Are you considering going into business with a partner? During the emotional high of talking about a business it is easy to jump into a partnership without assessing if the partnership you agreed to will work. Some people do not work well with partners and prefer to be solo. Some people need the added support of a partner to keep motivated and no the right track. Some decide a best friend would make the best partner only to find in the end they have lost their friend and their partner. So what are the benefits and determents of a partnership?
Pros:
Support and motivation when times get tough
Shared start up costs
Shared responsibilities
Choosing the right partner can allow you to work where your talents lie and your partner to do the same taking the burden off of both of you.
More perspectives and experiences to draw from
Shared risks and expenses
Shared job responsibilities may be mean more time for each of you.
Ability to have a larger networking and contact pool
Cons:
Shared profit (however, it is possible to have more profits with a partner due to all the “pros”)
If your partner leaves or decides to quit you are left picking up the pieces and responsible for all debts not your half, depending on your type of partnership.
Lack of complete control over the direction of your business
One partner may not put in the time or the level of work required to make a business work.
Partners do not always agree and many times compromises and concessions are made. This can lead to hard feelings especially among friends.
Are you the partner type?
Do you enjoy making decisions on your own?
Do you mind compromising or making concessions?
Will you tolerate a partner who needs to take time off due to family, other plans, or is just difficult to communicate with?
Are you willing to trust another person with your business vision and your profits?
Partners who share our vision, have complementary skills, similar work habits, and share our ethics make the best partners. If you decide to go into a partnership go into it with open eyes.