How to decide when your small business is ready to work with partners

By Emma Sturgis

Being in charge of your very own business is often a lonely endeavor. Not only are you left with making all the major decisions on your own, but you’ll also feel vulnerable as the only person in this particular boat. If you’re looking to change this difficult situation, you might be considering taking on a business partner. This is a big move for you as an entrepreneur and for your burgeoning business, but it might be the right call if you meet certain criteria. Here’s how you know it’s time to look for a business partner.

You don’t have the time and energy to run the business on your own

Managing all the affairs for an entire business is often too much work for a single person to handle. If you find you’re incapable of keeping up, then bringing a partner on board might be the best way to make the business more manageable.

You feel the business could grow further with new ideas

Sometimes, a business owner feels that they’ve already exhausted their mind’s contents of creativity and new ideas. If you find yourself in this position, then your business would benefit from the addition of another mind at the top of the hierarchy. A new partner would bring their own well of experience and a novel set of ideas, giving your business the chance to branch off in exciting new directions.

You fear your skill set is too limited

Even the very best owners have certain weak points. The key to overcoming your limitations is recognizing your weaknesses. Once you acknowledge where your skill set is lacking, you can look for partners who would compliment your own abilities. This will create a better rounded leadership team that can more effectively deal with a wide range of problems. A partner for your business will also provide your clients with even more products and services, resulting in increased income and customer satisfaction.

You want long-term collaboration

While you can hire employees, consultants, and managers to help you run your business, all of these individuals are essentially mercenaries. They have no dog in the hunt, and they’ll abandon the enterprise as soon as a better deal comes along. Partners, on the other hand, will be in it for the long haul.

If you find yourself in the situation described above, then you know it’s time to look for partners. Finding the right person or people isn’t always easy, but modern resources are here to help. Between digital networking and online partner solutions, you should be able to build a leadership team capable of taking your company to the next level.


Emma Sturgis is a freelance writer based out of Boston, MA. She writes most often on health and education. When not writing, she enjoys reading and watching film noir. Say hi on Twitter @EmmaSturgis2.

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