How To Know That You Don’t Need A Business Partner Yet

How To Know That You Don’t Need A Business Partner Yet

There are so many reasons to have a partner in a business, so many reasons for partnership business and so many reasons for going into business with a partner. You can complement yourselves and you can do so much together. What you should know is that there are moments when you don’t need a business partner yet.

This article is meant to enlighten us on those moments when we will be so wrong to pick a business partner. Remember, this is not an extreme case but given what is obtainable in the business world, it will be a wrong move at these moments.

Related: How to find the right business partner in Nigeria

We will work on six moments or rather, six reasons you don’t need a business partner yet. At a later time, you will definitely have to work with partners. That is to tell you that we are not downgrading the importance of having partners, rather, we are preparing you to be better equipped to handle partnership business.

Below are the reasons you don’t need a business partner yet.

Tips On How To Know That You Don’t Need A Business Partner Yet

you don't need a business partner yet

  1. You are not sure of the business you want to start

Why would you need a business partner when you have no idea what business you want to start. This is fundamental to any partnership. Before you enter into any partnership agreement, you must have figured out the business you want to run. It is quite basic.

Therefore, before you start looking for business partners, you have to worry about the business you want to start.

It is true that you can brainstorm on an idea and start it up with the friends you worked with on the idea. This is, however, very risky. You can also pick people who have little or no skill and startup a business only to find out that they don’t have equal passion with you. They could leave when you need them most.

  1. The prospective partners have little to no experience

You need people that will complement you. When you have people that are good in areas that you are not, then you have the right set of business partners. If you fill your partnership team with people with the same skill set or with people who have little or no skill, you could be in for a serious trouble.

Related: Tips for choosing the right partner for your business

In situations like this, it is better you start out alone until you can find the right people than to have people around you who will not make it easier for you.

  1. You have a different work ethic

The skill set required to start a business is different from the passion needed to run a business. While it is advisable to have a partner who has a different skill set so as to complement yours, it is very wrong to have someone who lacks the same passion, drive, and enthusiasm for the business you want to start as your partner. They can infect the other team members and your business could crumble in days if left unchecked.

At any time you find people like that available to you, you are better left without partners than have such partners. When you faced with this scenario, you should know that you don’t need a business partner yet.

  1. You hardly agree with people

Most of the things we have shared today are about the partner. You could also be the problem. Yea, it is quite possible that the reason you don’t need a business partner yet is due to certain traits you possess. If you are the type that will have widespread disagreements with your potential partners, it will be wrong to bring them onboard just yet.

It takes two to work together and two cannot work together unless they agree. It is quite fundamental to the success of your startup that you partner with someone you can agree with or ditch the idea of partnership entirely.

  1. You are interested in retaining the largest portion of the shares

Most disagreements among partners arise during the percentages discussion. Everything about the business is about having to get profit. When the profit comes up, everybody is alert. When you want to retain the largest share of the company, it is best you start alone and handle most of the preliminaries before bringing people on board so as to avoid the unhealthy scenario of bickering over money you have not made.

  1. Your company is easy to set up

Lastly, there are businesses that are so easy to set up. Such businesses will not require the help of a partner at that early stage. You can partner at an advanced stage when you have it all sort out so that you can control the negotiations.

Under this setup, you will just have to employ a few staff to take care of the production and marketing of the business products and/or services.