The Number One Document You Need When Forming a Business Partnership in the Fitness Industry

Have you ever thought of creating, owning, and operating your own fitness based business? Maybe you already own and operate your own fitness business or it’s just not for you yet. Even if you don’t have a business, you may be thinking of new services you can offer. There’s no harm in making a little extra, right?

The words “business” and “entrepreneurship” can seem terrifying. It’s not easy to manage these ventures, they lack stability to some, but many agree the payoff could be high.  Have you ever thought of managing some other services part time? This seems like the easiest bet these days and with so many online resources anyone can get into it and earn money. It’s even easier if you begin working with others to promote your products.

So, what if you decided to partner up on these new projects? You may have this situation cross your path. Someone somewhere will come to you with an idea or will want you on their team and you may be hard-pressed to refuse. The concept seems great; you know the person or feel comfortable about it so what could go wrong, right? This is it; your ship has finally come in.

Not so fast. Before you get into any partnership with anyone you absolutely need to make sure that you have a contract in place and that the terms of said contract agrees with who you are and what you’re capable of offering. I can’t stress this enough; too many people waltz into agreements with others hoping and dreaming, and then get bowled over by some unforeseen issue with their partners.

Take for instance your friend has a brilliant idea and wants you to start doing it. You may decide that you want to put it to good use. If you’re thinking of going into business with that person you need to ensure you have a contract in place. Likewise, your new service will need terms & conditions and a contract for those clients to sign. That’s right; you’ll need 2 sets of contracts for this venture.

Why all these contracts? What’s all this fuss about anyway it’s just a simple thing, right? I can trust their word, its gold. Wrong. The simple service you’re offering could change your life or just make you some extra dollars on the side. You need to have more than just a product description, you’ll need to have rules and regulations, and ensure that your clients, having received the program, agree to your terms and conditions.

The contract is also a great way to avoid liability and other concerns. You may not know this, but ideas are just ideas until you’ve begun putting them into action. So, that great idea you had for a totally cool new fitness device will probably come into existence in a few years under someone else’s name unless you get moving on it.

Here’s something else you need to understand. If your friend or associate offers you a product idea and you begin using and making money from this they may want a slice of the pie. It’s important at this point to think this through and consider consulting an expert if need be. Are they willing to form a partnership? Will they help you market and develop the product? How will you two divide the earnings and share work? Put it in writing and all parties need to sign it. That’s called a binding agreement and that’s important.

Still don’t believe me? Let’s go back to that awesome idea you were given or that just came to you, how do you know someone you’re in partnership with won’t try to pull a fast one later? The contract helps sort out these kinds of issues because they would have agreed to all the information in the document and breaking said agreement could mean bad stuff for them in court.

Keep in mind, the contract isn’t some stuffy or mean way of taking people’s ideas or boxing people into your divine plan, it also helps keep you accountable. Whatever you said you’d do, you’re supposed do it. You’ve made an agreement and you need to abide by the rules in it, so the contract will protect both parties from problems in the future.

Lastly, to drive the point of a contract home, it also protects you from liability issues with clients. Make sure your clients sign the contract for your new service, even if it’s small. Don’t let new services slide by without having a written document with all the necessary information and an area that can be signed for later reference. You must also ensure that if you’re the one constructing the contract and terms of agreement that it’s fair and favorable for all parties. This goes for both business partnerships and services provided.

We’ve discussed a huge part of the business world and it’s really important you keep things in writing and have the related parties sign where necessary. If you’re on the fence about starting your own business or just want to learn how to make more cash on the side, check out our friends at Educational Fitness Solutions. They have an Online Fitness Business Management program with your name on it.

You can find out more about the program here >>