4 Necessary Steps to Partnering Up with a Friend
When you finally have that brilliant aha moment you typically envision the next few steps and few years to be a solo journey towards success. You envision being the CEO of your company and the face of your brand. You imagine making all the decisions, answering to no one, bringing in all the money and calling all the shots. Isn’t that why you went into business for yourself to begin with? Well, at least one of the reasons.However, have you ever stopped to consider finding a business partner to share this adventure?I know I hadn’t considered this. It never dawned on me to bring someone on as a full fledge partner for my new business. I always thought of myself as the lone entrepreneur. It wasn’t that I didn’t want to share my success (or profits) but I wasn’t exposed to other women who had partnered up.When I was writing my book, Women Entrepreneur Revolution: Ready! Set! Launch! I interviewed several women who had started a business with someone else. Some of the women were close friends with their business partners while others were introduced to one another by mutual friends. All of them spoke enthusiastically about the value of the collaboration and the speed at which they were able to reach their milestones. That made my ears perk up immediately. They spoke so highly of the relationship they had formed that I decided to open myself up to the idea. Boy, am I happy I did that.In many ways it felt like I’d grown up. I realized that I didn’t have all the skills to build the business I dreamed of and that by bringing on someone with complementary skills I could build something larger and entirely more sustainable. In fact, I wanted to share this journey - even if that meant that someone had an opinion on the business and a share in the profits. Wouldn’t the profits and impact be even more grand when two people are putting in the time, energy and intention? These are the lessons I learned from women who have had successful partnerships.
1. Be choosy
You need to select someone who has the similar values and the same level of integrity. Sheer enthusiasm isn’t going to cut it. What skills, experience, and connections can they bring to the business? Interview them like you would a stranger and have them sell you on why they’re appropriate. Also, it’s smart to chose someone who has complementary skills to your own. If you’re strong in terms of operations, then make sure they’re strong in another area like marketing or technology.
2. Be clear on your vision and goals
Clearly share with them what your goals and vision are for the business – and do so before you move forward. Do you want to build a part time business or do you want to build a million-dollar business? Do they have the same vision? Are they willing and able to quit their full-time job in order to completely commit to the business you’re creating? Ask the hard questions now.
3. Get everything in writing
You may be friends but you’re going into business together and that dramatically changes the dynamics of the relationship. Not only do you need to do all the legal pieces that are necessary for a partnership but go the extra mile and create your own partnership contract that spells out the division of duties and what to do when certain things arise. Let’s say a producer of the Today Show calls and only wants one of you to attend. How is that determined? Creating a partnership contract, reviewing it as questions arise and revising it periodically will save you hours of misunderstandings and heartache down the road.
4. Refrain from micromanaging
Yes, it may be your idea and your baby but allow your partner to do what she does best. If she excels in marketing and networking, which is my business partner’s zone of genius, let her do her magic. Trust that she is doing what needs to be done. Discuss with one another how you like to work and how you will manage one another (and yourselves) so that there are no surprises that could cause conflicts.Partnering up with a friend to launch a business can be an incredibly scary proposition. It can bring up your own issues around relationships, feelings of scarcity and twinges of self-doubt but it can also allow for true collaboration, increased creativity and potentially a damn good time.
Have you considered entering into a partnership with a friend? What has held you back? Let's hear from you in the comments below!