You may think starting a house cleaning business with a partner might be a faster road to success. After all, you can get more things done with a partner to rely on…. or can you?
When it comes to establishing a business partnership, you don’t want to jump in feet first without taking a few precautions. No matter how good the opportunity looks or how popular your potential business partner is, it’s important that you protect yourself and your business. This means taking things slow and making smart decisions.
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Do Your Research
The first thing you should do if you’re considering partnering with another entrepreneur is to research your potential partner. You’ll want to look at their business history and see what projects they’ve been involved in previously.
If you find elements in their history that you don’t like, don’t ignore the warning signs. You don’t want to partner with someone that has bad business practices because then you’ll be associated with them in the future and this will damage your business. This could make it hard for you to grow your business later on and it could ruin your professional reputation.
Shared Values = Happier Partners
If you’ve researched your potential business partner and like the way they do business, then it’s time to consider who they are as a person. Not all personality types mesh well with each other and in the excitement of a partnership, it can be easy to overlook personality conflicts.
Ideally, you want to partner with someone that has similar business philosophies but different gifts than you do. This will allow you to connect over shared values while still showcasing both partners’ talents.
For instance, you may have administrative and tactical skills, but not the marketing and advertising that is needed to find customers for your business. Maybe you’re a procrastinator and find it hard to implement your ideas. You would benefit from someone who could take the ball and run with it… this would actually make a great team!
Look Before You Leap
Before you take on a business partner, you should know that there are a variety of commitment levels that can be involved. You might partner on a project, single product, or brand, such as with a joint venture to grow your business. But keep in mind that the greater the commitment, the greater the risk. That’s why it’s usually best to try something short term first.
If you and your partner agree to a short-term arrangement, this provides a natural conclusion to your partnership. This is helpful if your partner doesn’t hold up their end of the deal or if you decide the project isn’t right for you anymore. But if you start with a long-term arrangement, it can be harder to make a graceful exit and you could find yourself having to deal with litigation concerns.
A short project for your startup to see if you are a good fit could be in the planning stages. Divide the work according to your strengths and weaknesses. You can decide to move forward to a full business partnership if your proposed partner can deliver to your satisfaction. If not, this is the time to go your separate ways.
Download this FREE Cleaning Business Checklist as a planning tool to start your residential cleaning business and to divide the tasks for your partnership trial run.
Set Goals that are in Sync
When you decide to partner with another entrepreneur, make sure you both have clear goals. You and your partner need to know the goal of your venture because goals help you determine if your project is succeeding or failing. They’re also a good way to see areas where you can improve your business.
Business partnerships can be fun and financially rewarding. But remember to be smart during the early stages of your partnership and take some time to really get to know your partner first.
Making the Decision
Many relationships have gone bad due to a disagreement in business. For more in-depth information on business partnerships, “Partnership or Partnersh*t” is about relationships and why those people issues are more important to plan than the business itself. People issues are much more critical than anyone can imagine. I highly recommend this book before you start or quit a business partnership.
There are many benefits you could take advantage of by forming a business partnership – just make sure you select the right person or you’ll never see any of those benefits!
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