Have you ever thought of starting your own business? If you have, then you’re probably aware of all the obstacles lying ahead: From securing funding to structuring a sustainable business model that will win over investors, there’s a lot to consider.
Because starting a business on your own can be very risky, many entrepreneurs decide to enter into a small business partnership. There are many advantages to having a business partner. For one, you can pool your resources and connections so that you can start off on a more stable foot; you can also collaborate together on everything from your pricing model to your logo and branding.
It’s also reassuring to know that many of the largest and most respected enterprises today started off as partnerships. Take Paul Allen for example: As a co-founder of Microsoft, Allen claims that Bill Gates kept the company on track conceptually, while Allen contributed as a strategy consultant.
Another example of a successful partnership is Ben & Jerry’s. Co-founders Jerry Greenfield and Ben Cohen shared the same vision for their company, claiming that business should use its power to address social and environmental issues rather than just turn a profit.
As you can see, partnerships can take on many forms and have many benefits for a business. Ultimately, it boils down to what you’re looking for as a business owner. So, how exactly do you find the perfect business partner for your next venture?
Fundera lays the process in eight easy steps in the infographic below:
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