When most people hear the word “partner” what comes to mind is having to share the authority in their business and sharing the losses as well. That’s not an entirely healthy way to look at it. Yes, a partnership does have its downsides, but it also has certain advantages that should be put into consideration.
What’s more? Not only does it have advantages, it is also sometimes necessary. If you fall into any of the categories listed below, a partnership might just be what you need to push that business further. Please note that I am not telling you what you should or should not do, this article is simple a guide to help you decide whether a business partner is that one missing ingredient you need to help you move forward.
- Business Partner # If you don’t have enough money, Yes.
Without capital, a business idea remains just that- a business idea. If you do not have the capital required to start or keep a business moving, a partnership might be what you need. The qualities you would be looking out for in the potential partner here would be basically one that has enough money to get the business started and keep it moving. For example if you wanted to start a restaurant, you would need not just rent money, but also enough money to keep making the dishes that would get the customers rolling in.
- Business Partner # If you don’t know enough about the said business, Yes.
Let’s use the restaurant scenario as another example here. If you wanted to open a restaurant that would feature more than just the local conventional dishes on the menu, a business partner who has expertise in making such dishes would be highly recommended. And this goes beyond restaurant type of businesses. If the kind of business you want to run would involve services or products that you do not expertly know how to make or give, consider incorporating a business partner that is skilled in that part that you are not. One of the most important business partner job description is that the person should know the things you don’t.
- Business Partner # If you don’t have the time to commit, Yes.
Entrepreneurship is one of the most time consuming type of investment. A business is a living entity, and most times it cannot be automated in a way that it can still run with or without your presence. If time is the only thing that is keeping you from bringing your business idea to life, then bring in a business partner that has that time you lack. This way it becomes a win-win. You don’t have to quit the other commitment that has you tied down to run this new business. And in the other hand the said business partner gets to run a business too.
Saying things like ” i need a business partner ” is not weakness. If from all indications you need a business partner to get your idea moving then by all means get one. And get the right one.
