Do You Have A Business Partner

[monthlylocal]

Hi All,

Just interested in how many people here are in partnerships?

Have recently been considering taking on a partner to deal with the sales part of the business, but am wary that having built the software at not inconsiderate expense, do I really want to be bringing someone in at this stage.

So I was wondering:

How did you come to know your business partner?
Why didn't you go it alone?
Reasons for the success/failure of your partnership.

Thanks

 

[JEREMY HAWKE]

No I really struggle to get along with people

I have been self employed for so long now that I am used to just running a business alone .I would be put off by the intrusion from another person.

 

[CompactCleaning]

Our Partnership is formed from the start, It was my idea and my partner is also my best mate so I brought it up with him and he came up with the name etc and I do the research/boring side of the business as I enjoy it. I reckon if you don't have a partner you shouldn't take one on because they won't do things they way you want them to, maybe it would be best if you took on an employee?

CompactCleaning

 

[longleaf1]

i work with my other half, i do all the technical type stuff, quotes, sitework, advice etc. For me who has always worked on site and stayed away from the office as much as possible, she has really supported me with even little things of checking over my estimates to see if they sound ok, getting us CHAS and the councils on board + the book keeping. These are things i no doubt could learn in time but i wouldnt enjoy it and it lets me focus on what i love doing which is why i went into business in the first place.

 

[The Boss]

Have one business with my wife and one business with other directors. The business with my wife is easier to manage the journey as your on the same wave length.

You lose control adding in business partners and trust can sometimes come into question, you may lose some of the workload but other headaches can crop up.

But thats just my experience.

 

[Matt1959]

I wish I had one. Don't listen to the doom mongers - I was in a partnership years ago and it failed but it wouldnt stop me doing it again....

 

[The Boss]

I wish I had one. Don't listen to the doom mongers - I was in a partnership years ago and it failed but it wouldnt stop me doing it again....

Yes good advice to give.

Because its all about choice....

 

[felix harper]

Have been doing business with a partner from one of my friends in China for 3 years. i own a shop to sell cloth here. i don't trust the supplier in Chian before because the quality is not always good as i want, but i once worked with this friend in Shanghai, China for one year and his products are good. you can't do business well alone. just go and find a partner . you guys may get interested in his products, his web www melchic com

 

[garyk]

I think the issue is who you partner with not should you partner with someone. I have had 2 in my long self-employed career. Sadly neither worked out long term (although the second one lasted about 4 years).

the issue as I see it is that typically people start businesses with friends/family/relatives. Now thats all well and good but in my experience when things get tough (as they often do) then it becomes very hard to truly voice your feelings. Hey perhaps its me but starting a business with a good friend is now the last thing I would do.

I have walked away from two partnerships with friends as I wanted to keep the friendship which I would not have done had I stayed in the businesses.

The other thing is make sure your prospective partner is financially stable as again in either startup or lean periods you need someone who isnt going to be a big cash drain on the business.


Gary

 

[Naughty Vend]

Everything changes, some are incapable of evolution and growth but will naturally (being human) resist any change and feel they are entitled to equal share in business growth / income relative. It is an impossible task to measure this and apportion, if you really must take on a partner ensure they bring something to the table short-term and importantly long-term with clear pre-agreed terms in this regard with rights of arbitration and resolution. Ensure what they offer isn't just talk, that's cheap... some believe in themselves so much that they accept their own lies as fact.

If you can outsource your workload and utilise specialists 'on demand' it may free up your resource of time and allow you to effectively manage the business rather than give away what you have created and shall in the future build upon.

 

[Ramonshell]

When I wanted to start my business plan then I was wondering that whether I would be able to start my business or not.There were so many obstacles at that time like funds and a partner whom I could trust because I could not handle all the work alone.
I am very lucky that one of my friend was also not doing any job at that time and I approached him and told him about my business plan and fortunately he agreed to join me and to put some fund in the business as well.
Then we didn't have any problem and every thing went smooth and well.And now he is still with me and we are doing well.
Till now we didn't have any issues and our partnership is doing good.In this way I am lucky.

 

[thetime22]

I don't really have a business partner but I do have a mentor who helps me out from time to time.. a business mentor if you will.

 

[UCaN]

Husband and wife team here. He manages the service side of the business, I manage the office side.

It works well so far, although we do squabble occasionally, which I guess is to be expected. This tends to be more beneficial than damaging as minor arguments allow us to realise there is a problem with one persons (or usually both) thinking and we can work out the solution.

Of course it helps that we a re both generally easy going so dont tend to take offence

 

[monthlylocal]

Good to hear both sides of things.

Ideally I'd be looking for someone to take over the sales side of things and allow me to continue to develop the product.

Not sure how comfortable I'd feel with it in reality thought. Lot's to think about.

 

[Mustaka]

What wrong with just hiring a sales person? Why do you want to have a partnership?

 

[monthlylocal]

Cost, of course.

 

[HFE Signs]

if you've come this far on your own don't split the rewards of your efforts in half, generally a good business partner has skills you lack and vice versa and you start together at the begining... remember you can always pay people to do the bits you lack once you get going..