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Sometimes the partnership comes first, and the partners decide on a sector and brand together. Other times an individual knows what they want to do and how to do it, and recruits partners for the journey. Or they do it themselves, partnering with a franchise brand.<\/p>\n\n\n\n
So, when should you consider having a business partner?<\/p>\n\n\n\n
If there is an obvious partner already in your life – <\/strong>Your spouse\/friend\/sibling\/ex-colleague might be experienced in the sector, have great contacts, or have the exact skill set you don\u2019t. If there isn\u2019t an obvious partner around, think carefully before DMing distant contacts on LinkedIn or taking someone you aren\u2019t 100% confident about.<\/p>\n\n\n\n
If you have a clear weakness or blind spot –<\/strong> If (for example) you cannot for the life of you compute numbers, or can\u2019t drive, or love people but can\u2019t work a computer, a partner can be the Ying to your Yang. <\/p>\n\n\n\n
If you need extra capital – <\/strong>Financially, do you need a partner to get enough cash to start the business? <\/p>\n\n\n\n
If you have other commitments – <\/strong>You might need an Operator for your business who\u2019s invested in its\u2019 long term success<\/p>\n\n\n\n
Remember the 50% of Nothing Trap – <\/strong>It\u2019s easy to give away half of a business that isn\u2019t worth anything yet, but if five years later it\u2019s valued at \u00a31m, you might be looking out for a time machine. <\/p>\n\n\n\n
Although franchisors won\u2019t be able to work \u2018in\u2019 your business with you, working with a leading homecare franchise<\/a> is in some ways akin to having a business partner. One who specialises in brand, digital marketing, compliance, recruitment, systems, and more. One of our franchise partners described it as having a \u2018highly motivated management consultant\u2019 available at every step of the way. I think <\/em>that was a compliment\u2026<\/p>\n\n\n\n