If you’ve ever considered starting your own business, then you’ve probably thought of the many obstacles lying ahead: From securing funding for startup costs to structuring a sound business model and pitch that catches the attention of investors, there’s a lot to get done.
Since starting your own business can be incredibly risky, many entrepreneurs choose to enter into a small business partnership. Going into business with a partner has many advantages for both parties. For one, you’ll have more financial resources and connections; you can also collaborate together on everything from your logo to pricing your product or service.
It’s reassuring to know that many the largest companies around started as partnerships, and even now, many of those founders still work together in some capacity. Take Paul Allen for example: As the co-founder of Microsoft with Bill Gates, Allen claims that Gates kept the company on track conceptually over the years, while Allen eventually took on a role as a strategy consultant.
Jerry Greenfield and Ben Cohen, co-founders of Ben & Jerry’s, both share the same vision for their company: According to Greenfield, the two both believe that business should use its power to address social and environmental issues, and not merely turn a profit.
As you can see, partnerships can take on many forms. It really boils down to what you’re looking for as a business owner. So, how exactly do you find the perfect business partner? Fundera shows you how in eight easy steps:
