Choosing whether or not you need a business partner is one of the top decisions you’ll make as an entrepreneur: A good partner can amplify both of your strengths, while a poor fit may scuttle your business entirely. This will help you assess if partnering up is the right choice for you.
Why People Form Partnerships
There are several reasons people seek out a business partner. One is time: Ideally, a partner can share the workload, giving you more time to focus on other tasks or simply recharge.
Another factor is decision-making. Someone with different experiences than your own can be an invaluable sounding board when it comes time to make decisions.
Some people go after a partner with skills that complement their own. For instance, a brilliant designer may seek out a marketing maven to get their ideas out in front of the public.
Why People Avoid Partnerships
Though partnerships can have many upsides, some factors lead people to decide to go forth alone. Paradoxically, partnered decision-making can be both a pro, as discussed above, and a con: Partnered decisions typically will take longer to make, and each partner will be giving up some autonomy.
Partnerships will typically involve a profit-splitting arrangement. This may be a deterrent for entrepreneurs looking to maximize personal profit. Even if giving up a certain amount of money isn’t a concern, deciding who gets how much money can become fraught, especially if personality clashes come into play.
There are some notes of caution to heed before entering a partnership, namely that you’ll be giving up some control and some money. But if someone comes along who is a fit in terms of skill, temperament, and personal accountability, partnering with them may be the way to go.
Whether or not you have a business partner, a financial partner can be a huge help. To learn more about what a financing company can do for you, contact Array Financial.