8 Reasons Why You Need a Business Partner

November 28, 2007 - Written by Gyutae Park  

handshake.jpgMany people think they can go about this Internet world alone and keep all of the profits for themselves. Although a few people have gone this route and have been successful, in the long run it is much better to find a business partner and work as a team. Lone rangers, beware. Below is a list of benefits a business partner provides.

  1. More ideas
    Ever hear of the saying that there is strength in numbers? Well this case is no different. A business partner means more ideas coming from different backgrounds.
  2. More perspectives
    Now that you have some ideas, a business partner can help you narrow down the list by offering unique perspectives and opinions that you yourself may not have been able to think of. This is a good thing and can save you time and money later on.
  3. More manpower
    More people simply means you are able to get more done.
  4. More specialization & skills
    Not only are you able to get more done, but tasks are done more efficiently because people have different skills and areas of expertise. You may love marketing but hate programming and web design. Find a skilled partner who enjoys these tasks and you’re well on your way.
  5. More time
    Because you are splitting the work with your business partner, you have more time to pursue other projects or interests. This would probably not be the case if you were at it alone.
  6. Motivation & support
    A business partner provides motivation and support. Not only can you ask each other questions and bounce ideas, but you can encourage one another and pick each other up in difficult times. Also, by having a partner, you will most likely work harder because there is pressure to perform and to not let the other person down.
  7. More contacts and networking
    Networking is huge in the Internet world and having a business partner means you are able to leverage more contacts to create relationships that benefit your business.
  8. More money
    Some people are wary of partnering in business because they don’t want to split the money pie. However, what they fail to realize is that in most cases, more people means more money. The pie will be bigger in the end and even though you may have to split it, you’ll receive a much larger sum of money. Furthermore, a business partner means you can reduce risk and split the initial monetary investment required to start your Internet business.

Do you have a business partner? What have your experiences been in working with others on your Internet ventures?

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Posted in Articles, Business Motivation
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Comments

13 Responses to “8 Reasons Why You Need a Business Partner”

charles on November 28th, 2007 Subscribed to comments via email

Great tips you got there Gyutae. As others will say or an old saying says “Two heads are better than one”.

 
The University Kid on November 29th, 2007

The more skills part is the most important one, I think. I’ve found partnerships a great thing in the past as it complements both parties- whilst I’m decent at the writing part, on the technical side I know next to nothing. Partnerships change all that, of course :D

 
ninja.s on November 29th, 2007 Subscribed to comments via email

Very nice post with some great ideas. I think that having a parter is beneficial in many ways, but just make sure it’s someone you get along with. :)

 
Gyutae Park on November 29th, 2007

@charles
Good quote. As long as the other person isn’t a complete idiot, I think 2 is better than 1.

@The University Kid
Yep, I agree. I tend to view myself as a jack of all trades but I’m trying to go away from that and specializing myself more on marketing and SEO. If you need a partnership with that, let me know. :)

@ninja.s
Compatibility is definitely a big factor. Arguments and disagreements are counterproductive to a working relationship.

 
canadian dollars on December 6th, 2007

Great information. Having a business partner will definitely allow you to check your ideas and give them a second thinking before bringing them to market. Great advice. Awesome blog. You’ve converted me as a new subscriber!

 
Nick on December 6th, 2007

I think that #6 hits the nail on the head for new sites and new ventures. A partner helps to keep you going when results are still not quite there.

 
Chris Brewer on December 13th, 2007 Subscribed to comments via email

I’m looking for a partner for investing in the new corporation, StutterFree Inc. Need advertising capital. sitting on a gold mine, but have no cash. see the web-site.
Chris Brewer

 
Jerlene on December 18th, 2007

I have a hard time trusting people so trusting people with my business would be extremely difficult.
I like hearing other peoples’ ideas but I usually just go with my ideas.
As for more perspectives, I can always ask clients.

 
Chris Peterson on April 7th, 2010

Great topic you have shared. We will get better benefit in so many ways if we having partner in our business life.

 
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