When starting to plan your own business, you have to take into consideration if a partnership would be smart and if it could benefit your business in a way you couldn’t do alone. When I think of business the idea of a business partner is one I do like, having to share the responsibility can make it easier on yourself as an owner, and takes away the half the risk. These reasons are enough for me to consider a business partner, although it has to be the right one.
Business partners only work when they both offer something, or bring something to the table. First things first you never want to have a business partner with a garnished name, partnering with someone that people know for the wrong reasons never looks good for your business. When looking for a partner you should ask yourself some questions to make sure you have found the right one. You have to know everything about the person that your partnering with, family issues, if they are focused on the business, if they have financial trouble. You need to get to know the person in order to make a judgement on if they will cut it or not. Going back to making sure your partner brings something to the table, its honestly true. Whats the point of having a partner who doesn’t offer you anything besides cash. If you know the right people cash is easy to find, you need a partner who is as dedicated and in love with the business as much as you are. You don’t need to be supporting dead weight, if that’s the case you should get a larger loan to start a sole proprietorship, not waste your time with a partnership.
When you find the right partner and they offer something that makes your business unique or stronger than you have something special. If you can work together as a team, then you are on your way to success. However what do you do when a partnership goes south? Going to court is never a good option, do you offer to sell out or do you consider purchasing your partners shares? You should always have an exit plan, maybe save some of your salary for a “what if” account in case you do need to acquire the rest of the company. Or maybe you sell, and have a pay day to start a new venture. Partnerships are a fragile thing, you need to give each other space and respect, and have understanding when it doesn’t go your way. With that being said I do still think partnerships are crucial to being successful in business, and I will be pursuing a partner when I look to get my venture started.