11 Professional Land Surveyors of Oregon | www.plso.org Featured Article 4. Are you considering a partner? The right partner can compensate for your weaknesses and complement your strengths. But is that person right for your startup? Are they equally committed to the business? An imbalance in financial commitment, an unwillingness to work long days, or an inability to defer a financial return can create stress between partners. Is your partner willing to work hard? As hard as you? Keep in mind that adding the title “shareholder” can ruin a relationship. Have you agreed on who will be in charge? Do you and your partner share the same vision for where the business will be in two years? Have you added a partner only because you were short of cash? That can be a big mistake. If you need a partner, find the right person. But if you need money, borrow it, whether from a friend or a bank. Don’t mix up the need for cash with the need for a partner. And don’t give equity to a partner who won’t be working. Better to pay higher interest than give equity solely because you are undercapitalized. 5. How will people find out about you? Will you advertise? The importance of getting the word out about your business is often underestimated, or even ignored. Your business may become an overnight sensation, but don’t count on it. Your customers won’t know about you unless you tell them. There was a time when a business didn’t need an internet presence, but no longer. Whether you’re a food cart operator, you sell electronics, or you are a surveyor, you need a digital presence. Plan on a website and a presence on Twitter, Facebook, Yelp, and LinkedIn, at a minimum. If you can’t manage all of these platforms, find someone who can do it for you. It’s not expensive, and it’s not optional. 6. Is your back office ready? Get your legal and accounting affairs in order before you launch. That continues
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