Bringing on a business partner can have great benefits, yet it can also have considerable downsides. For example, the loss of freedom to make decisions without consulting anyone else and the need to earn more to walk away with the same profit in your pocket.
Sometimes there are ways to replace the benefits a partner could bring without the disadvantages. For example, maybe a bank would loan you the money you were hoping a partner would inject. Or maybe you can hire a contractor to do a certain thing you want a partner’s expertise in.
What happens if things don’t work out?
Some people refuse to mix business and pleasure. They would never consider going into business with someone they are friends with or in a relationship with because the fallout of something going wrong in one sphere could affect the other.
That being said, some good friends and spouses do work successfully together. Whatever you go for, just be sure to have clear terms for how you will handle disputes or end a business partnership that does not work out
Are they really the best person?
It’s easy to just look close to home when choosing a partner. Sometimes that is best, but there may be a far better choice out there if only you cast your net a little wider. Leaving your comfort zone to go and investigate potential options can help you make a more informed choice, even if you do end up going with someone close to home.
Drawing up a list of the qualities and skills you seek in a partner is a good start. So is getting legal guidance to understand more about what having a partner would mean for you and your business.