There are probably a dozen reasons why you should never have a business partner. I would be lying to you though if I told you I hated mine. In fact it is the complete opposite. I truly value their friendships. That is the problem. It is incredible difficult to give a friend constructive criticism. It is also, difficult to take it from them as well. This is why I advise against it all together.
It is funny because my mentor told me this when I started my business. But, like many of you I didn’t listen to the advice I was given. See my mentor lived through this. He had failed businesses with partners and didn’t want to see me make the same mistake. I didn’t listen and now I am running into some of the same issues. We are still running the business successfully however, I am just writing this post to give you some insight into the issues you will run into.
The first problem you will notice almost immediately is that everyone thinks they are doing more work than their partner. We used every damn application in the world to task and schedule things that needed to be accomplished. I came to the conclusion that none of this mattered. Because, it is only human nature to think your stuff is more important than their stuff. If you completed five things, in your brain you will think you did a ton of crap for the business and the dude who did 2 things is completely useless and does nothing.
That happens regularly. It doesn’t matter how many meetings you have someone will always feel undervalued. They will feel as if their work is not appreciated and that they are hustling hard as hell for the business. That creates massive amounts of resentment. It festers, and leads to conflict. Eventually the relationships and friendships deteriorate and the business could fail.
Another aspect of this is work schedules. Especially, in the beginning where no one is making ANY money. Your business partners have jobs, families, friends and it gets extremely hectic. Finding times for meetings and what not is not always an easy task. So, remember scheduling conflicts make running a business difficult between members.
Also, sometimes knowledge is not fully shared. This can be a major benefit and a downfall actually. Let me explain! Sometimes there are people you partner with that have much more knowledge in a particular side of the business than you. This is terrific because it will absolutely help the company grow quicker. However, the bad part is you rely heavily on that person for that knowledge.
You might rely so heavily on that person that you fail to even research all of it because you are busy with other stuff. This eventually led to three different people knowing three different things about the business and not fully understanding everyone’s job.
Eventually this leads to resentment based on miss communication and lack of understanding of everyone’s core tasks and added workloads. As you can see we have looped all the way back to the second problem in a business partnership.
So, these are things you need to keep in mind when opening a business with partners. You all need to sit down and have a long discussion on business roles and responsibilities. After this you need to make sure grievances are openly spoken in order to prevent resentment.
Communication is absolutely paramount to running a successful online business. Communicate regularly through WhatsApp, task each other through Asana/Trello, and schedule meeting times via google and you will be much better off.
Until Next Time,