If you’re an entrepreneur operating in a vacuum, chances are you’re feeling stagnant. No one, especially an entrepreneur, should work alone. Entrepreneurs need someone to bounce ideas off of. They need to have someone to whom to be accountable. Should you have a business partner? Maybe you don’t need a partner, but you may want an accountability partner or referral partners.

You probably started your business because of a particular area of expertise and have and a niche at which you’re extremely skilled. Do you know how to do everything required to run a successful business? If you don’t or if you’re not sure, you may need to find a referral partner or an accountability partner.

What do you do with the tasks at which you’re not skilled, like marketing, design or bookkeeping, for example? If you try to do it all, without relying on the strength of trusted partners, you will spread yourself too thin. Look at those items that are not within your core competency that are taking you away from your business and find a way to outsource or partner with someone who can help you with what you aren’t great at and who would benefit from your expertise.

Should You Have A Business Partner?

  • What do you need in a business partnership? What skills do you want your business partner to bring to the table? What do you have to offer in return?
  • Spend time getting to know your potential business partner. Don’t just jump into a relationship simply because you feel the need to find someone, anyone. A business partnership requires mutual trust.
  • Virtual or face-fo-face partnership? With today’s technology you can certainly find a business partner who doesn’t live in your city or state. You do need to have expectations for communication — how often, for how long and an agenda to make the calls mutually beneficial and useful.

Do you need a business partner? What are the pros and cons to you and for your potential business partner? Determine that and move forward.

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