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