There are few very successful solo entrepreneurs, even well known star entrepreneurs started with partners and having a Business Partner can bring enormous benefits:
- Combining key skills. One may be a great engineer, the other a talented marketer. Or there could just be parts of the business that need a specialist area of knowledge.
- Bringing in additional sources of funding. Whether it be as equal working partners or simply as a hands-off Investor.
- Sharing the workload. For one person to do everything, design the product / service, market, sell and deliver is tough.
- Sharing the stress. Having a partner to bounce ideas off and talk about issues can be the difference between success and failure in running a business.
- Motivate and encourage. There will be times that having a partner to help you drive the business forward, or to encourage deadlines being met is very helpful.
When taking on a Business Partner it’s best to put together a Business Partner agreement (see Business Partner Agreements ).