Taking on a Business Partner

There are pros and cons to having a business partner for your creative business. I’m sure we’ve all heard a story or two about partnerships that didn’t work out, and it may make you feel a little anxious about taking on a partner, but let’s look at some of the reasons you might want to consider it, especially if you are just starting out.

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Starting up a new business is a lot of work and it can be very stressful. Having a partner to share the workload and the stress that comes with a business can be a big key in whether your business succeeds or not. In fact, in a recent post on entrepreneur.com it was pointed out that the number one reason for a business to fail is that it was started with only one person.

Here are some other reasons to think about having a partner:

Time management – So what do you do when business gets REALLY good? What if it gets REALLY good before you are ready for it? Having a business partner who can help shoulder some of the burden when things get super hectic can be a real sanity saver. “Divide and conquer” can be your motto. Take the list of work that needs to be done, divvy it up and then get to work.

Finances – Some start ups just need more financial support in the beginning. If you don’t quite have the funds you need to get your venture off the ground having a business partner may be just the ticket to getting your business going.

Illness – if you become ill and need to be down for a time while you recover there is still someone in the shop answering emails and phone calls. Someone who can do the shipping and field questions about your products. If it’s just you and you are out of commission for a while you may be losing income at a time when you need it most.

Accountability – If you are the kind of person who gets overwhelmed or is not very good at meeting deadlines having a business partner to answer to might be just what you need. Of course, this all needs to be done in an equal and respectful manner but sometimes just knowing that you need to hold up your end of the business can be the motivation you need when you’d rather take the day off.

A different skill set – If you are good at X, Y and Z and your potential business partner is good at A, B and C then your business is already at an advantage for having the extra skill set available. Having a business partner who is a lot like you may be more comfortable but a partner who compliments you and your skills might be best for your business in the long run.

Of course there are also some sticky situations you can get into when taking on a business partner but it is something you may want to consider if you’ve never thought about it before. And remember, a business partner can be a spouse, family member, friend or total stranger. If you’ve not been able to launch your creative business maybe a business partner is what you need to get the ball rolling.

Have you been in business with a partner before? How do you think it helped your business?

By: Vicki O’Dell , The Creative Goddess