My 2 Cents The Advantages Of Having A Business Partner

[cheezcarls]

Hello guys!

I just wanna know how you guys are doing right now? Is your business doing well? Or are you in an up and down situation? No matter what situation are you in now, it is really important that you should keep yourself going once and for all. I really don't know what business situation are you in, but let me tell you something that's straight to the point. In order for you to become successful in your business, you should always learn from others on how they gonna do it, and you just apply and take action once and for all. As a matter fact, it is worth taking risks in running your business.

As a businessman, you may expect that it is much harder to work on this rather being an employee. The employee does have limits in terms of monthly income, but a businessman has unlimited potential of earning more income. In order for this to happen, you need to experience some ups and downs first, and respond to it in a positive way. Once again, just respond and do not react. It is part of the process that we need to weather the storm of struggles, challenges, obstacles, risks and other things that can hold us back from being successful in our businesses.

Here's the thing.....

Although it's okay to become the sole owner of the business, but you may end up having a hard time to manage everything from paperworks, reports, monitoring employees, sales, and so on. My dad right now is the sole owner of our family business, and it's a coffee and restaurant hub near the university and it's almost a year now of existence. But hey, it's pretty going well because of the diligence of his employees and customers are loving our menu and they keep coming back every single day except Sunday of course. But I see that my dad is managing all by himself after work in his office. As a result, he only has limited sources to expand some more to make this business profitable for good.

So what's my point?

My point is that we really need a business partner who can help us in running our businesses once and for all. I think one reason that some business owners don't want a partner, is because they hate to split profits. But they do not realize the bigger picture of what's gonna happen in the future if you have a business partner once and for all. Without further ado, I would like to talk more about a few advantages that your business have once and for all.

Without further ado, here are the advantages for you to have a partner-in-crime in your respective business:

1. The productivity level of your business will increase

Instead of working or managing your work alone in the business, your partner will help you out. You will both work as a team. For example, you have a lot of paperwork to do for your business by counting sales, and it takes you three to four hours to do that. With a business partner, it will lessen your time to do tedious tasks and can do other things to make a good business flow.

2. Your business partner can help you brainstorm ideas to take the business into the next level

What I really like about business partners is that they can help and contribute ideas of their own for the benefit of the business. If you are going to brainstorm alone, it may be okay but it may eat up a lot of your time once and for all. This is a great advantage where you have your own business partner.

3. The skills that you and your partner have will combine for good

For example, if you have skills in managing, and your business partner has marketing skills, you both can combine. However, if you think you can do all of those skills, you may end up having a hard time to cope up in running your business well.

4. You may experience a financial advantage

Managing your finances alone is a complete disadvantage in terms of using it for business purposes. However, with a business partner, he has his own income source that can help finance the business very well in terms of marketing, expanding, etc.

Are you ready to find a business partner of your own? Or do you still want to be a soloist? But hey there, I'm just sharing to you the advantages of having a business partner, and I am not forcing you. The decision is still in your hands.

 

[rayone]

I though in the same terms but I have had a bad experience in this particular field. I am an engineer with expertise in several fields like welding technology and cement plants. I started a mini cement plant in partnership with a doctor who had enough land and shade for that project. I spent about one year setting that plant but once it started production they somehow managed to buy my shares. I will never go for another business in partnership.

 

[networld]

A business partnership does hold some benefits in it. It is always good to have two brains working on the same project. But it is better to have a person with some knowledge level on the business you are in to. There should be a clear agreement of rights and responsibilities which is written in hard copy and filed for reference. This may help to avoid any conflicts in future. We can read news of many partnerships that ended as a disaster due to lack of clear cut guidelines.

Yes, it will definitely give a financial advantage when your financial burden is shared by somebody else too. But qualities like mutual respect, clarity of thoughts and responsibilities are must for a successful and long lasting partnership.

 

[rayone]

A business partnership does hold some benefits in it. It is always good to have two brains working on the same project. But it is better to have a person with some knowledge level on the business you are in to. There should be a clear agreement of rights and responsibilities which is written in hard copy and filed for reference. This may help to avoid any conflicts in future. We can read news of many partnerships that ended as a disaster due to lack of clear cut guidelines.

Yes, it will definitely give a financial advantage when your financial burden is shared by somebody else too. But qualities like mutual respect, clarity of thoughts and responsibilities are must for a successful and long lasting partnership.

What you said sounds good as theory but in more than 50% cases it doesn't work for long time. In most cases one or the other becomes over ambitious and breaks away or kicks the other one out.

 

[cheezcarls]

I though in the same terms but I have had a bad experience in this particular field. I am an engineer with expertise in several fields like welding technology and cement plants. I started a mini cement plant in partnership with a doctor who had enough land and shade for that project. I spent about one year setting that plant but once it started production they somehow managed to buy my shares. I will never go for another business in partnership.

First of all, I'm sorry of what happened to you before when forming a partnership with a doctor. At least you have learned, but it doesn't mean you turn your back on the partnership gig forever (but hey I'm not forcing you now). Even if you are a sole proprietor, you may also experience problems like these, or even worse than that. The point is that you have a dream, and you've got to protect that dream. It's just like what you're doing now is that you turn your back on your dream. We aren't perfect here, and yes we are afraid of making that mistake again. If we failed and made a mistake, then you won't become successful to be honest. But instead, take advantage of that mistake, learn and get better. My two cents man.

 

[djweb]

There are a variety of pros and cons to having a partner. However, I think it is always prudent to find someone who is currently at a level where you are in terms of success, and partner with them. This kind of partnership is better, because you get to learn more and the other person gets to earn more because of your energy. A win win situation.

 

[Manish Mishra]

Having a business partner can adds up more to a business that stood on few people. If you are taking care of a business alone there is less chance you can give everything to it. Having many people simply means having a lot of ideas and creativity to a business.

Also, there will be a good set up of performing task, means, less tasks and more performance depend on perfectionist.

 

[rayone]

There are a variety of pros and cons to having a partner. However, I think it is always prudent to find someone who is currently at a level where you are in terms of success, and partner with them. This kind of partnership is better, because you get to learn more and the other person gets to earn more because of your energy. A win win situation.

I do not intend to sound negative but I still maintain my views, more negative points and lesser plus points. If the business is doing good the partnership goes on but it becomes hard to tackle the one with lesser experience shows his back and blames other for losses. I am not saying partnerships always fail but the chances of success are lesser than chances of break ups.

 

[networld]

I do not intend to sound negative but I still maintain my views, more negative points and lesser plus points. If the business is doing good the partnership goes on but it becomes hard to tackle the one with lesser experience shows his back and blames other for losses. I am not saying partnerships always fail but the chances of success are lesser than chances of break ups.

It is rightly said that experience is the great teacher. As you already got the experience with partnership business, I guess most of your points are valid. That means there are higher chances of a failure than success. But is has to be based on the circumstances. What if both the partners' ultimate aim is to boost the business and increase revenue as they have no other source of Income?

I think two minds at work can bring out more creative ideas, but what is challenging is to reach a consensus between the two. If I go by your words, it's quite difficult to reach a consensus.

 

[jowjow]

Getting a business partner is a step in upgrading or enhancing your business. It gives you a lot more chance of success, it makes you comfortable in decision making since there are two heads working together. I think it is just a matter of trusting and believing with each other.

 

[challengewriter]

@cheezarls you always start with a cheerful tone Having a Business decreases the task work only one partner takes, so having a partner makes for good productivity of the business, but one has to be careful when picking partners.

 

[ipol12]

It's good to have a business partner. I couldn't do things by myself alone. My business partner is my brother and we work things together. I know there's disadvantage of being partners with your brother but with humility, things can be worked out.

