Do You Really Need A Business Partner
When I was planning to start my E-commerce business back in 2020, I decided to bring in a business partner to start up the company with me. When starting the business with a partner, I learned that partnering tends to create more stress and more challenging decision-making than if you were flying solo at the beginning.
When you decide whether you need a business partner, there are many questions that you need to ask yourself first. We will go through them in this article, and I will share my personal opinion and experience along the way.
Why Do You Need a Business Partner?
It's always the first question you want to ask yourself when starting a business, what are the main reason you need a business partner. Many businesses fail in the first 2 years of starting the company because they have a business partner with the wrong reason. I know many people have a business partner because of fear of doing things themselves and not confident of making the decision afraid of making mistakes. (I’m also one of them )
"To some extent, being an entrepreneur is a lonely journey" - Chad Hurley
Lack of Expertise and Knowledge
If you want to have a business partner because you lack certain expertise or knowledge, you shouldn’t get a business partner. What you should do is to hire a part-timer or consult with someone with the knowledge.
In some parts, your business partner might not have the same knowledge as you at certain expertise which both of you might have a conflict on making the decision together, which bring us into the next topic.
Business Disagreement
When starting a business, many decisions have to be made. When both partners have different stand and knowledge, it might cause problems in the long run for the company. It might lead to days or even weeks of arguing for a decision. All the arguments and disagreements can consume time and stress into the business.
Profit-Sharing
When the partners you found bring value to the business, I'm sure you are willing and happy to share the profits with them. But when it comes to a situation that your partner is not contributing enough to the business, it will bring in many conflicts between you and profit-sharing.
What Your Business Partner Can Do?
When choosing a business partner, one of the main reasons you should consider is what your business partner can bring to the table. Bringing in a business partner with high experience and knowledge might create a lot of conflict and argument if things can't be made with a wise and proper decision.
Financial
If the main reason you bring in a business partner is that your business lacks capital, you should think twice before doing it. If your situation is lack of cash to startup, I would advise you to look for an investor instead of a business partner. A business partner is someone who significant role in owning, managing and growing a company. An Investor is a person that provides you capital to your business and expects a good return on investment in the future.
Conclusion and Advice
There are always pros and cons when bringing a business partner to your business. Choosing the right partner can speed up the growing phase for your business. On the other hand, selecting an unsuitable business partner might be one of the reasons that your business is failing.
Always make sure to bring in someone with the same passion for starting a business as you.
