Finding a good business partner is like finding a needle in a haystack. I mean, it's so hard to find someone who looks great in headshots with you, you know? Check out the photo of my business partner, Brittney, and me below. The perfect match, if you ask me.
All jokes aside, the failure rate of partnerships is high and can be extremely frightening. Choosing a business partner is crucial to your business's growth and also to your own mental health. I got lucky with mine, for sure, but we've also put a lot of work into it.
Brittney and I briefly crossed paths while we were working for the same company in an extremely toxic work environment. We'll save the stories for another day, but the point is we both knew that we never wanted to run our future businesses that way. After reconnecting years later, still having those same values, we knew it was time to break free from the toxic rut and take matters into our own hands. Enter Strategy Maven Agency, our boutique digital marketing agency that helps brands create and implement their marketing strategies via organic growth methods such as email marketing, SEO, copywriting, and social media opportunities.
If you're lucky enough to find a partner you want to work with, there are a few key factors you should consider before taking the leap. Or, if you're trying to improve your relationship with your current business partner, I hope I can give you some clarity.
Communication and honesty
"Communication is key." You've heard this a ton, in a bunch of different contexts, and that's because it's true. You have to consider your future business partner like you would any other relationship. Owning a business will lead to a lot of vulnerable moments, and that's when communication is your most valuable asset.
Here are some questions to ask yourself:
Are you ever hesitant to share information with them?
Are you ever worried about how they'll react to something?
How about you? When they're frustrated or scared, how do you react?
One thing we do to ensure we're communicating effectively is just to ask how the other is feeling. And we can trust that we'll both answer honestly. We're not just asking for the sake of asking—we really want to know. If one of us is feeling overwhelmed, the other encourages them to take a break or even a short vacation.
Of course, communication and honesty come into play with business transactions too. Because of our past experiences in toxic environments, it's super important to both of us to have a say in who we choose to work with. If one of us has an unsettling feeling about a client, for example, we always talk about it and won't work with them out of respect for each other.
Skills and connections
What do you and your potential business partner bring to the table? Do your skills compete with one another? It's tempting to pick a partner who thinks just like you or has the same professional background—it's easier to connect with someone like that. But when looking for a business partner, you want to find someone who complements your skills instead of replicating them.
Brittney and I knew early on that we had complementary skills. Brittney is the analytical genius, and I'm more on the creative side of things—both necessary skills for our industry. For example, if we're working with an email marketing client, I'm all about the aesthetics, writing enticing copy, and CTA placements, whereas Brittney looks at testing methods, previous analytics, and SEO trends. Having both perspectives is what makes us so good at what we do.
Having different backgrounds also means bringing different connections with you to the business. No matter what industry you're in, connections will matter, so you want to be sure that each person is able to bring in a different set of people to learn from and work with.
Work ethic and support
Having a matching work ethic gives Brittney and me peace of mind—we both know we're always doing our best to accomplish whatever goal is at hand. Yes, we may have to carry one another every so often for a particular reason, but it's reciprocal. No one person is bearing the brunt of the work. In fact, Brittney and I always argue about who has the better work ethic. She says it's me, and I say it's her (awwww).
And that brings us to the support side of things. No one will know the struggles of your business and what you're going through more than your business partner. They're living it too, so they understand the toll it takes.
A few weeks ago, I wasn't sleeping well, and all I could do was work work work every single day. Brittney could see that I was exhausted, so she encouraged me to take some time off. I couldn't bear to take more than a day, so we agreed that I would take a full Saturday off: no phone, no computer, no checking emails, nothing. Turns out it wasn't that hard being away—because I trust Brittney, I knew things would be handled while I was out.
I came back refreshed and ready to go, and I absolutely wouldn't have done it if Brittney hadn't encouraged me to.
Resources and finances
Our business started as a side hustle, which meant that Brittney and I both continued to work or freelance before going all in. We made it clear from the very beginning how much time each of us could dedicate while still working our jobs, so there were no surprises. And although neither of us has children yet, this is something that we've discussed as far as how that may affect our business when the time comes.
If you or your partner has a family or other responsibilities—or even if it's a future possibility—have that conversation early on and set clear expectations. Brittney and I signed an operating agreement, which is important to have at the start so that expectations are clear and roles are defined.
Maybe more important, you need to set clear expectations about finances. Money is always awkward, but it's absolutely essential to discuss it before getting into business with someone.
We were lucky in that our industry generally has a low barrier to entry, so we didn't need to invest a ton of money upfront. We each were able to contribute the same amount of money in the beginning, and all of our growth has been through organic (non-paid) digital marketing and advertising methods. But if you're going into an industry that has a lot of upfront costs, there will be a lot of T's to cross and I's to dot in terms of who's contributing what and how it affects your partnership—both emotionally and legally.
Beyond that initial investment, you also want to consider the relationship each of you has with money. Make sure you agree on how the business's money will be spent (or saved) and what financial goals you have for yourself and your business.
Of course, the most important factor is patience. It took Brittney and me years to finally take the leap to collaborate. A decision like this shouldn't be rushed—you need to be sure it's right for the long haul.
Now go out and find the Brittney to your Amy.
This was a guest post from Amy Hage, co-founder of the digital marketing agency Strategy Maven. Want to see your work on the Zapier blog? Read our guidelines, and get in touch.
