Like anything else in business, there are viable arguments for and against launching a startup with a partner. Some business ideas make the decision obvious, while others require a bit of consideration as to whether a partnership is the best option. In some cases, just planning to hire employees to fill any knowledge or skill gaps makes the most sense. That way, you retain control over the major decisions of the business (and the profits) while relying on an experienced staff to handle the day-to-day. Still, partnering with the right person can provide significant benefits to any startup.
The first obstacle, of course, is choosing the right person to partner with. Many successful partnerships begin close to home. Working with your spouse or a close friend can be very advantageous. You already know each other's habits, quirks, and strengths and weaknesses. Often, two people in a close relationship are close because their personalities are complementary -- each one excels at different things and sees things from different perspectives. These relationships translate very well into the business environment. Starting a business is not an exercise in mastering a single subject. Rather, successful entrepreneurs must become experts in marketing, accounting, legal issues, leadership and every other aspect of managing a venture for success.
If you are looking for an outside partner, be clear about the qualities you are looking for, and don't settle for someone who is just like you. Consider all of the knowledge and skills required to run your business idea efficiently and evaluate your strengths against that list. Then, search for a partner who fills in the gaps as much as possible. Of course, it is critical that you get along well and can work together effectively, as you will be spending more time with your business partner than any other person in your life. Look for someone with a similar sense of humor as well -- laughter goes a long way in getting you through the stresses of a startup.
Working with a partner is usually better than working alone. A partner can provide motivation and pep talks when you need them and help you look at problems from a different perspective. You are able to check in and keep each other on track. Encouragement is invaluable during the long stretches of tedium that come with any startup, and the support of someone close to you, who is working toward the same goal, can make all the difference.
If you choose to partner up for your startup, be sure to lay the ground rules before you begin working together. Decide who is responsible for what, from daily tasks to major decisions. The early stages of a partnership tend to be like a honeymoon...but that feeling will quickly wear off. Therefore, it is critical that every aspect of the business is discussed and agreed upon beforehand. Evaluate each of your strengths, and leave the final decision to one partner or the other. Don't expect to agree on everything, but don't let alternative opinions cause ongoing problems either. If everything from setting deadlines to splitting the profits is worked out before you start, your partnership can avoid the problems of resentment and dissatisfaction that plague many multi-owner ventures.
More than anything, effective partnerships realize that they are in it together. Don't compete against each other (except, of course, for friendly, motivating competitions), but work together to compete against the rest of the world. Develop solid communication skills and trust each other, your venture's success depends on it.
About the Author-K. MacKillop, a serial entrepreneur, is founder of LaunchX and authors a small business startup blog. The LaunchX System includes step-by-step business startup procedures, small business software & more, to help entrepreneurs start a business based on their idea. Visit LaunchX.com for a free Business Readiness
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