It is a particularly important decision and not to be taken lightly. As a business owner, I started with a partner which worked well for many years. However, there came a time when it was necessary to dissolve the partnership and for me to become the sole owner.
First, do you really need a partner? If you feel you can do it on your own, it is likely a good idea to at least start that way. If you feel you need someone to share the load so you can balance other things in your life and/or if you feel someone else will bring things to the business you cannot, then you may want to consider partnership.
Pros about Partnership
Cons about Partnership
Practical Next Steps:
A. Write down your criteria for choosing a person. Consider things such as
B. Get advice from others who know you about this decision and who you are thinking of as a potential partner.
C. Have a meeting to see if the person is interested. If so, make a list of the different aspects of business ownership and have a serious conversation about them. i.e., division of duties (i.e., marketing, human resources, program development), hours per week to commit to the business (be extremely specific regarding what the responsibility is and for how much time), how to handle disagreements, how to dissolve the partnership if necessary, etc.). Talk to them about what their definition of success is. Come up with different scenarios and discuss how they would handle it. Ask them what they are concerned about if they enter into the partnership with you.
D. Pray! Having a partner in business has often been compared to a marriage. Therefore, this is a crucial decision that requires knowing the benefits and drawbacks and applying them. Then, make your decision. Do not be hard on yourself. You can only make the best decision you can with the information you have at the time. Make a deadline for decision making.
Next week, we are going to discuss whether Christians should only go into business with other Christians. We would love you to share your thoughts on this!
May God richly bless you this week!
Bonny, Christian Women at Work