Partner up: Starting a business with someone else

Starting a company is never a simple job. When you first begin, you will have a lot of work to do, and most of it will be well out of your comfort zone.

From the legal side of things to the money you have to manage, there’s a wide range of roles you’ll have to take on. In a lot of cases, the best way to handle this is with the help of a partner; someone you share your business with in return for working together.

To help you out with your own efforts, this post will be exploring some of the things you’ll need in your own partnership.

Your partner

The very first area to consider is the things your partner has to offer you. In a lot of cases, one partner will do most of the work for the startup, while the other provides the funding. Of course, though, there are loads of different jobs to do, and you will probably find your own balance, Below, you can find some of the qualities you should always look for in a business partner.

• Trust: The work you’ll be doing with your partner will often be without a contract or legal document to back it up. Even when it is, this sort of arrangement will still require a good deal of trust. Whether you’ve known them for a long time or they’ve put in a substantial investment, there are loads of ways to build trust in business. Along with this, you also have to make sure that you’re trustworthy.
• Experience: Of course, trust won’t be the only thing which will keep your business going, and you’ll need a little more to make the best out of what you have. One of the best tools at your disposal for this will be experience. Qualifications, time in the field, and any other credentials in this area can be useful. Ideally, you should be aiming to cover as many bases as possible with your combined histories.

Your relationship

Along with the qualities you find in your partner, you should also be thinking about the relationship you have with one another. Drawing the line between professional and social can be very hard, especially when you’re working with someone you’ve known for a long time. This can make it hard for both parties to stand their ground.

• The divide: To solve this issue, it’s always worth thinking about the divide between work and ownership which is balanced between you and your partner. As part of this, you will have to decide who has what responsibilities, along with how much you both own and earn. This should be all agreed before you start working properly. This will avoid any conflicts, along with creating a good understanding amongst the company.

Making it official

When you’re working on your own, you can often get away with operating as a business which doesn’t need to be registered. As a partnership, though, you’re going to need a little more than just work to consider yourself a business. Below, you can find some information to give yourself an idea of the work you’ll have to do at this stage.

• The law: For a new business, one of the most important jobs you need to do is getting yourself set up as a proper company. While making everything official, this sort of action serves loads of benefits, with the biggest being that your business has the power to act as an individual body. Using another method, you would be working for yourself, not the organisation you’ve worked hard to create. This can open the doors to risks like financial liability.
• Getting some help: Setting yourself up as a business will take a lot of work, from the application to the documents you’ll have to sign. Starting a company with yourcompanyformations.co.uk, though, would give you the chance to avoid all of this. With a professional agency behind you, it will be a lot easier to get setup with your partner properly. With something as complicated as this, it’s often best to leave it to the people with the most know-how.

Hopefully, this post will inspire you to start working harder on the time you put into your business partnership. Using an option like this will not only improve your chances of success, but it will also give you the chance to explore avenues which were never possible before. For a lot of new companies, having two instead of one can be the difference between failure and success.