If you want to start your own business, or have seriously considered at any point, then you’ve probably also thought of all the obstacles that lie ahead: From securing funding to cover startup costs to structuring a sound business model, there’s a lot to consider.
Because starting your own business can be incredibly risky, many entrepreneurs don’t stake it out on their own; rather, they enter into a small business partnership. Going into business as a partnership has many advantages for both parties. For one, you can pool each others’ resources and collaborate together on everything from pricing models to your branding.
Some of the most influential companies to date started as partnerships, and even now, many of the founders still work alongside one another in some capacity. For example, Paul Allen, co-founder of Microsoft with Bill Gates, claims that Gates kept the company on track conceptually over the years, while Allen eventually took on a role as a strategy consultant.
Jerry Greenfield and Ben Cohen, co-founders of Ben & Jerry’s, both share the same visions for their company: According to Greenfield, the duo both “believe that business should using its power to help address social and environmental issues, and not just making money.”
As you can see, partnerships can take on many forms. It really boils down to what you’re looking for as a business owner. So, how exactly do you find a business partner? Fundera lays out the process in eight easy steps below: