Laurel and Hardy. Steve Jobs and Steve Wozniak. Batman and Robin. These are some of the most famous partners of all time, and what do they all have in common? They, along with almost every other successful partnership, work because the two individuals complement one another – both in personality and skills. The same can be said for business, as going into business ownership with someone else will, more often than not, increase your chances of success. Combine that with the well-recognised fact that franchising gives you much higher chances of a profitable business than by going it alone and you’re looking at a recipe for success.
The benefits of going into business with someone else – whether that’s a spouse, sibling, parent or friend – are rather substantial. So, let’s get into the nitty-gritty and really examine exactly why it works so well.
Additional knowledge
Partners can bring skills and knowledge that you don’t possess yourself. You might have a lot of knowledge about the product or service your franchise provides but are not too familiar with how to run a business. Although franchising provides the systems to help the business run smoothly, there’s typically still a certain level of business acumen needed to keep the momentum – and that’s when your partner’s skills are so valuable.
Strength in numbers
Business owners typically wear multiple hats and juggle several tasks at one time. With a business partner, there’s another body to share jobs with – dividing and conquering tasks can help to alleviate a lot of pressure. It also offers the opportunity to put your heads together, for brainstorming and bouncing ideas off one another, and really make the magic happen. And, to top it off, you’ll have the capacity to accomplish much more as there’s more than one of you doing the doing.
Less financial burden
Franchising offers a more affordable way to start a business from scratch; however, it can still be a substantial investment. Launching with someone else can split the cost of the franchise fee, share the expense of getting the business off the ground and ensure a healthy pot of working capital to keep things moving in the future. You will both have your own personal reasons and goals in building a profitable business, and having a business partner helps keep one other accountable and motivated in working towards those goals.
Now you know WHY it’s beneficial to go into franchising with someone else, you might be wondering, “How do I choose this person?” There is never a one-size-fits-all solution to what type of individual works best as a business partner; however, there are specific qualities and traits that may make someone a desirable candidate. Here are a few things to consider when shortlisting for your perfect business partner:
- Work ethic and drive. Do they adopt the same attitudes as you to work? Can you trust they will devote just as much time and effort as yourself to grow the business to its true potential?
- Complementary skills or experience. Whilst it may be easier to find someone with similar experiences and skills as you, it is often more beneficial to the relationship to have someone with expertise in areas where you might be lacking. Allowing each party to focus on their strengths can help propel the business forward in a way that may not be possible otherwise.
- Communication and trust. The ability to talk and be open with your partner is key, as you need to make decisions as a unit. Similarly, if you disagree about something, then you need to be able to work it out and come to a decision in a sensible way.
If you’re not quite ready to take the leap into business ownership by yourself, finding someone with complementary attributes can give you the confidence to take that first step. You might not be a crime-fighting duo, but the next great pairing could be you and your business partner…
