Partnership - Is it the right move for your business?

You may feel that because you have the idea for a good business then you can carry it on your shoulders all alone - this may not be the case and it might be time to think about bringing in a business partner to help you carry the load.

Starting up a business can really stretch you too thin and before long you’ll be run ragged.  Don’t let your business suffer - instead bring someone else on board…would you rather share success or suffer failure alone?

However, before you make the leap and get involved with a business partner, there are a few things that you should keep in mind to make sure you don’t make the wrong decision;

The Right Choice?

Not everyone is suited to be a business partner.  Some people can’t stand not being in control and even the thought of losing complete control of their business can be too much to even consider.

If money is your only reason for contemplating bringing in a business partner then perhaps you should look for another avenue as you might regret giving over a piece of your business and decision-making power.

Deciding Isn’t Easy

You should decide to partner with someone not because you feel sorry for them or you feel pressured into going into business with them.  Instead you should decide to partner with someone that you feel would be able to help your business grow and earn you both a lot of money!

Don’t Panic

You should never rush into a business relationship with a partner as you can find that you made the wrong decision because you didn’t weight up your options or explore other avenues.  Take your time and choose wisely - it will be one of the biggest decisions of your business life.

Equality

Don’t just split the profit 50/50 - everything should be split equally.  If it isn’t then you will find that you could be doing all the work for nothing - there will be nothing that will destroy the partnership faster.

Split the investment, workload and profits equally - if the partner you are taking on isn’t going to be able to be in a position to share in this way then they aren’t right for your business!

Legality

Visit a solicitor and make sure that the partnership is completely legal and everyone involved is legally secure.  A solicitor will be able to help you and your partner make sure roles in the business are clearly defined, how the business will be run/owned and what will happen if the worst happened and the business collapsed.  Creating a strong legal foundation will create a safe partnership.

Partners - Misery or Magical?

Do you share your business with a partner?  Are you on the lookout for a partner for your small business?  Have you found our advice and tips helpful?  Leave us a comment and be heard…

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