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Author Topic: Are business partners worth it.  (Read 103 times)
AmoreJaz
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July 13, 2024, 11:38:23 PM
Last edit: July 13, 2024, 11:50:25 PM by AmoreJaz
 #21

Depends actually. Operational expenses and things where capital would be spent will of course be divided than to shoulder it alone but same goes with profit and decision making. Figure out what would work best for you if I would be asked. Some people are lone wolves that prefers doing and having things on their own and there's nothing wrong with this as long as the individual could handle all of the factors like finances and over all maanagement of a business or investment. Having a business partner has its ups and downs depending on how you would be taking it. When it comes on profit if you don't want to not earn it fully then compensate it by fulfilling everything alone as well. Sometimes partnerships are due to experties which could be limited on your end and present with your partner. Again, it will depend on your preferred set up but it is not a requirement.

Partnerships are great if you find the right fit for you and for your business. If the person can complement with what you are lacking, and you feel those are important to achieve success in your business, then, you can consider him to be your potential partner.

There are some characteristics of the person that I would want to see before signing them up as partners. And those for me, I believe are non-negotiables. Those are - being a direct/honest person, a good communicator because you will truly understand each other if you know what's in the mind of the other person, being innovative and flexible as you need to survive in this business, among others.

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July 13, 2024, 11:39:00 PM
 #22

I've never been a fan of starting businesses on partnerships because I know that there are more cons than pros in doing that. Other than the fact that a partner will bear half of the expenses for starting a business, I don't see any prominent pros in having a partner in a business you are going to start. If you say a partner brings in knowledge, I say it's bullshit, if you have enough funds yourself, you can hire people that are equally or more knowledgeable than a partner you could have. The same thing applies to higher reach, you can hire a marketing expert and have this part handled effortlessly without needing to have a partner for that.

So, for me, it's never a good idea to start a business with someone else. If you think you don't have enough money to start a business that you are willing to start, you should first try to do something else, maybe start a smaller business, scale it up, once it starts making revenue, keep saving for the business you were willing to start, and eventually, you will get there. This is much better than having to partner up with someone else.

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