Taking an honest look at your goals is one of the best ways to determine if a business partner is right for you.
An assessment that brings your priorities into focus will also help you find the right partner. Wherever you are in this decision-making process, there are a few things to consider when contemplating partnership.
Are you tired of making decisions by yourself?
Many entrepreneurs find joy in being their own boss and calling the shots, but being the sole decision maker can get tiresome and lonely. If you can relate to the saying, “Two heads are better than one,” you may want to consider bringing in a partner.
Sharing the joys and struggles with someone in the trenches with you can eliminate the feeling of loneliness. Plus, having a partner you can trust, will give you the freedom to unplug and take an occasional vacation.
You lack certain skills that are necessary for your businesses to grow
Investing in additional training or hiring freelancers to take on tasks is a great option to support your businesses’ growth, but will these be the best long term solutions?
Taking on a new skill-set means the possibility of overloading yourself with more work. You could hire freelancers as an alternative, but they may not have your level of excitement and dedication to the mission. Sharing the workload with a partner who is invested in the business as much as you are and has strengths in areas that you lack could make your business more robust in the long-run.
You need additional funding
As your business grows, you may decide to change the formation of your company, hire a full-time staff, or offer new products and services. This type of growth often requires additional funding. If you don’t readily have access to large sums of cash, investors can provide the funding you need to help your business grow and open doors you may have never imagined.
While it may seem like an entrepreneurial jackpot to have someone invest in your business, this reward doesn’t come without a few risks. Depending on the terms of this partnership you might have to make a few compromises that result in your business growing away from you and out of your control.
When starting as an entrepreneur, it’s often necessary to wear many hats. This type of multi-tasking can drain your creative spark and make it hard for you to move your vision forward. Having someone to share ideas with can bring a new zest to your business.
For each circumstance listed above, you must ask yourself if a partnership is the best way to solve your problem then explore all possible solutions. Having a clear understanding of your goals and the options available to you is the best way to determine if it’s time for you to find a business partner.
Partnerships can make or break your business. If you’re still struggling to decide if it’s the right move, this is where I can help you as a coach. Contact me today for your free discovery session if you’re ready to kick off 2017 on the right foot!