Starting a business on your own can be daunting. Not only are you the sole source of capital, you are responsible for coming up with all of the ideas, procedures, skills, talent and energy to keep your business going. Taking on a business partner splits those stresses in two and brings in a second set of eyes, ears and hands.
Since no two people are identical on the inside, a business partner will come with an additional set of skills. While you may have great experience in marketing, your partner could be a technology expert or excellent with customers. Your partner's areas of expertise may even complement your own, bringing out all the both of you have to offer your business. Additionally, you could probably learn a lot from your partner. He or she can teach you technical skills while you can show him or her how to conduct a marketing campaign. If you have many similar skills, some healthy competition may foster higher quality work and increase business.
One of the biggest advantages of working with a business partner is collaboration. While working together on a project or plan, you'll have two sets of eyes going over your materials, two minds to come up with ideas and strategies, and two hands to conquer any physical labor. If you have equal stake in the business, you should have equal stake in the work.
You'll also have two people doing the leg work for your start-up business. Your partner's background may include many different contacts you otherwise wouldn't have had. His or her contacts may include access to different suppliers, vendors and potential employees.
As you work with your business partner, you will likely forge a bond that could develop into a strong friendship. You will have someone to share the work load with, but also share the joys of your successes and accomplishments. If you are unable to handle your work due to illness or grieving, your partner can fill in for you. Also, you can afford to take a vacation here and there as your partner can cover for you while you're away.