Benefitsthere is an uncommon saying that said that good things come in twos and even the Bible said that “Two is better than one, because when one is down; the other will help him up.” The business world is filled with stories of successful partnerships at both the individual and corporate level. Take a look at some of the most successful companies in the world and you will see they started out as partnerships. Examples of such companies include Youtube, Facebook, MySpace, Apple, etc.
Now for those who don’t know what partnership is, here is a brief definition of what a business partnership is. A partnership is an agreement between two or more persons to finance and control a business. Partnerships are virtually easy to establish; however time should be invested in establishing the partnership agreement. In a partnership agreement, the following arrangements, among others, should be stated:
- The mode of financing the business
- The work that each partner has to do (the role of each partner)
- What happens at the demise of each partner?
- What should be the condition if one or both partners want to dissolve the partnership.
It is strongly recommendable and advisable for an attorney to be contacted to write the partnership agreement. Striking a partnership deal as a startup company comes with a lot of advantages. If you are a new startup company, and you are considering going into a partnership deal; then below are some reasons why it rocks to have a business partner.
below are Seven Benefits of Having a Business Partner
1. You will have someone to cover for you-: One of the greatest advantages of working with a business partner is that they can cover you up when you are on vacation, short break or away on a business meeting. This goes both ways, but is wise to cover for someone else for one or two weeks in order to have your own break.
2. Your company will gain another set of skills-: Having another person to work with you (and hopefully someone not exactly as you are, but somebody to compliment you) will sincerely give you another set of skills. This means that you do not have to waste much time learning new things and you can concentrate on what you do best. Most times, partnerships are good when you bring administrative skills to the table while your partner brings technical skills.
3. There is commitment-: Working with somebody makes you responsible because both of you do not want let each other down. This leads to more productive work. Also, having a business partner makes you accountable; because accountability will assist to keep you on track as you will know that the business operations and finances will be scrutinized by your partner. If you are working alone, you are liable to slack off and easily fall behind.
4. Bringing a partner with cash on board will provide your business with the needed cash.
5. Having a partner will boost the corporate outlook of your company. Venture Capitalists are more inclined to invest in a business where there are at least two partners because VCs understand the power of team work.
6. Partnerships offer moral support and will permit for more productive brainstorming.
7. and finally Having a business partner makes work in the business so easy and enhancing.