Title: Picking the Right Partner
If you’re considering bringing in someone else to your business, someone who will be on the same level as you instead of a lower-level employee, there are some very important things to consider. There are the obvious advantages, namely, someone to share the weight of running a business, having a second set of eyes and a different perspective when considering problems, and doubling the level of commitment to your business. All of these are things that can make your job, as a business owner, easier. But you do need to remember that when bringing in a business partner, you’re also giving a few things up: autonomy when it comes to decisions, and, very importantly, a percentage of your ownership. So if you’re considering taking that leap, make sure that you look at all sides of the equation, especially some of these things that can have a big impact.
What to Look For
A business partner should be someone who complements you, both in skillset and in personality. If you’re a more introverted person who likes to analyze problems, it can be wise to bring someone on who is a bit more extroverted and eager to talk to customers and employees. Just keep in mind that you want to make sure that the difference in personalities is not so great that you will clash, but rather, that you can understand each other and communicate effectively so as to ensure that you’re both on the same page. Choosing someone who has experience in aspects of management in which you’re lacking can be a great boon when it comes to business planning and decision making.
You want this to be a person with whom you fit. You need to have, or be able to build, a rapport so that you can support each other in all areas of running your business. You also need to be able to trust this person. One of the great advantages of no longer being a solopreneur is that it will allow you to take breaks. But if you can’t trust the person who will be taking the helm while you’re on vacation or at a conference, no one is benefitting, least of all your business.
When it comes down to it, the decision to bring on a business partner is one that will have a big impact on both your life and your business. It’s important to make sure that you select the right person, someone who is committed to the business, but also committed to working with you for the sake of the business.