Have you
ever considered having a partner instead of going it alone? There are times
when this thought can be very tempting to those of us that have had our share
of long hours, endless nights and booked up weekends but does it ever really
work out? We’ve all heard the horror stories of two friends that decided to go
into business together. Not only does it always end with one (or both) of the
partners leaving the business but as often as not the friendship is over as
well.
So does
this mean that partnerships are always a bad idea? No, but planning a business
partnership with an associate or a friend takes a lot of consideration and a
lot of planning. It is similar to a marriage and if you know the divorce rate
in our country than you just might be getting an idea of just how difficult a
successful business partnership can really be.
There are
advantages and disadvantages to any union between two people and it is
important to be aware of both before making a decision. The first thing you
must ask yourself is “Am I a
good business partner?” When considering such propositions we are always
thinking about our potential partner and what they might bring to the table but
first you need to take a look at yourself. Could you “deal with yourself” if
you were someone else? Are you open to suggestions and willing to try something
new even if it is not “your way”? If the answer is no than there’s no need to
consider a partnership with anyone else. If you couldn’t deal with you,
chances are that no one else can either.
If you
have decided that you are a good partner than it’s time to take a close look at
your prospective other half. The bottom line is can you deal with them? Are
they open to suggestions and willing to see things your way even if they
disagree? If both partners are not equally pliable than it is almost certain
that the business is doomed.
There are
many advantages to a partnership but only if the right two people are involved
from the very start. If you are able to find your “better half” than you can
look forward to sharing the start up costs of the business with someone else as
well as the recurring expenses of running the business. Your financial risk is
cut in half when you have a partner and you will have someone to depend on when
you are not always available for clients or other important duties. You should
expect support and motivation from your partner when you need it the most and
if you’ve chosen well your abilities will complement each others in a way that
will make both of you better at what you do.
One thing
that most people never consider is being prepared for success. That’s right, prepared
for success. What does this mean? Well, people change when they finally
achieve the level of success that they have always hoped for. You’ve heard the
story before; two friends decide to make a go of it in business and after years
of hard work and dedication they finally make it big. Partner A is diligently
working in the business to ensure that it keeps going strong but partner B has
decided that it’s time to enjoy the fruits of his/her labor. “B” is out on his
new boat almost all of the time now and “A” is the one keeping it all together.
This is a very common story, it happens all the time. Making it to the top
is only half the story, staying there is equally as challenging and if one
person is doing all of the work than it’s no longer a partnership, is it?
I’m not
saying that partnerships never work but it all starts t the very beginning.
Choosing the right partner will determine your future for many years to come.
Be wise, be diligent and above all else, be sure that you are not the
bad partner in the end.
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