Day 13: To JV or Not To JV

Hey guys,

While finishing off my last week of studies, assignments,  work projects and of course, working on this blog, it occures to me that my latest side-project, Codename:Whistler(for lack of a more obscure word), will need better accounting attention than I afford to my current business. Suffice to say, “Me no like accounting”. Don’t get me wrong, it interests me and I certainly see the value in it, I’m just more prepared to put time into product development and marketing than tax returns and the like.

Hence, I’ve begun to reach out. As of today, I put my feelers out to a handful of associates I know, who have done very well in the 5-7 years they  have been involved in the finance sector. My intention is to test out the waters of a possible JV(Joint Venture) or silent partner agreement that will ultimately free me of the book-keeping and business finance matters  I’m not particularly strong at nor enjoy all that much to be honest. The obvious advantage of a financial advisor in my back pocket is piece of mind(which is almost priceless) and the fact that it will also pay off should a future opportunity present itself. The trade off  for a business relationship of this sort is always going to be a share of the pie when profits are paid out.

It’s funny how when I reflect on my first year of business(the anniversary of which was this July, Ha!), I had this mentality of “Do it all, Do it all!” or “Save the cash by putting in your time”. I held onto that frame of mind for a good 7 months before I clued up(slightly) and offloaded it to an accountant who took care of all my monthly  returns and end-of-year paperwork. The time spent figuring everything out was so valuable, especially the times I made mistakes and ended up fattening the tax departments late-filing-penalties jar. What I should’ve done instead, was just spend the first four months doing everything myself to learn the ropes and appreciate the process before seeking to outsource. The things we learn huh!

That’s why I am so much more comfortable now to exchange one or two slices of this pie in order to make sure that it’s twice, three times or even ten times bigger than the last pie.

“Work on your business, not in it.”

So with that in mind, I can focus once again on getting the project finished. I feel better already.