One way to surely tire out in running a business, is when you feel the need to do everything yourself. I hear some people say, “I’ll think of bringing in a partner when the profit is big enough to be shared”, and hearing such never ceases to amaze me. It takes us back to my previous DYBR piece; “Laying the right foundation”, where we addressed the mind-set to have in starting-up a business. If all that concerns you about starting-up a business is the profit, then your thought process on the expansion of your business may be quite limited.
Sometimes, these partnerships do not necessarily have to be the contract signed or conventional partnership. It could actually involve you subcontracting out jobs to a partner with a mutual understanding. However, on fairly large business scales, it is quite advisable to sign MOUs (Memorandum of Understanding) between partners to avoid any form of ambiguity in your transactions and delivery processes. The aim of every form of partnering should be to provide your client utmost satisfaction with your service or goods delivery.
Depending on the kind of business you run, it could be fair enough to start out your business by yourself, and consider getting partners in view of expansion. But my point is, one could actually start working with partners from the very start of the business. Partnerships give you room to be more productive and innovative with your business. You really do not have to do it all yourself… and sometimes, the best way to get rid of competition is to partner-up!
People often have this fear of their business ideas being stolen by folks they open up to, with the intention of partnering up with. And in such cases, your intended partner, may just become your competitor. But it is always important to note, that as an entrepreneur you are supposed to take risks. And realistically speaking, there is no idea that one could have, that has not already been thought of, or already being implemented somewhere else. So, you see, It is always worth a shot!