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You’re Not Serious!

man handing over keys to new owner after signing contract

When starting a new business with a potential business partner, it’s important to take the time to complete these steps before hiring a real estate agent in Ottawa so that you have the best chance for your company to prosper. realtor showing two people a commercial property

I can determine if you’re serious in seven questions or fewer. You may think you are serious, but there are a few critical steps that if you have not taken the time to complete – give you away. To what am I referring? I’m talking about the process of starting a business – the crucial ducks that need to be lined up before you spend time looking for a home for your new company in the Ottawa area.

Getting a new business off the ground is exciting, and as enthusiastic as you may be it’s imperative to take the time to lay a great foundation for success. For some, planning is tedious. For others, planning is exciting because it reveals facts, figures, and strategies that may not have been apparent from inception.

In my opinion spending time visiting properties and shopping the Ottawa real estate market is a big waste if you don’t have a clear vision and a thorough plan. Property hunting should be the very last step in getting your venture off the ground. In my time as a real estate agent I have witnessed several people fail, often at great cost in pursuit of their ideas – due in no small part primarily to a lack of preparedness. Unfortunate, but likely avoidable.

7 Questions To Ensure A Happy Business Partnership

people developing a business planHere are 7 questions that I ask to quickly determine which stage of the planning process you are at and how serious about your own success you are. To some, these questions may seem trivial, but you’d be surprised how significant and profound an impact positive answers to these queries can be. Before you start running around town and spending your valuable time on property hunting, make sure you can answer the following questions with a resounding ‘YES.’

1) Did you register your business (sole proprietor, partnership, limited liability partnership, or corporation)?

2) Have you prepared and signed a legal partnership agreement, if applicable?

3) Did you open a business bank account and has each partner paid into the account as agreed upon?

4) Have you completed a detailed estimate of start-up and ongoing costs (equipment, interior design/construction, signage, marketing, workers, daily office expenses, etc…)?

5) Have you written a comprehensive business plan that includes development, marketing, and customer acquisition strategies?

6) Do you have approved funding?

7) What is your monthly budget for your real estate costs?

Setting Up for a Successful Partnership business partners shaking hands

What may seem Mickey Mouse will actually help determine if all the partners involved are on the same page. If you and your partner can’t agree on a business plan, perhaps entering into a business venture with that person may not be the best idea. It’s important to take the time to complete these tasks so that you have the best chance to prosper. Putting in this work will help you move things along much faster and it can also help protect your relationships, whether it be friends or family.