Most times when people hear the word ‘partnership’ in relation to how they should run their business what comes to their mind is that – they will not be the sole owners of the business or that they would have to split profit for the rest of their lives.
But that is a wrong notion to stick with. We agree that a partnership deal has it’s disadvantages but it also has advantages that make up for the disadvantages. This article will bring those partnership advantages to light and make you see reasons why it may be a better option for your business.
- Partnership advantages # You don’t have to invest ALL your time
Money alone will not guarantee you a successful business. You need to invest your time as well. You need to build up a business plan and execute it. And to do this requires time. This will be hard if you have a job you need to keep, or if you are simply busy with some other project or endeavor. So what do you do? You get yourself a partner who has the time to dedicate to the execution of the business. This way, you still get to own a business even if you are not on the site full-time. It’s kind of like eating your cake and having it. It is indeed one of the advantages of partnership over sole-proprietorship.
- Partnership advantages # Shared Fundraising
Sometimes the perfect opportunities come when you are not fully prepared, but that does not mean the better thing to do would be to ignore these opportunities. If you have found the perfect idea or the perfect location or the perfect anything to finally execute this business idea you have been thinking about but then the set back you are facing is that you do not have enough money to pull it off, you should consider partnering with someone else who has the money. If you both pool in your individual resources it would make it a lot easier to run the business. This accounts for one the major advantages of partnership.
- Partnership advantages # Shared Loss
Running a business is no joke, when you invest in an idea you risk losing everything you invested if anything goes wrong. But because one of the most important and distinct features or characteristics of a partnership if pooling resources together, it will also imply that the losses incurred will be shared. So if you partner up to start and run the business you will not have to bear all the risk or shoulder all the losses.
- Partnership advantages # Shared Workload
Of course a partnership cannot succeed without the both partners putting all hands on deck. Having a partner reduces your workload significantly. Without a partner you would have to carry out all the leg work yourself. When multiple issues like meeting with a client or marketing the business all arise at the same time, you would have to figure out a way to attend to both issues yourself. Running a business with a partner makes times like that a lot easier. It affords you the opportunity to divide the labour for more effective and fast results.
- Partnership advantages # The Beauty of bringing different Perspectives to the mix
No one person has all the right answers to every problem. Running a business is problematic. You will have to cross hurdles and make decisions in fields that you hitherto knew nothing about. The beauty of running a partner is that you don’t have to worry about getting it right every time. If you have the right competent partner, he or she would will step in at those times when you are at a loss as to what step to take. Partners are supposed to know those nitty gritties that you don’t, they are supposed to complement whatever knowledge you have. Also when you are stuck in a hard place, a partner can bring in a perspective that you did not see and thus help solve the problem at hand.
