Starting a business is hard work. If you’ve seen others you know struggle or have been struggling to cope yourself, you might consider entering into a partnership. It’s also something you might feel you have to do if someone else contributed to your business idea, such as a friend who sat around honing the idea with you late into the night for months.
There is no one answer that will work for everyone. Some people are better off alone, some are better with a partner or multiple partners, and some would be better with a partner, just not the one they chose. Here are some things to consider to help you make the decision:
Do you like being the only one in charge, or is it too much responsibility?
If you’ve dreamed of being your own boss, you might not want to enter a partnership so fast, as doing so means you are not entirely your own boss.
If, however, the thought of having to take charge of everything fills you with dread, or you love the main idea of the business, such as brewing beer but hate admin and marketing, then a partnership may work better. Provided, of course, the other person can fill those gaps you don’t want to fill.
Can you replicate the advantage of a business partner in some other way?
If money is the main reason you’re considering giving up a share of your company, consider loans or hands-off investors instead. If it’s a particular skill set, then check if someone could provide it on a contract basis or if you could learn those skills yourself.
If you decide a business partnership is the right move, make sure you get legal help to draw up the contract that protects you if you need to end it.