 

[cheezcarls]

I do not intend to sound negative but I still maintain my views, more negative points and lesser plus points. If the business is doing good the partnership goes on but it becomes hard to tackle the one with lesser experience shows his back and blames other for losses. I am not saying partnerships always fail but the chances of success are lesser than chances of break ups.

Of course I respect your point of view @rayone. After all, we all have a choice to make. I do have an experience in building business partnerships too. Me and my friend back then are forming a partner to do blackhat video CPA marketing, and we are creating a lot of videos there and made money on CPA. But since it's blackhat, our CPA partnership account got banned and our partnership ended mutually. Another friend of mine formed a partnership in building profitable Facebook pages, I do manage the pages with interesting content, while my partner is responsible for marketing purposes. We didn't last long as well, and ended in a mutual way. Our experiences are considered as great lessons for us, especially in forming partnerships.

 

[rayone]

Of course I respect your point of view @rayone. After all, we all have a choice to make. I do have an experience in building business partnerships too. Me and my friend back then are forming a partner to do blackhat video CPA marketing, and we are creating a lot of videos there and made money on CPA. But since it's blackhat, our CPA partnership account got banned and our partnership ended mutually. Another friend of mine formed a partnership in building profitable Facebook pages, I do manage the pages with interesting content, while my partner is responsible for marketing purposes. We didn't last long as well, and ended in a mutual way. Our experiences are considered as great lessons for us, especially in forming partnerships.

Actually business like these can go on where you two sit together and work on equel terms but in my case I setup an entire cement unit with my technical know how and knowledge of project management. My partner was a busy doctor with land and shades so he took the full advantage of my expertise and wanted to change the conditions. I quit

 

[Alexandoy]

I actually embarked on a retailing business of computer supplies upon the urging of my high school chum. We became partners. And since he was the one who is well versed in the business, I had no apprehension because my partner provided me with enough information like the good suppliers. And although I was in charge of getting clients, it was not so difficult because my mind is already at rest with the supplier problem. The business went smoothly on its first year of existence that we had 4 sales person in that maiden year.

 

[suleman]

A partner doesn't help you financially only, but you get some helpful ideas to run the business owned by both of you.

Two persons will manage the fund perfectly. If either of you goes outside of city or village, the other will handle so that the business may not stop making the profit.

 

[networld]

It's good to have a business partner. I couldn't do things by myself alone. My business partner is my brother and we work things together. I know there's disadvantage of being partners with your brother but with humility, things can be worked out.

That is something like a family business then and the chances of success are quite high in such a setup as you know each other well and both of you even belong to the same family. But things would be quite different with somebody else as your partner. There can be differences of opinion over some matters and the key is to live with the difference. Both partners should be open to accept the most viable suggestion which is good for the future of the business. But it is not practical at times.

 

[ipol12]

That is something like a family business then and the chances of success are quite high in such a setup as you know each other well and both of you even belong to the same family. But things would be quite different with somebody else as your partner. There can be differences of opinion over some matters and the key is to live with the difference. Both partners should be open to accept the most viable suggestion which is good for the future of the business. But it is not practical at times.

Sort of family business. As of now, I couldn't give trust to other people for a while. But maybe in the future, I may able to set up a business with a partner who's not a family member.

 

[networld]

Sort of family business. As of now, I couldn't give trust to other people for a while. But maybe in the future, I may able to set up a business with a partner who's not a family member.

I think it is a good strategy if you have somebody who is capable to share the business from your own family. In our State there are too many well known firms which became very successful on account of family partnership. We have a famous brand called 'Kalyan' and they are into textile and gold business. The company has progressed a lot within a very short period time posing a real threat to other established firms in the filed. The business is being run by a group of family members.

 

[Ramakrishnan]

I believe that it is always good to have a business partner whether it is offline business or online business. It has the advantage that we need not take the whole responsibility in our shoulder and develop all tension and stress. To have a second opinion about any subject is always good. But the condition is that you should know who your business partner is and should have mutual trust, without which success will be a distant dream.