Finding the Right Partner is All About Finding Someone to Complement Your Skills
There was a time in my life, probably back in the late 90's, where I never would have considered having a business partner.
"Why share any profits?" I would ask myself. "I think I'll just keep all the money."
Fast forward to 2007, and I can't imagine NOT having a business partner.
There are many examples of partnerships gone wrong, and I understand why some people would be wary of entering into a business partnership. However, in my opinion, the positives far outweigh the negatives. First off, how to go about finding a partner, and then secondly, the positives of entering into a partnership with the right person.
First off. How to find a partner? You want to partner with someone who offers a different skillset than you do. You want as little overlapping skills as possible. For instance, if you are planning on opening up a web development firm and you are a graphic artist, you probably don't want to partner up with another graphic artist. You probably want to partner with someone who can handle the development / programming side of the business. You handle the design, then handle the programming and implementation. That is a partnership that can work over the long run.
Also, find someone who is just as dedicated as you are. Most partnerships fail because one person is spending much more time working on the business than the other, and it leads to sour feelings. If you are working ten hours a day and your partner is putting in a half hour per day, it will never work.
Also, find someone who has the financial means to enter into a business partnership and not let their finances influence the business decisions too much. I mean, money is always a factor, but you probably don't want to enter into a partnership with someone who is flat broke, and will be pressuring the company to make decisions based on fast money, and not consider the overall long-term business plan.
And of course, you want to partner up with someone that you vibe with. If you partner up with someone who is exceedingly annoying and who you don't share anything in common with, it probably won't work. Partner up with someone who you could see becoming your friend. Look for the same qualities that you would look for in a friend; honesty, loyalty, funny, etc.
Finding the right partner is hard, but it's well worth it.
What are the benefits of having a great partner?
To those who say "I would rather keep 100% of the profits for myself" I would respond with - what's better, earning $100,000 by yourself or splitting $400,000 in two with your partner? Partnering up with someone who complements your skills will result in more money over the long-term for you, even accounting for the 50/50 split. That has been my experience anyways. I am positive that I make much more money now having partnered up with someone than going it alone.
Also, a partner can give you energy when you don't have any. I've lost track of the number of times that I would have just gone to bed for the night if I hadn't seen my partner working online. Having the right partner provides you with synergies and energies that will propel the business to new heights.
Further, having a partner can provide you with some emotional stablility in your darker times of the business. Meaning, it is always nice to have someone in the same situation as you when the inevitable valleys of running a business confront you.
Also, it is nice to know that if you are sick or are injured, that the business will carry on. If you are a one-man operation and get stricken down with the flu, the business isn't doing anything until you get back on your feet.
At the end of the day, finding the right partner will dramatically boost your revenues and make you forget about the days of being a one man band.
Filed under: Making Money Online