Many business owners go through a stage when they wonder if they should find a business partner. After, the struggles of starting a business can be a daunting journey to undertake alone. For some, it’s the right decision. For others, it may not be. Here’s how to decide whether the choice is right for you.
Do you possess the necessary skills to run this business alone? In the beginning, you’ll likely be the sole caretaker of all things related to operations, sales, marketing and finance. If you don’t have confidence in your bookkeeping skills, for example, finding someone to run the financial side of things can be just what you need. Here someone part-time to handle your Quickbooks entries or see if your accountant can take over the role. A well-rounded leader is a strong leader, but he or she most likely cannot do everything well.
Your business partner should have strengths where you might be weak, and vice versa. You’ll be able to complement each other’s personality characteristics that way, and you’ll be less likely to disagree. If both of you have type-A personalities, for example, the partnership can lead to some headstrong squabbles. A clash in personality is an issue that has caused many entrepreneurial teams to go separate ways. A strong team requires each person to play his or her part, and it’s much easier when each person’s role is clear.
Perhaps the most important question is whether or not a business partner has the same passion as you do for the business. If it’s solely a way for him or her to make some cash, that individual is not the right person to share your business. If you do choose a business partner, that person must be just as passionate and excited as you are for the future of the company.
Do you have the money for two leaders? Furthermore, will you both be paid the same amount? Salary can be a big cause of tension between two business leaders who are running the same company together. Decide before you embark on this partnership who will get paid what. On that note, figure out titles, too. Are you co-owners? Is one a CEO and one a CFO? These may just seem like words, but they have big implications in the business world. Settle these issues before putting pen to paper.
Finding a business paper can be the decision that saves the business. Or, it can be a huge source of headache and frustration. Make sure you know what you’re getting into. If you need further guidance, visit our website at www.biz2credit.com to consult with one of our experts.