Two heads are generally better than one, especially when running a business. But not every business partnership is a match made in heaven.
I’m lucky because my business partner is my life partner, my husband Phil. But I’ve learned many lessons about what makes for a successful partnership that every entrepreneur can apply, even if you’re not married to one.
Tip 1: Make Sure Your Skills are Complementary But Linear
One of us is creative and the other analytical (I’ll let you guess who’s who). It’s important that you don’t share identical skills as your partner, so each can be in charge of different areas of the business. Both should have equal power and share same amount of responsibilities even if you’re not doing identical tasks.
Tip 2: Give Each Other Absolute Power
And on that note, make sure it is made abundantly clear which areas of the business each of you will manage. Sure, you both should be able to give input on major business decisions, but, for the day to day, you’ll need to trust your partner to make all the decisions in the areas he or she is responsible for.
Tip 3: Trust One Another
I can’t say enough about the importance that trust plays in a business partnership (or any partnership, for that matter). If you’re shopping for business partners blindly, make sure you spend plenty of time getting to know them before you sign a contract legally binding you for the foreseeable future.
Tip 4: Speaking of Contracts…
Make one. It is absolutely imperative that you have your business partnership laid out in a legal and binding contract. Make sure to cover what will happen if one partner wants out of the business, gets sick, and other similar scenarios.
Tip 5: Don’t Go with the Obvious Choice
You might have family members or friends clamoring to be a part of your company, but think twice before you mix business with blood. The last thing you want is the chance of destroying a personal relationship in the event that your business partnership goes south. But if you have someone who would genuinely make a good partner, go for it.
Tip 6: Keep it Professional
This is especially important if you do partner with family or friends. Keep your personal life at home and business at the office. Your staff doesn’t want to hear your family spat, and your kids don’t want to hear about your work problems.
Tip 7: Speak Up
If you don’t feel your partner is living up to his or her end of the bargain, let them know. Don’t be confrontational about it, but do make it clear that you have expectations and you need them to step up their game.
Tip 8: Put Egos Aside
When you’re working with a partner, it’s necessary to realize: It’s not about either of you. It’s about the business. So rather than try to be right in a given situation, decide what is the best course of action for your business.
Tip 9: Respect Each Other
I can’t stress how important it is that you respect your business partner. After all, being partners indicates that you’re on the same team, and who else would you want to be team members with than someone you respect and trust?
Tip 10: Deal with Issues
It’s important to not pull the rug over issues and disagreements with your business partner. Rather, discuss and resolve them so they don’t turn into larger resentment and affect your entire office.
Having a business partner can be such a positive thing, so spend plenty of time making the decision to take one on. Keep the lines of communication open, and be adaptable.