When you are putting up a business, one of the main things that you have to decide on is whether you can do it on your own or partner with other people. This may seem such a no-brainer but don’t be fooled because this is one of the most important decision that you need to make in your life. Partnerships with other people may seem a good idea but in the long run they can also be a headache especially when you don’t get along well with your partners.
If you can’t decide and you need help choosing, here are some of the things that you need to consider when “venturing” into a joint venture.
1. Do you know your partner well?
One of the worst things that can happen to you when starting a business is to get a partner who will only be a burden to you. And trust me, there are plenty of cases like this in the world of business. Some were even long time friends back in the kindergarten, decided to put up a business when they were fresh out of college and then ended up hating each other because of the business. This is why some people choose members of their family to be partners with and this is also why some people do not.
Before partnering with anybody, make sure that you know your partner well. Do you have the same work ethic? Do you have the same drive? Do you have the same vision for the company? Can you trust him or her with your life? These are just some of the questions that you need to ask before you can really decide.
2. Do you need the money, expertise or the extra hand?
If the basic concept of the business is your idea, it is recommended that you put up the business on your own instead of seeking a partner. You only need a partner if you need a person’s expertise in the field or your money is not enough to raise funds for the business. A partnership is also a good idea for people who have full time jobs and are only doing the business as a side job. They need the partner who can help them run the business.
If you do not really need any of these three, I would advise you to start the business on your own because there will be less headaches.
3. Can you work with a partner?
Some people work well with others while others are complete disasters when it comes to dealing with other people. Examine your personality and see if you are cut out to be in a partnership. This means that you will not be boss and will have to compromise. It’s like having a relationship. If you can be in a partnership, then choose someone who can also be in a partnership. Check also how you guys work together and how you can be complementary to each other.