Should you have a Business Partner?

Thursday, December 1, 2016 17:04
Ben and Jerry Business Partners

Business Partners – Ben and Jerry

Running a business is a lot easier when you have a business partner to share the highs and lows, as well as all the work.

You may of course have all the skills needed for your business, but have you the time? Or are there some areas that you love doing and excel at, but would rather have someone who is an expert doing those areas you don’t enjoy?

 

Then you need a business partner.

Hang on, why not just hire someone, surely that’s faster and there is less commitment? Well yes, in many established businesses taking on an employee is the right thing to do, but if you are starting out or a small business, then having a Business Partner that can share the burdens, rather than just an employee that needs paying every month is the way to go.

Business Partner advantages:

  • Fully motivated
  • Someone to bounce ideas off
  • May bring additional funding into the business
  • Their payment can be linked to the business profitability
  • Can shoulder issues and share the responsibilities
  • Will bring skill-sets that you may not have
  • More will get done – having a Business Partner will more than double your efforts as each drives and encourages the other forward

When taking on a Business Partner it’s best to put together a Business Partner agreement (see Business Partner Agreements ).

Running a business by yourself is tough, almost all successful businesses had 2 or more Business Partners, even if one of them took on the role of media frontman.

 

 

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