When It’s Time to Find a Business Partner
Starting a small business is different than running it day-to-day. As your business evolves over time, you may find that you need help augmenting your own skills or filling certain gaps that are holding you back. So let’s look at a few signs that it’s time to find a business partner.
You Need Money
The most telltale sign that it’s time to find a business partner is when you need investment to fund your daily operations. Most investors will require not only a stake but the ability to direct operations in a way that they think will improve their chances of maximizing their return.
But funders come with access to even more capital and invaluable networks, see below, that can also help boost your small business.
Fill Knowledge Gaps
No one can be an expert in every facet of business. While you may have a good grasp on most areas, if you find that your lack of knowledge in a specific area is slowing you down or worse, costing you money, it might be time to bring on a business partner to fill that gap. Just be sure you are absolutely clear about why you are bringing on the extra set of hands and how you expect it to contribute to your bottom line before you sign anything.
Access to Networks
Knowing the right stuff is essential but knowing the right people is critical to a small business’s success. And the right business partner can help grant you access to new communities of clients or funding or other partnership opportunities that you simply wouldn’t get without them. Like filling knowledge gaps, be absolutely clear what you want from potential partners before signing anything and then, be prepared to compensate them appropriately.
Too Many Mouths to Feed
Every small business owner has more demands on their time than they have hours in the day. But much of those demands are to complete tasks that you can easily delegate or create processes to improve efficiency. But what happens when you have a lot of important decisions to make and not enough time to properly analyze your options? What happens when you’re so busy doing what’s urgent, you can’t dedicate the time to focus on what’s important. The answer might lay with getting a business partner. Look for someone you trust to run with the ball, and has the ability to lead when you’re not around.
Bringing on a new business partner is a big decision that should not be taken lightly. But with the right help, you can find your business, and life, running smoother than ever.