From my past failure experience i would like to share my business sour experience for the new and the established businesses. Never do or deal a business without written and signed paper on hand exhibiting the terms & condition of the business dealing. Never put any body words as trust and legally bonded to the business.
Have everything written on paper as clearly as possible, including failure to deliver and pay for the products or services offered. If you don’t have this simple ingredients, NEVER ever do the business! It will kill you softly. Even if it involves someone you have been dealing for so long with very good tight relationship. In the business world and in business money does not appreciate words of trust.
If you just going to start-up a business, do the business planning carefully and if possible ask for some written agreement (sort of LOI or MOU) with either your supplier or buyer or better still from both parties. After you have those in place, then you can proceed with the business. Don’t try to gamble that everything will be going your way as you wish on the business plan. It only good on paper and will only look so ugly in reality.
So have everything on paper with clear terms & condition and each party roles. Only then you can part your money and do the business well.
woo hooo!! you rock!!!!! keep up the spirits!!!!