3 Pros and 3 Cons of Having Business Partners

enero 25, 2019

3 Pros and 3 Cons of Having Business Partners

Debating whether or not it’s time for a business partner? This video and article will help you weigh out 3 pros and 3 cons to running a photography business with a partner.

Con #1: Fighting Is Part of the Process

If you get along seamlessly with your future business partner, this isn’t an indicator that you will succeed; it’s more likely that you won’t. In every single business partnership, you are going to run into conflict, tension, and disagreement. Business partnerships are far more similar to marriages where you need to be able to get into a fight and come out of it with the relationship intact and stronger because of it.

Con #2: Multiple Opinions To Consider

Being in a business partnership means that your time isn’t just your time anymore. It is now dedicated to your partners and business. You need to provide an equitable contribution, equivalent to that of your partner(s). You now have to take into consideration what’s best for your partnership and business.

Con #3: Longer Decision Making Process

The decision-making process is an obvious aspect that transforms with the addition of a new individual’s beliefs and opinions (especially large decisions). Compromise is crucial.

Pro #1: More People = Diverse Set Of Skills

Your partner is bound to come to the table with different skills and experience simply because they are not you. Having that diversity allows you to delegate tasks and focus on your talents and abilities.

Pro #2: Division Of Labor

Identify each person’s strengths and weaknesses to help you determine areas of expertise that you each choose to specialize in. By dividing the tasks based on skill and interest you create a synergistic effect. This will be better for the overall quality of work output and efficiency of your business.

Pro #3: Companionship and Morale Boost

Going into a business by yourself can be lonely. Having business partners helps in leveling out the emotional roller coaster that comes with being an entrepreneur. If you know yourself well enough, you’ll immediately understand whether or not your personality works best by yourself or with others supporting and helping you.

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About the author: Pye Jirsa is a wedding photographer based in Southern California and the co-founder of SLR Lounge. The opinions expressed in this article are solely those of the author. You can find more of Jirsa’s work here.