Strength in Numbers: Taking on a Business Partner

I have always kept to myself, for the most part. I enjoy spending time alone and find it funny that many of my friends would rather be surrounded by a large group of people than by silence. So when I came up with a few business ideas that I felt had potential, I mulled over these ideas in my head and on paper and even with my husband, but didn't share them with anyone else.

A while back I gained a client for whom I developed a website, and during the course of our working relationship we found that we had a lot in common. I decided to talk with her about one of my business ideas, and from that phone meeting our ideas began to soar. Eerily enough, many of our ideas were the same, and when we began talking about them they got even better. She had some insight into how to work one particular idea and I had some insight into one of her ideas that might make it even better.

Since then we've decided to go together to work on these ideas, and the payoffs have been great. I operate my marketing company alone, though I do have contract workers for various projects. This means that everytime I have an idea or want to pursue something, I do this on my own.

Having a business partner to pair up with has really alleviated some stress. With a business partner I can now:

• share ideas
• share the expense of operating the start up and the company
• share networking opportunities

For instance, my partner knows someone who deals with a certain business, which is they type of business we needed to contact and connect with to make one of our ideas soar. She's also located on the east coast, which is great because she has the insight into what works out there while I know what can work in California. Her strengths lie in the day to day running of a business, such as knowing what your profit margin should be, how to mark up products and the best way to keep track of expenses and profits.

I'm more the creative type. I have a way with words and designs, or so I like to think! I can come up with creative slogans.

Together, we really have made an extreme change for the better in the ideas that we were mulling over when we were working alone.

If you are considering opening a business, you may want to think about going in with a partner, or at least spending some money on hiring a consultant who can do these same things for you. Honestly, two heads are often better than one, as long as you find the right head to connect with! You'll want to make sure that your business partner:

• has the same vision as you
• can back that vision up financially if/as needed
• balances out what you may lack and strengthens what you can add

Don't forget to sign a contract, either. While you may think that you will always be best friends with your best friend, even after becoming business partners, there is always the chance that something will go awry. You want to make sure that if this does happen, you'll both be leaving the company with what is entitled to you.