As you’ve been thinking and planning a business, you may have heard that business partners are a bad idea. You fall out of love with each other or one of you falls out of love with the idea before it’s even launched. Worse, your partner checks out after the business is up and running, but not yet sustainable, leaving you to fend for yourself.
These scenarios are all too common and unfortunately, they bring many businesses to their knees, leaving a bad taste for self-employment with many people people or their spouses. It’s hard to come back from that.
I’ve partnered with other folks on many projects over the years and have had good success. I’ve worked on teams and know who will follow through, who won’t, and what to look for in a partner, and now I’m partnering. Here are a few tips for partnering on a business.
Have more than just business in common.
What do you talk about outside of business? Do you do anything outside of business? Your business partner doesn’t need to be your best friend, but you need to have a lot more in common than a project.
Wake your partner up at night.
Your business partner needs to be the kind of person you can call at 3 am when your car breaks down 50 miles from home. Will that person be mad? Will they even answer the phone?
Your partner needs to work hard.
There needs to be verifiable successes in your partner’s past. This shouldn’t be the first business they’re launched. Both of my partners have a long track record of past businesses and current ideas that have blown away most people’s expectations. They’re go-getters. One of them has become a retail powerhouse without ever opening a retail store.
This should go without saying, but if you’re not having fun, you don’t have a business. You have a job. You need to have fun while you’re at work and that goes for the projects you’re working on and the people you’re working with.
If you do the partnership thing right you’ll have fun, make a lot of money while helping many people, and build something that will last a long time. Don’t overlook working with partners simply because you heard of someone’s bad experience with one. Find the right people to work with and change the world.
What tips for partnering can you add?
Blog to grow your business
At Need a Topic you’ll get topics, tips, & techniques each week to help you stand out from the crowd and make money from your blog. I cover writing, audio, and video to help you become profitable. Try the 7 day free trial and get a free t-shirt.