Partners

[Viking22]

Whats everyones view on having a business partner verses going on your own? Lets see what Pros and Cons we can think of!

[mtnjkwe]

I think partnering up on the terms of mutual interest and same ideas is benefecial.
I'll rather partner up with someone who like-minded than going solo with the aim of engulfing all the profit all alone.

[k-rod]

Risky! Going at it alone, I think most would suggest, no matter how good of friends you may be with someone

[myfayt]

Depends on a lot of things. If your renting an office space and you are by yourself, you have to close while you go to bathroom, you can't take a vacation, if your sick you have to close it, etc. Lose alot of business.

With a partner they can take over when your not there, and also work at the same time at times.

But it really depends on what your trying to do.

[onetruth7797]

go with a partner. they will hold you responsible and have your back on things you might otherwise miss. or help you think of more ideas.

[abhaykhurana]

A good partnership is almost always more beneficial that a one-man endeavour.

But, a good partnership has a few key elements. One of those key elements is clear lines of communication.

Partners must always be clear with each other about their struggles, successes, visions for the business, and details of daily operation. Too many times, a partnership is ruined because of poor (or zero) communication.

Of course, other foundational principles like shared vision, general friendly relations, non-conflicting morals, etc. are all very essential as well.

Also, good/understood business practices between partners is key, but don't fail to take these other principles into mind when considering a partnership.

[GameAddicts2010]

I have had a couple of businesses with friends as partners, and believe me, it was not easy. Actually, those businesses are no longer existent due to the fact some of key elements abhaykhurana has mentioned were missing from our relationship. The drive I had to become successful was at a higher level than my partners which caused us to part ways. Now, I have a partner who has the exact same goals in mind which is why I married her. We used the same model we built in our personal relationship and applied it to business and we are doing fantastic. Partnering with someone is great when its the right person to partner with.

[fireurimagination]

Pros: Start-up costs splits, resources increase, fresh & different POV on things, work per head decreases
Cons: Profit also splits, clash of interests is possible, different POVs on different thing is not always healthy, if partnering with a friend failure may mean souring of friendship