5 Reasons You Should Have a Business Partner

As in life, business is easier (and more fun) when you are doing it with someone else. Success in business is a team effort, not flying solo. Finding a business partner could be just the thing you need to boost your success.

Here are 5 reasons why:

1. Make yourself take action. Having two of you will force you both to take action and provide accountability for getting things done. Having to explain to someone with a vested interest just why you haven’t done the things you said you would can be just the impetus needed to get you motivated.

2. Fill your skills gap & be good at everything. If you are like 90% of ideas people, you need to be forced to take action. If you are great at execution, you may not have a focused idea to work on. Find a business partner who has complementary skills to yours and you fill in the skills gap that each of you has alone. There are lots of examples of these sorts of successful partnerships such Paul Allen & Bill Gates at Microsoft.

3. Create synergy. Two brains are better than one. You will have better ideas, create better products and execute better with two of you working on the business. You will create a bigger pie than is possible by yourself.

4. Expand your networks. Putting your networks together will give you far more reach and contacts than you can access alone.

5. It’s more fun. It’s more enjoyable and rewarding working with others. And we need to make it as enjoyable as we can to boost our persistence.

But, I don’t want to find a business partner, I hear you say…

Two of the most common objections to having a business partner are:
a. What if we don’t get along?
b. I don’t want to give any equity away.
If you really don’t want to take on a partner, then you shouldn’t. But realize that it will limit the growth your business can achieve.

If you are open to thinking about it, I would like to offer a few pointers:
• Make sure you can work together before you formalize your business relationship. When you first have an idea is not the time to offer 50% of the company to someone else.
• Start working together to evaluate the idea, but don’t create a legal agreement or other structure until you know you have value in the business and are clear on what each person is bringing to the table. Then make sure to create an agreement which is fair to all parties and which covers all eventualities you can think of.

If you can’t trust the person you are working with to go through this process with you, then you are working with the wrong partner.

In terms of giving up equity, consider that it’s better to have a partial share of a real business that is growing and delivering value to customers, than 100% of an idea going nowhere.

There are lots of horror stories, but all start-ups that have made it big, have a team – you can’t get funding without one and you can’t grow beyond a certain size as a solo effort. So think hard about whether you need to find a business partner to move your idea forward.

Final thoughts:
• What are you lacking to move your business forward? Skills, Ideas? Contacts?
• Would having a partner fill some of those gaps? What skills and qualities would they need to have to be complementary to you?
• Who do you know who might be your perfect match in business?
• What would your strategy be for getting her or him on board? How will you do your due diligence to make sure it is a positive relationship for both of you?

Combining Vision and Innovation to Create the Future

Serious about growth? Check out the complimentary assessment: http://www.ignition-pathway2growth.com/

© Rich Kohler 2014. All rights reserved. For copies, please contact Rich at rich@rich-kohler.com.

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