The benefits of bringing in a business partner can be numerous. Perhaps, most importantly, you will be bringing in someone with fresh ideas, unique resources, and the ability to share in your vision. However, those benefits can be dependent on a couple of factors. One would obviously be making certain to choose the best possible candidate for such a crucial position.
The second factor comes down to timing. When is the right time to bring on a business partner? There are a few different opinions on the subject. We’re going to boil those down into something that will almost certainly apply to your situation.
Bring On A Business Partner: Timing Is Everything
Ultimately, the best time to bring on a business partner is when the time feels right. Many would say that this is right at the beginning. Bringing on someone right from the start can give you the foundation necessary to build a sturdy business that will survive those challenging early years. The burden of running a business is considerable, regardless of what kind of business you are actually running. When you are in charge of everything, the burden can be immense. Everything ultimately falls to you, even if you have employees. While employees are obviously important, too, we are still talking about people who are free to leave whenever they want.
A business partner is different. We are talking about someone who is coming on board to share in everything. This includes the challenges, responsibilities, and profits. This includes the risks, as well. An employee is putting in a certain amount of risk themselves, when they build their lives around a new business, but the difference between business partner and employee remains significant. In certain situations, hiring a new employee will make a lot more sense than looking for a business partner.
However, when you reach a certain point in your business, if you are still running things on your own, you will need to keep a near-universal truth in mind: When you need to bring things to an entirely different plateau, you are going to need more than an employee. Again, if you haven’t brought on a business partner at that point, you are likely going to start considering it.
Bringing On A Business Partner
Many experts will tell you that having a business partner right from the start is the right way to go. This is likely the easiest way to avoid potential complications with a partner, as well. Still, if you are fully prepared to go it alone at the start, we are still talking about a well-traveled road—worn by the footprints of the entrepreneurs who came before you. If you wait a while, remember the value of establishing a solid, elaborate partnership agreement from the very beginning. This is something anyone should do, when bringing on a business partner. However, it bears repeating that it is generally easier to align values, goals, and other essentials of a partnership, when you are working with that person from day one.
In the end, almost everyone will have to at least consider a business partner. This is particularly true for anyone who is ready to make serious strides in their growth. More often than not, taking this step means multiplying everything by leaps and bounds. This extends to the challenges and potential pitfalls. Having a partner at this stage will make it easier to remain in control of things, even as you are technically giving up some of your stake in the business entity you have brought to life. Accepting this fact can be difficult, but it is often absolutely essential to growth and survival.
About the Author
Morris Edwards is a content writer at CompanyRegistrationinSingapore.com.sg, he writes different topics like How to tweak your small business for success, Top business tips for 2017and all topics related to doing business in Singapore, if you are interested about Company registration Singaporevisit our website.
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