You’re a small business owner and feeling stuck. This happens at all stages—during idea brainstorm sessions, product development, and even after you’ve made thousands in profits. And right now you’re not sure which direction you want to take your small business.
So to clear the fog, it can be appropriate to bring in another head; one who isn’t stuck in the stuck-zone.
This person? Your business partner. Someone with expertise and a history of results; investors, and friends with big solutions. But when is the time to introduce a business partner to your small business?
1. When business is booming
When profits are coming in from every avenue, the success is amazing. But it’s also overwhelming. The stronger your sales become, the higher your revenue, and the more responsibility you have as a small business owner.
If the responsibility isn’t handled correctly, you may find yourself:
• Burned out
• Stressed out
• Tired out
While you might spend 60-80+ hours in the office now, it’s not necessary. Bringing on a partner to help with the influx of orders, customers, and product inventory can bring relief while also strengthening the business. And the two of you can construct a business plan to manage all new customers and orders more effectively than if you were on your own.
2. When business is slowing
On the opposite scale, when business begins to slow down, a partner can help speed things up.
A slower season—especially if your small business is season-dependent—provides you ample time to address current needs and weak points in your business model.
Strengths and weaknesses might be hard to pinpoint; however, your partner—depending on their expertise—may have an easier time identifying aspects of your small business that is causing a shortage of sales.
Together, you can also implement a new (digital) marketing strategy to ramp up customer engagement and increase product outreach to other businesses.
3. When business is expanding
Or you’re looking to expand it.
Expansion can come in many ways; partnering with other businesses in your industry, creation of a new product in a similar and/or new niche, or opening more stores across the state or country.
Expansions rely on flowing revenue streams, additional product inventory, product development, thorough communication, and marketing plans. While expanding, you may also have to hire new team members and co-workers. But implementing these changes will be a headache to handle by yourself.
You’re only one person. Although you may think that you have unlimited mental and physical capabilities, you may be burning yourself out. Hiring a partner to help offset changes, developments, and responsibilities will take a load off you while also aiding the expansion.
But when it’s time for you to decide on a partner to develop your small business further, it’s best to hire an expert in your field. Be wary of choosing a friend or family member because close relationships cause an imbalance of power, communication issues, and additional complications if the partnership doesn’t work out in the end.