If you’ve ever considered starting a business but feel you may not have all the skills, a business partnership may be perfect for you. You could find your perfect business partner in a colleague, friend or family member, but be sure they’re the right fit or you could be left with nothing but a failed business and tattered friendship.
Forbes released an article claiming business partnerships are harder than marriage with some fairly good reasons. The article stated while 50% of marriages end in divorce, 80% of business partnerships fail. This could be the result of spending extended amounts of time together, having extra pressure from stakeholders and fewer emotional benefits than in marriage.
There is good reason to develop a partnership, as long as you’re choosing the right partner. Bill John and Lain Hensley are business partners and founders of Odyssey Teams, a leadership development and team building training service, their ‘7 tips to tell you’re co-founder is ‘the one’’ advised those considering partnerships to:
- Spend some time working together beforehand; you’ll get a snapshot of what the future could be like.
- Share time together outside of work; this will give you an insight of how compatible you are.
- Travel together; if you can’t handle a few days in the same place, they’re probably not the best person to start a business with.
- Learn about their standards and values; this will help you understand what is expected from one another.
- Find complimentary skills; there’s no point in having two people with the same skills, it can lead to a ‘too many cooks in the kitchen’ scenario, with two unique skill sets you could have the perfect tools to become a dynamic duo.
- Discuss a decision-making process; set out a plan for when you don’t agree, this will ease the process and reduce the threat of arguments.
- Choose someone you enjoy spending time with; this will make work more enjoyable and conflicts easier to resolve.
Investing a little time in each other before you invest in a business could indicate whether or not you are capable of working together. There is nothing worse than a one-sided partnership where only one party is devoting all their effort into the business and the other one only helping when they choose, it also complicates things when issues do arise.
How to choose the right business partner: 3 tips.
Once you’ve found the right partner, you may want to consider finding the right business. By joining a building franchise, you could ease some of the daily management stress; the franchise would provide planning and training to help get your business off the ground and through the life of your business.
Hotondo Homes provide all franchisees with a Franchise Sales Manager (FSM), who act as a business mentor. They work together to ensure the business is functioning smoothly. If issues arise, the FSM can act as a mediator in resolving solutions, ensure each party understands their role and can provide advice to resolve issues.
Just like when you’re considering a business partner, you should think carefully about the franchise you join. Do some research to determine if the franchise is right for you, examine their values, history and operations. If you find yourself intrigued by their offer, enquire about their business and ask as many questions as necessary. It will provide you with a great insight of the business and help you decide if they’re the one for you.
If you and your business partner are interested in building a business, visit franchise.hotondo.com.au and see if Hotondo Homes are the franchise for you.