Small Biz Chat:  August 13, 2021

Partnerships: Pros and Cons

There’s a lot of moving parts when it comes to running a business.  A partnership offers an opportunity to spread the work and the burdens but for people who like to be in charge it can be a challenge.

This week, Jennifer Denney and Lorraine Ball chat with Jon Tsourakis about the pros and cons of partnerships

What we discussed …

There are formal and informal partnerships.  In both cases, you need to get to know yourself and the person you are thinking of partnering with.

digital toolbox icon full set techtips grey

Pro: Balance

If it’s a good partnership, it’s going to be balanced. Each partner can work on what their strong suit is and what they’re interested in, and vice versa. That is a force multiplier in itself.

digital toolbox icon full set techtips grey

Pro: Better Ideas

Another benefit to partnerships is, bouncing ideas off one another. As business owners, we can go crazy coming up with new content and such. As partners you can coach one another. 

digital toolbox icon full set techtips grey

Con: Different Opinions

Sometimes in partnerships, it is hard to put egos aside. However, the fact of the matter is, you have to if you’re going to be in a partnership. You also have to be as direct as possible, even if the other may not like what you have to say.

digital toolbox icon full set techtips grey

Con: Making Decisions

There is going to come a time when someone has to have the final say. However, figuring out who has the final say may be a struggle in your partnership. 

Drop by the Community

The Small Biz Chat’s are just one of the many resources, tools and tips you can find in our Facebook Group.  Share best practices, ask questions and learn from other business owners just like you.