By Evan Vitale
Whether you’re starting a new business or you’re seeking business growth, one idea to help you launch or reach your goals is the idea of bringing on a business partner.
A business partner can be both good news and bad news. Let’s look at both possibilities.
Having a business partner could mean he/she brings a lot of assets to your company, especially in the area of increasing your business profits and the overall success of your company.
When you’re considering a business partner, the key is to make sure you find someone who shares your business passion, vision and excitement. Remember, if you select a partner, you will be spending a great deal of time together, so it’s important that you’re on the same page.
Business owners bring on a partner because the individual is going to bring something complementary to the company: different skills that you don’t possess, such as marketing, sales, financing, etc. In addition, a new partner might be bringing their existing client base with them, which would immediately help increase business and revenues.
However, there are some reasons why a partner may not make sense.
You’re not the sole decision maker. With a partner, you’ll need to discuss specific matters before you move forward. What happens if you disagree with a new partner? What steps will need to be taken if you suddenly don’t get along? If the partnership is in peril, the business will slowly suffer.
A friend of mine started a new retail business with a partner. Their business grew every month and expanded into new markets. Within a year, they started a complimentary wholesale company and sold products to their competitors. One ran the retail business, while the other ran the wholesale business. They met daily for lunch to discuss matters. It worked great!
However, we can’t all have perfect business partners, so you need to be selective, careful and evaluate all the positives and negatives that come with bringing a partner into your business.