 Join Date: May 2013
Location: Jurong
Posts: 19
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Anyone Started a Business with Partners Here?
I'm curious, if I find a partner online (either through this forum or other websites etc.) to setup a retail business with me, and the partner is the one doing the sales and collection of money while I handle the backend and other technical stuff and don't deal with the money collection, how do I know if the partner has not pocket some of the money? LOL
Or is it entirely based on "trust"? Just wondering if there's a system / workaround for this sort of thing, especially for those of you guys who have found partners in this forum to set up a business with. Thanks! |
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16-07-2013, 11:22 PM
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#2 |
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Senior Member
Join Date: Apr 2011
Location: Farrer Park
Posts: 181
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Re: Anyone Started a Business with Partners Here?
There are several ways to check but if he knows he won't be effective. The best is to do surprise checks/stock-takes during periods of high transaction volumes as well as timings least expected.
What kind of retail are you into? |
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17-07-2013, 11:42 PM
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#3 | |
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Member
Join Date: May 2013
Location: Jurong
Posts: 19
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Re: Anyone Started a Business with Partners Here?
Quote:
I'll be posting here to find a partner a couple of months from now, so there's some questions I'm curious about, including this.  The problem with doing surprise checks is that it kinds of make the relationship shaky, since business is supposed to be about trust? Pardon me if I'm naive, but if one party is also wondering and checking about the other party, it probably won't last long (especially if it's a 50-50 partnership, and not a boss-employee relationship). The other option I come up with is to let the products be sold through a third party / order fulfillment service and that will update both me and the partner whenever a product is sold etc. Though it seems to be costly, though. |
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18-07-2013, 10:32 PM
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#4 |
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Senior Member
Join Date: Apr 2011
Location: Farrer Park
Posts: 181
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Re: Anyone Started a Business with Partners Here?
I believe that it is necessarily, at least for the start. I've seen how even relatives cheat in family business let alone complete strangers from forums. Anyway as most stocks & transactions should be properly documented, there isn't a big problem. Apparels shouldnt go missing. It is like F&B or service where it is extremely difficult to account.
Either than that, you can both hire helping hands to sell instead of involving either party. Having employees to do the selling might be more transparent for both of you. |
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18-07-2013, 11:22 PM
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#5 |
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Member
Join Date: May 2013
Location: Jurong
Posts: 19
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Re: Anyone Started a Business with Partners Here?
Ok, noted and thanks Meinteel!
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