Two Heads Are Better Than One! Here's What Working With A Business Bestie Can Do For You!
Working at becoming an authority in a specific niche is very difficult these days; especially those that have to function under their own knowledge. Modern solopreneurs or entrepreneurs that have limited resources can find themselves struggling to make waves in any industry. But this is where two heads are better than one! A business partner is a very common approach, but does this make you a better business person, and what is the benefit of having a business partner?
The Skills Gaps
From a very obvious approach, the right person can fill in your gaps in knowledge. A lot of people who go into business have known each other for a long time, and as such, it's not just about being in cahoots with someone that you trust, but they have the qualities that you don't. It's something that happens in many arenas, the businessperson Saverio Pugliese develops Skinny Cow with a co-founder, and they find themselves becoming a business force to be dealt with as a result. But while you can work with someone that fills in your gaps in knowledge, it's not always a very personable relationship. It can be better to work with someone that you know and trust, but when you are by yourself, and you're looking for someone to develop a business, does reaching out to strangers help?
The Preliminary Talks
Starting a business with someone that you don't necessarily know, but are professionally suited can mean that you have to have, in effect, a prenup, or at least have the legal components in place should something happen. And this can feel like trust is being betrayed at an early stage, but it's just common sense for both of you. Ultimately, if you want to work with someone to create a business that's going to make a big splash, it requires the same amount of dedication from both of you, and if you feel the other person isn't pulling their weight, or they feel the same about you, it can make for a very fractious relationship. As such, truth and honesty are essential, but it's about having the foundations laid from a practical perspective.
How It Benefits You Both
Setting up a business with anyone is always going to be a less stressful endeavor, and if you take it from the perspective of a division of labor, where it's all democratic, it can be a 50/50 partnership that works wonders. But this is when you are polar opposites in terms of skills. The great thing about this approach is that you can learn from the other person. But this all depends on your ulterior motives. For example, are you looking to branch out by yourself in 10 or 15 years down the line? Of course, by that point, you will have both possibly decided to move on, but in the meantime, a business venture means you've got to put, in essence, your life in their hands.
Ultimately, working with a business partner is a great way to ease the stress of starting a business, but you have to be prepared to get out what you put in. This is especially true if you feel the other person isn't doing as much. And once these little doubts creep in, it's important to address these issues early on in the process.
Which one of these points do you Join the conversation below. Until next time