When to Bring a New Partner Into Your Business
If you are a solo business owner, bringing someone onto your team may sound distressing. You take pride in your business because you are the owner, and bringing someone else on might disturb your system. If you need more hands on deck, simply hiring more employees might do. This may be all you need, but you may want something more. A partner, rather than an employee, has motivation and dedication to the business because they are invested. If you are considering bringing a new partner into your business, see if any of these reasons match your situation.
You are Feeling Overwhelmed
Owning and operating a business is stressful, no matter how much you love it. You might be “on call” 24/7 for employees and customers alike. Even with management taking some of the burden away, they are not as invested in the business as you. Employees can always, and usually do, leave. When they do, you are stuck training more people which adds to your workload. Taking on a business partner will not only reduce your workload, but it will give you a more or less permanent person to depend on when you need them.
You Need to Expand
Do you have big dreams about expanding your business but lack the cash flow to make it happen? Looking for a business partner with the money to invest might be the best choice. If you choose someone with both the cash and the connections you need to expand, they will be an asset to your business. Of course, you cannot choose someone solely based on their money, you should also look for someone with skills.
You Need a Balanced Skill Set
If you built your business and made it what it was today, you don’t need anybody else, right? Wrong. You may have deficits in skills you are unaware of. Taking a hard look at your personal skills and thinking about the skills your company might need to stay successful or expand might be what your company needs. This is why you don’t want a partner exactly like you. You want a partner with complementary skills to ensure a well-balanced business.
Once you decide to bring on a partner, whether it is because you are feeling overwhelmed, need to expand, or want a more balanced skill set, it is important to also consider how to bring a partner into the business. This will include analyzing you and your company, determining roles and responsibilities, and developing an exit strategy for when your partnership comes to an end. You can find out more about these strategies at American Express.
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