From time to time I get asked this question: “Does it make sense to partner up with another person to build my online business?â€
I have mixed feelings about business partnerships and I’ll tell you why. First of all, most partnerships don’t end well. Usually in the beginning everything’s rosy, but then at some point both partners want to go in different directions, and this is where things can get messy. Here’s a few Pros:
You Get To Leverage Each others’ Strengths
There’s going to be things you’re very good at, and things you suck at. By having a partner, you get to both make up for some of your weaknesses, and leverage someone elses’ strengths.
For example, you might be very good at the communication side of things – like writing sales copy, or having 1-on-1 conversations with a prospect to make a sale. Your business partner may be much better at the numbers side of things, like creating ROI reports on the last few traffic sources you paid for, and then allocating where you spend the rest of this month’s marketing budget.
Building Your Business Can Be A Lonely Experience
There’s a lot of time that you’re to spend alone. Sometimes it’s good to have someone to share the journey with you. To be your cheerleader, and vice versa. Think Berkshire Hathaway, one of the most valuable company’s on the planet run by Warren Buffet and Charlie Munger.
They’ve been working together for decades, and have often said, “We’ve had disagreements, but we’ve never had an argument.†This is an example of what two people who are a good fit together can accomplish in business.
Then again, here are a few of the downsides of a partnership:
There Will Be Disagreements
There’s no two ways about it, you’re going to have them. Most of us entrepreneurs are strong willed people – we believe we’re right, and we know best. When your partner is also strong willed, this can create a lot arguments. Too many of these, and eventually someone is going to want out.
One Partner Feels They’re Putting In More Effort Than The Other
Often, this ends up being true. In the beginning both partners may be putting in an equal amount of work but eventually one person starts to feel they’re doing more than the other.
When they bring this up, it can lead to conflict, and this can be the point where things unravel. You don’t have to look that far to find famous examples of big business’s that came apart because the partners had a disagreement.
So should you partner up with someone in your online business? It depends. If you’re going to do it, here’s a few tips:
- Get everything in writing. Know upfront who’s responsible for what. Have clear boundaries on which parts of the business you’re responsible for, and which they’re responsible for.
- Leverage each other’s strengths. They’re going to be much better at certain things than you are. So play to each others strengths.
- Really get to know each other first. You could be working together for a long time, so you want to know everything you cans about that person, and they about you.
When you do have two people who are a good fit, the results can be amazing.vAn example is Bill and Michelle Pescosolido, from Texas.vTogether they’ve been able to make over $1 million from just one online income stream.
Michelle has focussed on doing the Facebook traffic side of things (most of their leads come from Facebook). Bill is a master at communicating with prospects, writing copy and putting together funnels. Together this husband and wife couple have created this incredible synergy, where 1 + 1 = 3.
Watch this short video to hear more about how they’ve been able to make their business partnership work, and also what kind of lifestyle it’s produced for them.
If you want to leverage the same income vehicle they are using to make multiple six figures from, then go here. Whether you have a business partner or not, this income vehicle can work for you. You need at least 30 minutes a day (more is better), and you need to be coachable. It’s just $1 to get started.