Originally published by Chicago Now. Re-posted with permission.
Striking out alone and starting a business can be an exciting yet daunting process. You must balance the possibility of failing against losing out on a money-making opportunity by not trying. If you do not launch your business idea, someone else will have the same vision, and you will have lost out.
Most people start businesses in the hopes they will grow and become profitable. However, you might need a partner to achieve this goal. Here is how to know if it is time to search for a business partner.
Your business might be such a roaring success that you cannot meet a surge in customer demand. A partner will solve this problem, ensuring you can continue servicing existing clients and gaining new ones. Many would argue that you can hire employees and streamline processes using technology like visitor management software from Greetly when your business starts growing. However, even such radical approaches might leave you stretched too thin and in need of support.
Hands-on partners tend to work harder than regular employees as their financial future also depends on the company’s success. They can take over many of your duties and responsibilities, creating the capacity to grow the business.
Your brilliant business idea might take off and leave you stressed out from managing all the aspects of being an entrepreneur. You might not have the necessary skills and expertise to pull this off. Few business owners know, understand, and manage every process a company needs to ensure its success.
A partner could be necessary to complement your skills. For example, if you are sales and marketing oriented, it would be great to find a partner who will focus on administrative and financial issues. With each partner working to their strengths and compensating for each other’s shortcomings, the business has a better chance of succeeding.
Many business owners take on a partner because they bring a financial contribution to the table. However, it is not necessary to go the partnership route for economic reasons alone. You could get a loan or have someone invest in the company instead of choosing a partner.
Finances will be a contributing factor in your decision to bring a partner on board. They will be motivated to work hard and ensure the company succeeds after plowing their hard-earned money into it. It is best to look at taking on a partner as a holistic process. If you only see dollar signs in a partner, exploring other options to finance your business instead of entering a partnership would be best.
Getting a business off the ground is an intense process that leaves many entrepreneurs exhausted on every level. The burden of having to ensure that everything works alone might be too much for you. It is a rollercoaster ride that you might want to take with a companion.
Having someone to commiserate with when things do not go according to plan or sit down to brainstorm new ideas could create the potential for exponential business growth. A partner who builds you up and adds value to the business will ensure its ultimate success.
Projecting long-term growth for your company is essential to determine its viability. Some companies grow too quickly and fail because they cannot meet their clients’ demands. Consumers are fickle and will turn to a competitor if you do not offer them what they want.
Businesses only become completely profitable once they start operating in the black, with an income exceeding expenses. If you know that it might be impossible to achieve this without assistance, consider taking on a partner.