“Two is better than one, because when one is down; the other will help him up.”
Today’s business world is filled with successful partnerships.
Take a look at some of the successful brands and fortune 500 companies, and you’ll see that they’ll started out as partnerships.
Examples of such firms include, Microsoft, Apple, Google, Facebook, Youtube, Yahoo, Myspace, et al!
If you’re planning on starting a new business, consider partnering with someone—a responsible person.
What Exactly Is Business Partnership?
For those that don’t know what business partnership is, here’s just a brief definition.
Partnership is simply an agreement between 2, 3, or more individuals to control a business!
It’s as simple as that!
For those looking to partner with a business owner, you should be willing and ready to invest your time and money to establish the partnership arrangement.
Here’re some factors that must be sorted out before establishing a partnership arrangement:
- Who’ll finance the business?
- The role of each partner ( sort it out)
- What happens at the demise or absence of a partner?
- What judicial steps should be taken when one partner wants to go his way ( there should be an arrangement for this).
However, it’s recommended for a lawyer or attorney to be contacted to write the partnership agreement. Kindly acknowledge this
If you manage a startup, or a new company, or you’re a business owner considering going into a partnership deal, then below are some vital reasons why it pays to collaborate with someone:
1. There’s Deep Commitment and Accountability
Running a business with somebody makes you accountable and responsible because you won’t want to let each other down—which will lead to more productivity.
Partnering with my friend, Frank was the best decision I ever made.
Our new firm (which is just 12 months plus) has moved from a non-tidy warehouse, to a well furnished and fully air conditioned 5 room offices with 9 employees!
Having a committed business owner makes you accountable for your business operations and finances.
If you’re the careless type, having a partner will gear you to be more accountable because, you know that if you don’t play your role, your partner might scrutinize you.
2. It’d improve Your Skills
Working with another person will give you more time to learn new skills and improve your current skills.
You won’t have to waste time learning new things; rather, you’ll focus on improving your administrative skills.
Pro tip: if you already have a business partner, improve your administrative and technical skills. It’d help you go a long way in business
3. You’ll Have Someone To Cover Your ‘’Ass’’
I didn’t mean that… (just kidding).
The major reason why I partnered with Frank (a friend and business partner), was because, I wanted to co—own a business and also have the time to go on vacation with my dear wife and love kid , (Franca and James).
A business partner can cover you up when you’re away on a business trip, meeting, vacation, or short break.
Pro tip: someone should cover for another.
4. Having one or two business partner makes the work enhancing
5. It offers moral support and time for productive brainstorming. You’d have more time to brainstorm on how to move the business forward.
Partnership Take Away!
Were you inspired reading this post?
Do you have a business partner? What’ve you been able to achieve with your partner?
What’s your view on business partnership?
I’ll like to have your thoughts and views on this…..
Daniel Adetunji is a Web content writer, and Ghostwriter, currently for hire!
If you need quality web contents, articles, product reviews, or email newsletters, contact him.