The Advantages of Starting a Business With a Partner
Most entrepreneurs, whether they’re starting a dropshipping store or other business ventures, tend to one-man it.
Its benefits are clear. You’re your own boss, you call all the shots, and you’re not financially tied to anyone else.
But while there’s much to enjoy from going solo, there is some truth to Aristotle’s words: The whole is greater than the sum of its parts.
Having company on such an exciting journey presents a whole other experience and has equally much, if not more, to offer.
In fact, most of the entrepreneurial duos we’ve interviewed all have had something positive to say about the business collaboration and their partners.
In this post, we’ve compiled some of their experiences to give you a clearer idea of the benefits of partnering up.
Let’s get straight to them.
It Allows You To Play To Your Strengths
Even before Mandie and Aubrey jumped into running a business together, they were already both “very much about the hustle” and were constantly bouncing ideas off each other.
It’s something they still do to this day. And as ecommerce partners, they delegate duties based on their personal interests and strengths.
Mandie hunts for new products, something she loves doing.
Aubrey, who’s good with lists and numbers, takes charge of other tasks like organization and handling customer service.
Or, from Mandie’s point of view, she’s able to offload tasks she doesn’t enjoy to Aubrey.
“I hate all of that. Sucks the life out of me. I just can’t,” says Mandie.
While they’re both more than capable enough of running the business alone, it would mean missing out on creating synergies.
“We were just capable of doing more together than we were separate,” says Mandie.
In fact, the collaboration has been so successful that just the thought of going solo generates a sense of dread.
I would hate doing it solo. – Mandie
It Strengthens an Existing Relationship
No business is without its own risks.
For Yuliya and Mike, it was not only their online store that was at stake – it was their relationship, too.
The now-husband-and-wife team had been dating for five years before deciding to join entrepreneurial forces.
“I said, ‘Oh my God, we’re either gonna break up or get married,’” says Yuliya.
But it all worked out and the couple eloped a year later.
And because they’re intertwined on so many levels, it didn’t take long for the couple to realize how unproductive and unprofitable fighting with each other was.
Today, they have a bond that’s stronger than before.
“We’re really good at systems and streamlining things, including fights. So it’s like, ‘Okay, we’re gonna be over this in like 30 minutes,’” says Mike.
If you really wanna expedite, is this person a yes or a no, start a business. You’ll know really quickly. – Yuliya
Jack of all trades? Or the master of one?
With so many aspects of running a business, it’s impossible to fully specialize in all of them.
One crucial part of teenagers Lachlan and Taylor’s dropshipping success came from bringing their different knowledge together.
What Lachlan brought to the table with his ecommerce experience, Taylor complemented with his digital marketing skills.
Together, they generated $70,000 in sales in one of the toughest months of 2020 – in the middle of the coronavirus lockdown.
It Helps You Learn
When it comes to ads, Facebook is the go-to for many ecommerce business owners, including serial entrepreneur Kamil Sattar.
So when the time came to launch another business – this time with a partner, Jasmine – Kamil was ready to jump on the avenue he’d already come to know so well.
But Jasmine had another strategy up her sleeves: Twitter influencers.
Cheaper than Facebook and certainly under-utilized as a marketing platform, Jasmine’s plan worked beautifully.
In just three months, the pair generated $22,000 in sales from their Twitter strategy alone.
“Jasmine taught me Twitter influencers. Without her, I wouldn’t even know this stuff,” says Kamil.
But It’s Not Always Fine and Dandy
From the above stories, the advantages of running a business with a partner should be clear.
But before you jump ahead and start hunting down a co-founder, know that such partnerships can break as much as they can make a business.
As with all relationships, things are never always smooth-sailing and friction is inevitable.
Pro dropshipper Vlad Gasan is walking proof of this.
A former software project manager at one of the leading tech companies in the world, Vlad was definitely armed with enough industry knowledge when he started a software company with a partner.
But despite his trump card, the pair ended up calling it quits because of a disagreement.
“I realized that we just have different mindsets that are not very compatible and it just became increasingly harder and harder for us to work together,” says Vlad.
Effective partnerships cannot be achieved without tolerance, patience, and understanding.
In a previous post, we talked about the importance of being transparent with your business. This doesn’t only apply to your customers, but wherever any sort of collaboration is involved.
That includes going into a business venture together.
If you decide to partner up and are hoping to reap its benefits, be sure to set and manage expectations right from the beginning.
Finding a partner for a business is even harder than finding someone you wanna marry. – Vlad Gasan