Why You Should Find a Business Partnershipby Regina Thomas Freelance Writer
Running a successful business is easier said than done. Sole business owners often feel so overwhelmed that they end up closing shop. This doesn’t mean that partnerships are immune from failure – however, they stand a better chance of surviving and thriving. However, the idea of running a business alongside someone else is not always welcome.
If you are struggling with bringing a partner onboard your business, consider these reasons when making your decision.
1. Extra Skills, Insight, and Experience
As a smart business owner, your ideal partner should be just as smart as you. This means that your partner will be bringing a fair share amount of contributions to the business. This means more experience, insights, and experience. This will go a long way towards improving your business’s competitive edge.
Lack of these credentials is also a good reason to get a partner. For example, you may be inexperienced and need someone to hold your hand. In fact, many startups often reach out to experienced players in their specific niches seeking some form of partnership as they stand to profit most.
P.S. Prudence dictates that you should look for a business partner with something worthwhile to bring to the table. Don’t let yourself be intimidated by viewing your partner as a competitor – instead, focus on the main goal of making money and growing your business and realize that you stand a better chance of doing so with your partner by your side.
2. More Capital
Funding is one of the biggest challenges for most businesses, both big and small. Research has shown that 27% of businesses have complained about not getting the funding they need. That is according to research by the National Small Business Association (NSBA).
Sole proprietors often have a difficult time securing enough funding by themselves, and most end up digging deep into their personal finances. The situation is not usually as dire for partnerships.
In addition to the credentials covered above, a partner will also be bringing his/her share of the capital and funding necessary to keep the business running. This will ease the financial pressure on you and increase available money to keep the business afloat and eventually expand.
You will still need external funding even without a partner to back you up. As such, make room in your business for strong business funding partners to help you with the hardest part of establishing your business.
P.S. Money is a sensitive issue in a business partnership. Essentially, the amount one partner invests in the business determines his/her share and authority. It is advisable to have an open conversation with your partner about this and come to a reasonable concession.
3. Informed Decisions
Business owners are faced with difficult but necessary decisions every other minute. These are make-or-break decisions that can either derail their businesses or be a stepping stone to success. Making these decisions alone is a big responsibility.
A business partner can help take some of the weight of the responsibility to make decisions off your shoulders. More importantly, your partner will offer a different perspective and perhaps better alternatives to approaching things. This will give you plenty of ideas to work with and ready solutions to pressing problems.
P.S. Open communication is important in any business setting, and especially in a partnership – poor communication is one of the main reasons why most partnerships break up or crash altogether. As such, involve your partner in every important decision. It is also advisable to assign responsibilities clearly so that one partner does not overstep his/her authority/responsibility.
4. Ready Support
Running a business can take its toll on anyone. It takes up a lot of time, and business owners are always thinking about their businesses for the better part of their days. This eats into their personal time and time with family and friends. Running a business can also eat into one’s finances, which is also a sensitive issue.
All this can feel overwhelming, but it is bearable when you have someone to bear part of the burden and offer ready support step every step of the way. Your partner will ideally have your best interests at heart since you are in one boat together.
Everything is always easier when there is someone to help. Don’t take chances with your ingenious business idea – look for a partner who will help make your dream come true!
Created on Aug 20th 2020 13:20. Viewed 93 times.