Why You Should Find a Partner for Your Business

by Miranda Marquit · 2 comments

Shaking hands

As much as we’d like to think we can do everything, the reality is that we have strengths and weaknesses. We are, in fact, human.

When starting a business, it’s important to recognize this, and to look for ways to overcome your weaknesses. One way you can improve your business overall is to find a partner to work with you. A good partner can complement your skills and help you grow your business at a faster pace.

Take Stock of Your Strengths and Weaknesses

At first, you might do what you can on your own. However, as your business starts to expand, it’s a good idea to take stock of your strengths and weaknesses. Be realistic about what you can do, and what you might not be as good at.

You should also look at your available time. If you’re stuck doing things that you don’t do particularly well, or don’t like, it takes you longer to do them — and that takes away from time spent building your business. Be honest about what you might need help with, and find a partner to supply what you lack.

Joining Forces for a Better Business

Toward the end of 2011, I realized that I wanted my own blog. But spending time on the back end has never been attractive to me. I’m not a fan of trying to monetize a site — much less trying to design a look, pick a theme, and figure out all of the other things that make a blog work.

I’m a writer. I like to write. And I’m not terrible at it.

So, I teamed up with someone who is great at the behind-the-scenes activities that go with running a blog. Tom Drake (from Canadian Finance Blog) is my partner on the site. He takes care of the affiliate programs and AdSense, and he also makes sure that everything runs smoothly. I get to write more and concentrate on content. With our combined efforts, the site is making money — and probably sooner than it would have if I were trying to do it all by myself.

Teaming up with someone who has expertise in an area that’s not your strength can be great for your business. You each take care of your specialty, and since you’re both doing what you do well, you’ll have better results overall. It sounds cheesy, but synergy really is a concept that can work in business life. If you’re both doing what you’re good at, and devoting more time to making your area the best it can be, then the whole can be better than the sum of its parts.

Choosing a Business Partner

You do need to tread carefully, though. Figure out what you’re looking for in a business partner, and look for someone you can trust. This is essential. You need to know that you can rely on your partner, and that he or she will help you grow your business. Take your time as you consider the options, and look for someone who can encourage you, as well as provide skills that are complementary to your own.

Do you have a business partner? How’d you choose him or her?

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{ 2 comments… read them below or add one }

Wayne Liew February 5, 2013 at 2:13 pm

I don’t have a business partner at the moment but I do realize the benefits of having one. Having a partner with complementing skill sets will give me more flexibility in managing and doing business-related tasks that I actually like doing. Right now, I am still looking for someone who is technical in programming but this shouldn’t be an excuse not to spend time and effort to grow my business. :)

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Jim Peters February 6, 2013 at 1:32 am

Well for me partnership is the best structure for my business. I can share myr vision & passion to my partener. In good business partnerships we have plenty to offer Entrepreneurs, including greater profits, share in the work load and freedom and we can take vacation also.

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