Double Your Chances ... With a Partner

Before you’ve done it, it’s pretty intimidating to think of starting a new business. At least it was for me, as there’s so much to learn.

Sure, you need to know what you’re going to sell, then develop it or source it, and you’ve got to find customers along with the finance to get going. That’s bad enough, but then there’s company and tax law, various rules and regulations, not to mention employment law if you’re going to have even one staff member. In summary, it’s hard to start a new business and that’s why I think everyone should think long and hard about the possibility of setting up with a partner.

We all have a variety of strengths and weaknesses. I must admit that I was fairly blind to my weaknesses when I was young and inexperienced. Life and some serious knocks, alongside a fair bit of success, taught me better. The thing is no two people are the same. So when you add a partner to the mix, you will find that they can do things that you can’t, and you in turn will cover some of their areas of weakness.

The saying “a burden shared is a burden halved” is true. It’s easier to cope with the disappointments, find a way around the roadblocks and make hay when the sun shines, when there are two of you driving things.

At the start, if you don’t have a partner, and your business grows, then you will need to employ staff. It’s a big jump from no employees to even one, both in cultural and financial terms. If there is more than one founder, it’s a smaller step.

When you examine most business success stories, you will find two key people involved. Even when one has a high media profile, dig around and you will often find a quiet second-in-command with complementary skills. Just look at hi-tech. Steve Jobs? Think Steve Wozniak. Bill Gates? There was Paul Allen.

If you want to start a successful business, then put a lot of effort into finding a good partner. It’s the simplest way of more than doubling your chances of success.