Running a business on your own, especially if you’re a first-time entrepreneur, can be daunting. There’s so much to do . . . so many mistakes to be made . . .
So it’s understandable that you’d consider having a partner to share the decision-making and the risk.
I felt the same way. After running my content marketing firm on my own for 13 years, I decided to start a second business with a good friend.
Without going into the gnarly details, I’ll just say: it didn’t work out. At all.
If you’re considering taking on a partner, think carefully first: 70% of business partnerships fail. I’m not telling you that to scare you (much), but to open your eyes to the fact that, while it might seem like a good idea right now, you need to reflect on whether you will still feel that way in the future.
In retrospect, I look back and can learn some lessons from my failed attempt at working with a partner. May these lessons help you should you decide to partner with someone to start a business.