If you have ever started a business, you know how much work there is to it. Going from an idea in your head to an actual business structure that brings in money takes a lot of work and determination. For one person, it can be very overwhelming at times.
A solution to this can mean finding yourself a business partner. The idea of a business partner is extremely appealing. Someone to share all the work with? Sounds great! Plus, business partners can be there for each other on the emotional side of things. It’s just plain nice to have someone in the wild world of business with you.
Let’s talk about the pros and cons of a business partner, and if it’s something you should consider for your own business.
Pros of having a Business Partner
There are many, many pros to having a business partner. We’ve listed them out to make them easier to digest.
-Double your work output
-Someone to bounce ideas off of
-Share the emotional journey together
-Find someone who has different skills to complement yours, and thereby be able to cover more ground
-Potentially more start-up capital, as you can both put funds into the business
Cons of having a Business Partner
Of course, not everything is sunshine and roses with a business partner so here are a few reasons why you might not want a partner
-Split of profits from the business in half
-Potential for disagreements and arguments
-Need for stricter legal contracts and documents for business structure
-Possibility of things not working out and ruining a relationship with the partner
So do you need a Business Partner?
This is the question it all boils down to in the end; does your business need a partner?
A partner can be an incredible boost, especially to businesses that are self-funded.
If you’re starting a business to fix a large-scale societal problem, or to fill a hole in the market, a business partner is a great idea. For such businesses, they tend to be less personal, require more work, and a business partner can be a crucial asset.
On the other hand, If you’re starting a business because you want to turn a passion into something that makes money, you might not need a partner. Businesses like these tend to be smaller, stem from a personal interest, and come with workloads that can be carried out by one person.
Before you start any business, it’s vital to write a business plan. This helps you understand what you’re trying to achieve as a business, predetermines where your revenue will come from, and how you want to move forward or expand as a business. Once you have the business plan in place, it will usually become clear if having a business partner is something you’ll benefit from or not.
At africanbusinesspartners.com, we are all for having a partner who you can share the ups and downs of running your business with. Find yourself a partner on africanbusinesspartners.com if you need a partner and haven’t already done so, and enjoy the adventure of bringing an idea into fruition together.
