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Should You Bring on a Business Partner?

Pros

  • Share responsibilities
  • Share expenses
  • Someone to run things so you can take time off

Cons

  • May not agree on how the business should be run
  • May not agree on how the money should be spent
  • Doesn’t get along with employees

A few good reasons for creating a business
partnership?

Being a sole proprietor can mean very long hours and relying on yourself for most important decisions. With the right person as a partner, you not only have someone to bounce ideas off of but you no longer have to think of everything yourself. If you choose a partner that is good at and likes to do the things you don’t, it can make for a much better place to work for everyone and will be obvious to your clients or customers as well.

A few bad reasons for going into a business partnership?

If you form a partnership with the thought that your partner will be there to provide input while you maintain the right to ”the final say”, odds are, it won’t work.

If you form a partnership so your partner can provide funding for the business while you run it, odds are it won’t work.

It may make sense for you to work together prior to forming an actual partnership. Maybe hire the prospective partner to work in your business before agreeing to form a partnership. That way “you can date each other before you marry”.

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