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February 28, 2017

For 18 years I worked with the same business partner. For the last handful of years, I’ve been a solopreneur. When I reflect back, there were tremendous benefits to being a “dynamic duo.” If you are debating on whether taking on a business partner is right for you, here are a few things to consider.

Complementary Personalities.

A key to a balanced, long-term business relationship is having complementary personalities. If you are both stubborn, assertive, and used to being in charge, then chances are good you’ll be butting heads more than producing results. And the same goes if both partners are super laid back or indecisive, in most cases, there isn’t enough positive resistance to forge ahead. In order for the ebb and flow to go smoothly over the long haul, it is best to have a partner that complements your personality vs. having similar personality traits.

Benefits of a Business Partner

 

When you look at the popular yin yang symbol, you will see that opposites have a beautiful balance of yielding and supporting one another, as well as emulating a part of the other’s core. This dynamic is a winning combination.

 

Is it necessary

 

Connection.

Going the journey alone can be isolating and lonely at times. Of course, there is the self-satisfaction of a win, creative authority, and entrepreneurial independence of being in a single venture. However, you can not underestimate the value of daily support from a good business partner.

Whether you are side-by-side in a brick and mortar business or keep in close contact working from opposite sides of the globe – having a reliable person who gets you, gets it, and is just as much invested in the vision and outcome can be extremely fulfilling.

 

Shared Responsibilities.

Let’s face it owning and operating your own business is a lot of work, no matter how you slice and dice it. The other night, I was watching Shark Tank and heard a great quote; “Entrepreneurs are the only ones that are willing to work 80 hours a week to avoid working 40!” I had never heard that before and can completely relate! 🙂

Many times, when you are working as a team, your productivity can even expand beyond two-fold. The momentum from the synergy of your work together can generate mind blowing results. Splitting up the tasks based on each other’s strengths is another way to maximize return. For example, my business partner was the social one. In the field, she’d chat up the customer and when it was time to “close the sale,” she’d direct them over to me. I had a way of providing the information needed when it came down to the analytical side of things.

Same went for our team. She’d be the one who stayed on the pulse of their emotional needs, and I’d be the one to manage their cut and dry details. This combination served us well.

Shared responsibilities don’t just stop with the “to do” lists. Having your liabilities shared is another benefit of not shouldering it alone.

Tip: No matter how awesome your partnership is, it’s always best practice to have clear expectations defined in a partnership agreement. If you are a DIYer, I’d suggest Rocket Lawyer for reasonable, template based legal documents.

Having a business partner is a personal decision. A decision that is best to enter in with great thought and care. We spend at least ⅓ of our lives in our business operation. Who you spend your time with matters greatly. Being on the same page not only with business objectives but also with life and spiritual goals provides a rich, solid foundation to grow and serve. From there, the possibilities can be endless.

To your perfect balance, whether that is solo or with a partner.

Until next time…breathe joy,

Kc
Integrative Business Advisor

P.S. I’d love to hear about your experiences. Have you had a business partnership before? If so, what were the pros and cons? I’d love to know in the comments below. 🙂