Is it best to have a partner or go it alone? The non-surprising answer to this question is – it depends. Depends on your choice of partner, what you are selling, profit margin – to name a few. Consider what the needs of the business are, how well you can work with this other person, what each of your strengths are and how much time you and your partner will have to devote to the business.
Partnership. When creating a partnership, be specific in the details of the partnership, so everyone one is clear on the mission, obligations, contributions, expectations and return on investment. Your partner should increase the value of the business. Your partner’s skills and strengths should complement yours and your weaknesses should be their strengths. If you decide to take on a partner, make sure you can do everything without one. Don’t put yourself in a position where you need to depend on them. Be sure to have an exit strategy in place in the event your partner leaves voluntarily or involuntarily.
Going it Alone. Maybe it makes more sense for you to go it alone. Take the time to find your footing, establish yourself, make sure you love your business – then bring in a partner. Rather than add a partner, you can hire help or bring in business advisers to guide you, support you and to bounce ideas off of.
Do not rush your decision. Yes, a great partner is always a plus. But a bad partner can doom your business before it even gets off the ground.