6. do you need a business partner?

Consider the pros and cons of having a business partner before you decide.

There are a number of good reasons to have a business partner, but there are also many reasons why you should not. At this stage of your life, do you really want to deal with potentially complex relationships? If you do, you must be sure to protect yourself if the partnership fails. A business partnership agreement is highly recommended.

Pros: Your business will benefit from the additional skills, experience, expertise, networks and capital a partner will bring. You will be able to share responsibilities and the workload. You can motivate and energise each other.

Cons: You lose autonomy, risk clashing with your partner and if they are a friend or family member your relationship could suffer. They may not be willing or able to work as hard as you, which could lead to resentment. Winding up the business can be messy.

Make sure you know your potential partner well, that you share the same vision, values and work ethic and that you will be able to have constructive problem-solving debates rather than stressful arguments when facing the normal challenges of business life.

Further reading on this topic: Five questions to decide if you need a business partner; The pros and cons of business partnership; Business Partnership Agreement