Pickleball Business Partnership Strategies (T003)

Tip #003: Figure Out the Finances

successful pickleball business partnerships - tip #003

Pickleball Business Partnership Strategies

Tip #003: Figure Out the Finances

Before going into business together, it's imperative that you have several tough conversations about individual contributions and compensation. Many partnerships fall apart when one becomes resentful and this continues to build over time. Resentment can occur regarding capital vs. sweat equity, debt repayment, an imbalance of working in/on the business, a perceived imbalance of the value of one's contributions and the list goes on...

After the conversation about general roles and responsibilities, it makes sense to identify day-to-day tasks, measurables, milestones and timelines. After you have an idea of what needs to be done and who is going to be the responsible party in each area (Operations/Legal, Human Resources, Business Development/Sales, Marketing, Product Development, Customer Service, Financial Management, etc.), conversations around initial financial contributions and structuring your legal business entity needs to be had.

I've coached many dissatisfied business partners. Sometimes they find themselves saying Yes to being the responsible party for areas they are proficient in but strongly dislike, which ends up draining their energy and enthusiasm over time. And, I've coached business partners who have felt powerless when their partner's personal situation has affected their ability to be present in the business, or worse, quickly drain money from the business once it hits the bank account. There are a lot of "absentee" business partners out there...

It may be considered a red flag if your potential partner takes offense at having these important conversations or placates you with "it'll be fine and we'll deal with that when the time comes." If they're unwilling to communicate about important matters on the front end, how do you think it'll be later when the honeymoon phase is over?

10-Minute Tips Series for Your Pickleball Business. Successful pickleball business partnerships, like other time-tested business partnerships, require trust, communication, collaboration and commitment. Launch or grow a thriving pickleball business that benefits you and also contributes to the growth and success of the pickleball industry as a whole.

By Jennifer Corbin, Your Pickleball Business Coach. Grow your business in the least amount of time, energy, money and stress with an expert business coach. Since 1994, have provided professional coaching, training and speaking services to thousands of professionals, small business owners, entrepreneurs, corporate employees, managers, leaders and C-suite executives. Also co-wrote three university-level textbooks on personal and corporate coaching by a well-known publisher. // After accumulating 3M road warrior air miles, enjoying semi-retirement and playing, discussing and thinking about all things pickleball. // USAP Ambassador | PPR Certified Coach

If you're thinking of starting a pickleball business, or want to grow the one you already have, check out the free, comprehensive 100-point Pickleball Business Start-Up Checklist.