A private establishment is often owned and managed by a sole proprietorship i.e man business. While public establishments on the other hand are government or publicly owned, Entrepreneur report.
Public-private partnership (PPP) is the coming together of a privately owned business and a publicly owned business to become one based on the proposed agreement between them.
The coming together of government agencies and private sector companies can give birth to great production and achievement.
Usually, a public-private partnership can only be possible if it on a long-term business. Many business owners are seeking help on how to partner with the government for more effectiveness in their business ventures.
Here is a practical guide on how to partner with the government:
1. You must identify the type of partnership you desire
According to the Companies And Allied Act (CAMA), there are three major types of government partnership one can choose from; we have general partnership, limited partnership, and lastly limited-liability partnership.
It all depends on you what and why you want to partner with the government agency. It can be for lease purposes, service management, financing, and many others. If we look at this scenario, for example, l want to start a school business but l don’t have land or a space to use. As we all know government owns the land. I can lease a plot of land From the government under some mutual benefits, but the cost of building and other necessary things will be undertaken by me including the risk involved.
In another case, you might have land but you don’t have the finance to enhance the business after choosing the type of partnership you so desire, the government agency will be the one to finance the project based on an agreement between the two parties.
2. Learn about the partnership
It is one thing to choose the type of partnership and on the other hand, you must take the pain of understanding the principles governing such a partnership. You don’t just jump into it without full knowledge of what you are about to do. You need to know the terms and condition that applies, the risk involved, and the benefits.
You have to be well informed on how to go about the procedures and also identify notable interest as regard your business. The fact remains that you want to benefit as a private investor and the government too wants to benefit. I.e mutual benefits are the goal of any private-public partnership.
3. Play your role
This is where you have to play your part. Before one can partner with the government you need to write a business proposal stating every necessary and useful information about your business. When writing your business proposal it has to be very lucrative and convincing as regards the service or product you want to sell. Nobody is willing to invest in a business that will not yield profit.
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4. Understanding government policy
There are a lot of government policies that must be followed. Just like l said earlier you need to be well informed about all terms and conditions before you sign into any form of agreement. You must adhere strictly to government policy guiding your business for it to flourish well.
In conclusion, Public-private partnership has turned so many businessmen and women into millionaires today. All you need is to have a very lucrative business idea, have capital at hand, write your proposal, and then you can send your application to any government agency related to your business.
