Is it worth starting a business with a partner?

Are you in the process of starting a new business and thinking about taking a partner on board??

Obviously, there are pros and cons, otherwise, this wouldn’t be a? question that is asked so many times.?

The other day, I had this topic with my husband and we agreed, that if we would be in the same situation 6 years ago, with the knowledge of today, each of us would start our own business first, before partnering up.?

Let's start with the pros before we discuss the counterpart.?

Combining the strength of having two people focusing on the goals of the business is better than one. Each of you does play to their strength, and you share the responsibilities, the investments, and the workload.?

On top, in an ideal world, is working in a team more fun than being the lonely wolf fighting the way to the top??

Talking about the benefits, there are additionally different types of partnerships you can choose. It doesn’t have to be the 50/50 shares from the company.?

In order to make up your mind about: “Is it worth starting a business with a partner?”?

Ask yourself:?

1. What are your strengths??
2. What are your values??
3. What expectations do you have to justify a partner to start your business??
4. What is the risk of starting a business with a partner? Picture the worst-case scenarios and clarify how you can protect yourself and the business.?
5. Can you replace the skills of your partner with digital tools or with subcontractors? It might be less risky and cheaper.?
6. What does your partner have to bring to the table to make a partnership worth it for you??
7. What different possibilities do you have to start your own business with partners? Sharing the company 50/50 isn’t the only option.?

The truth is a business partnership is very similar to a marriage. How strong the relationship really is we be shown in moments of great success and when sh*t hits the fan!??

#corevalues like Loyalty, Commitment, and Responsibility are non-negotiable.?

People are changing based on their experiences. Like in a marriage, you can live together but each of you develops in totally different ways. Or one of you is growing and the other is staying in the comfort zone. This isn’t predictable.??

Even if you are very reflected and you know and you live your values, you can’t trust, that your partner is at the same level.?

Thompson Ferrier asks this one question to people who want to start a business:

“Are you prepared to trade your life, your soul, your spirit with the business?”?

Starting a business is stepping into a world where having a crisis...

...is the new normal. This isn’t for everyone.??

A lot of couples are struggling at the moment when they have a child. The world turns upside down. Life is turning into an emotional roller coaster,?

Only relationships that are highly committed, loyal, and follow the decision to stick together no matter what will make it.?

It’s about trading your life, your soul, and your spirit for this big goal without losing yourself and your values.?

We don’t have to sugarcoat it, it’s NOT easy. Not if you do it alone, and not if you do it together.?

If you chose to start your own business with a partner, be prepared for the moment you are suddenly alone with the responsibilities and holding the promises both of you made to your clients and employees.?

Even though we experienced really tough situations with partners and fight not only once to survive, we are still open to partnerships. It makes it more fun to work in a team. To celebrate together.??

The only thing that we changed is that we are emotionally and in terms of the organization better prepared for last-minute changes of partners.??

We don’t trust in promises anymore. We keep full control and observe the actions. These are the fundamentals for our decisions.?

Thankfully, there are many ways to build partnerships and we found multiple ways that work for every business.

Partnering up with clients is one way, we are sharing in our Mastering Business Referrals.

#partnerships #businesspartner #startingabusiness #startups #selfemployed #legacybuilderslife

Jennifer Pickhan

Co-Founder & Senior Managing Partner of LegacyBuilders Global

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