THE HIDDEN TRUTHS ABOUT BUSINESS PARTNERSHIP

From The Desk of
Chudi Onyemeri
Lagos, Nigeria.

Dear Friend,

Over four years before I stepped into Entrepreneurship, I've been thinking long and hard about becoming a successful entrepreneur. Although I had a day-to-day job that pays well as a journalist and Editor, that didn't get me excited like the idea of owning a business. I'm sure I'm not the only man that daydreams about the freedom one can have from starting a thriving business.

Because my education and work experience is in the marketing and public speaking, the natural thing for me to do is start a small business in those industries.

And that was what I and my partner did when we started a business known then as Potsherd Human Development Company. The journey has been worthwhile and enjoyable I must say. Because had been alone, i would had left it for something else, but the frustration was evident in my pocket and my personal life. I am sure I would not be ale to handle the pressure by myself, thanks to my partner in business and friend, Tade Esan.

Today, I like to show you some hidden truths of business partnership that helped I an Tade along the way. Starting and growing a business is difficult for anyone but you can cover more ground and improve your chances of success by joining up with the right person and operating as a partnership. If you are thinking of starting a business but cannot decide if you should go it alone or work together with someone else, this article will help by discussing the five most important advantages you will have if you start out with a partner.

1. Your Partner Will Bring In Additional Skill Sets

In addition to the obvious benefit of adding capital to your small business, your partner will also bring in their own unique skills.

Those skills could be related to new business or marketing techniques, or they could even be technical skills that will help you understand your products in a better way. If you feel that you need some additional expertise in running your business, then you could scout for a suitable partner with the required skills. You may be able to utilize their skills in a specific business area, in exchange for a share in the profits.

If you are planning to venture into unchartered territory, then you will definitely need someone with experience in that field.

Having a partner with a lot of new knowledge will also help convince your clients to make a purchase by providing them with better information.

Your partner could also help you enter a new territory for which your present skills were not sufficient.

2. Your Partner Can Act As Your Mentor

If your partner is more experienced than you are, then they could act as your mentor.

This will motivate you to strive harder, especially if previously there was no one to coax or push you ahead. This will result in reawakening your passion for your business.

If you and your partner have many of the same skills, then a healthy competition could result in increased business.

3. A Partner Can Banish Loneliness
Being a sole proprietor can be a lonely job. By taking on a partner, there will be someone to share your accomplishments with, applaud you on your successes and to comfort you during setbacks.

A personal bond often develops between partners that transcends business matters. If you fall ill or are unable to handle your business due to illness or other personal problems, your partner will be able to step in and handle the load.

4. A Partner Can Provide Alternatives
An idea that seems just right to you may not sound equally impressive to your partner. A partner serves as an extra set of eyes – they can warn you if they foresee any risks in your ideas. They may be able to come up with alternative options for the same problem.

5. A Partner Can Bring In New Contacts
Your partner will probably have developed his/her own network of contacts that might prove to be useful for your business. If you find that you want to expand your business, then you will need not only capital, but also another partner who is capable of taking over the new management duties.

Your new partner can take care of the new business, while you continue to manage the existing one, thus helping you to spread your wings.

If you have been eying a running business that is up for sale but are unable to buy it for yourself, then perhaps you should consider taking on a partner who is willing to put up some money.

Picking up a partner who can not only buy the business, but also help in running it could be a great opportunity for both of you to join forces to be successful.

Thus, in addition to getting more clients, you will also have access to new suppliers or vendors. You could probably even get your hands on new employees your partner recommends.

This influx of new talent will result in smooth growth for your business.

6. A Partner Can Help You Expand

If you are running the business yourself, it can be difficult to expand. That’s when partners come to the rescue; they take charge of additional responsibilities and help you undertake new ventures.

7. A Partner Can Help You Take a Break

As a sole proprietor, you could be working 24/7. A partner can take up the slack when you want (or need!) to take a break. This will truly refresh your body and mind - and you shouldn’t mind when your partner decides to take his or her own break.

Bringing a partner into your smooth business can be of tremendous help as you run your small business. Consider the points above, and then make the decision that is right for you.There might come a time in your life when your small business starts to expand rapidly; and in order to grow and survive, you will need to think about adding on a partner.

You should be able to recognize the signs, so that you can find the right partner at the right time.

8. A Partner Help you T achieve your Peak Physically and Financially

If you feel that you are working too hard and that it is physically not possible to put in any more effort into your business, then you know that you need someone to help share the load.

Financially, if you can't manage to invest any more money in spite of your business success, then it could be time to inject some outside capital into your small business.

If you feel that you need some additional expertise in running your business, then you could scout for a suitable partner with the required skills. You may be able to utilize their skills in a specific business area, in exchange for a share in the profits.

If you are planning to venture into unchartered territory, then you will definitely need someone with experience in that field.

9. A Partner Help You Plan To Exit from the Business In The Near Future

If you have plans to sell your business for any reason, it would be a good idea to pick up a partner, teach him or her the ropes of your business and then transfer your shares when you exit the partnership.

This will ensure that your clients get used to dealing with your partner while you are still in the business. This benefits you partner as well, as they will be ready to run the show on their own once you have made your exit.

10. A Partner Help You Retire Early
If age is catching up with you and you do not suddenly want to sell your business, then taking on a partner will ensure that the baton is carried forward once you have retired from the partnership.

In this case, you can act as a mentor and guide to your partner until he or she gets the hang of running the business. Don't discount the idea of taking on someone much younger; often, a young partner can also bring in fresh, new ideas.

Taking on a partner has many advantages. The key is to recognize the signs that it's time to get some much-needed help.
By the special grace of God, I will be showing you next week, Five Mistakes People Make In Selecting a Partner And How You Can Avoid It.

Stay Rich And FREE,

I Remain Your Millionaire Friend,

CHUDI Onyemeri
coachchudi@gmail.com
+2348030868300