March 21, 2011, 5:00 am

If I Didn’t Have A Partner, I Would…

by: The Financial Blogger    Category: Alternative Income,Business,Make Money Online
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aloneMy partner is gone for 2 weeks. He was originally heading towards Japan the very Friday they felt their first earthquake. Not to tell you that he didn’t go for his 30th birthday dinner with Geisha service. He was headed on a cruise. Nonetheless, he’s gone for 2 weeks. This got me thinking about “MY company WITHOUT a partner”. I started wondering a bunch of stuff starting with;

IF I DIDN’T HAVE A PARNTER,  I WOULD…

MAKE MY OWN DECISIONS, ALL THE TIME

This line sounds nice. I would really like to make all the decisions. To be able to take the direction I want whenever I want. I could buy the sites I want and go towards other areas that we haven’t yet explored. I could enter into specific partnerships when I deal with people based on a time bound contract instead of keeping the same partner all the time. I would not have to debate about this or that nor wait until I receive an “approval” on his part to do make some changes. I would not have to send emails, set conference calls and communicate all of my ideas. I could go and directly input each one of my ideas as they come. This would be much faster, exciting to be alone managing my own stuff, really.

WOULD NOT BE CHALLENGED

It’s not only about decision making, but about being challenged as well. I can’t complain too much with my current partner as we agree most of the time. However, I would rather be able to make my moves without having to think of letting someone else know and debate about my decisions. I like to take risks and leverage in the name of growth. My partner doesn’t like leverage as much as I do. Therefore, each time we talk about borrowing money, we need to agree on the terms… sometimes, it’s not exactly what I want.

WOULD NOT HAVE TO MAKE COMPROMISES

As partners, we always have to make compromises. It’s like having a second wife! You want to go right, he prefers left, you have to end-up in the middle. On top of that, he is my friend, so I have to be careful as I don’t want any discussion to turn into an argument. This is already making a compromise even before opening my mouth!

MAKE WAY MORE MONEY

The problem with a partnership is that whatever you are making, you have to share it with your partner. Therefore, if I made 8K last month, I must correct myself and say we made 8K, I only made 4K. I could already live from my online income if I wasn’t in a partnership. I would be able to work on my own and live the good life.  Each time I receive a check, it would be like depositing the money directly in my account. Instead of sharing the money with my partner, I could keep it all and share it with my wife and kids. This would be the real life. Here again, this sounds like a lot of fun too!

MY BUSINESS WITHOUT A PARTNER…

Man, this sounds like the perfect life, right? I’m sure you thought of all these disadvantages of having a partner working with you. While reflecting I ended-up thinking that my business without my partner… would be nothing at all.

Yup, read it right. If you thought for a second that I was serious in this post; you are wrong. In fact, I was thinking of all the things someone could say to get rid of his partner or not to have one. But the truth is that, without a partner, I would be without a company as well. The true reason why we are in a partnership is that because I am 50% of the company and he is the other half. We would be close to nothing without each other. In fact, we rarely argue about anything and this is an amazing thing to be challenged (this allows us to keep the company on track, all the time).

Definitely having a partner in my company is a must. And to be honest, it’s a lot more fun this way!

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Comments

The more I run businesses, the more I see that companies are fundamentally human organizations …. they’re as good (or as bad) as the people within them. Having a partner, or a few partners, to help you out means that your strength comes from the also-talented people around you. I know the word “synergy” is overused (meaning, the sum is greater than all of the parts), but in great biz teams its often true.

Is your partner a buddy? or someone that you met through work only?

by: The Financial Blogger | March 21st, 2011 (10:22 am)

@Evan,
He is my best friend and my son’s godfather. We met back in 2000.

In opportunities past, I definitely valued having a partner to push and pull me and the business to success.

Partners definitely aren’t for everyone, though. To be quite truthful, I enjoy the ability to make my own “executive decisions” without review. That said, I also enjoyed having someone to bounce ideas back and forth with before making any big decisions.

Partner or no partner, it is definitely a good idea to have others interested in what you’re doing, and to seek out some kind of advice, suggestions, etc from people you can trust, even if they have no stake in the business. For something like a web-content business, having others use your site without knowing how exactly everything works like you do is a good way to get a look at how the “average web visitor” sees what you have to offer.

I completely hear what your saying. I tried to do my first internet site without a partner and the increased workload led to a quick burnout. I found I couldn’t spend enough time doing what I was good at (writing) and spent way too much time on the parts of the business I wasn’t good at (everything but writing). This is pretty natural when you consider that obviously if you are not efficient at one aspect of your business it will take up a lot of your time.

Now I have found a great partner who is much more experienced and knowledgable about site design, html coding, SEO and the million other parts of running a blog I need help with. This allows me to focus on producing content, which I find much more enjoyable and fulfilling.

by: krantcents | March 21st, 2011 (6:46 pm)

If this were not true, there is no reason for a partnership, but you know that already.

This is an excellent post. It hammers home the saying ‘two heads are better than one’. I guess it makes complete sense as all successful business owners have partners.

Bill Gates had a partner, Richard Branson seeks the right partners for every business he launches, even Warren Buffett has a partner.

My question is however, what insights do you guys have when it come to choosing the right partner, how do you go about finding them, what qualities do you look for and how do you determine the equity split? Any thoughts on this?

Having two people running your blog, whether it’s two people writing or one writing and one handling the technical, is a great strategy to grow and prevent burnout. It does limit certain things (like income), but I see way more positives than negatives.

by: The Financial Blogger | March 22nd, 2011 (7:01 pm)

Just a quick update: I just talked to my partner (who is still on vacation). He told me that I should have seen his face when he started reading this article (he wasn’t aware of it 😉 ). Imagine if I was badmouthing him? hehehe!

@Alex,

You need to find someone that is complimentary to your skills. I’ve written in the past about this topic. You can find more info in the “alternative income” and “make money online” categories.

@Echo,
it doesn’t only prevent from burnout but pushes each other to our limit.

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