Having a business partner can be similar to being married to a significant other — you share finances, you need to trust one another completely and you invest your time and energy into growing something beautiful together.
That said, given the commitment required, it’s understandable that some entrepreneurs choose to go solo. Still, others might take comfort in having a partner-in-crime to share these experiences with, as well as shoulder some of the burdens of owning and operating a new business.
At Incfile, we understand that this business partner decision can be quite the dilemma. On May 30, 2018, we asked our Twitter followers whether or not they have a business partner.
As you can see from the results, it was pretty even: 45 percent of respondents reported that they do have a business partner, while 55 percent said they do not. No one reported having multiple business partners, or wanting a partner but not having one currently.
After voting, we encouraged our followers to leave their feedback about the benefits and drawbacks of having a partner, and we received some great responses.
Here is a snapshot of one:
Do you feel the same way? At the end of the day, business partners are not for everyone or every business. Before bringing someone else on, dig deep and evaluate the potential value (or burden) that a partner may bring to your business and your success. Make a pro and con list of each alternative. Sleep on it, and seek advice from others. This isn’t a decision you want to make in haste — a great business partnership can last a lifetime, but a bad one can cost you your business.
Interested in learning more about business partnerships? Skim our articles below:
- Starting a Business With a Partner: What You Need to Know About Business Partnership Agreements
- Know Before You Start: Implications of Starting a Business with Your Spouse or Partner
- The 7 Stages of Small Business Success: Are You a Solopreneur, Partnership or More?
- Limited Liability Company (LLC) vs. Limited Liability Partnership (LLP)