8 Reasons Why You Need a Business Partner
November 28, 2007 - Written by Gyutae Park
Many 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.
- 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.
- 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.
- More manpower
More people simply means you are able to get more done.
- 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.
- 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.
- 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.
- 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.
- 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?If you like this post, subscribe to the RSS feed. Get the latest updates delivered straight to your email or news reader.