4 Ways the Right Business Partners Can Help You Make More Money

more money

Starting a business on your own can be a very expensive venture. Finding the capital for your startup costs, not breaking even for the first few years, and then having all the financial responsibilities placed firmly on your shoulders every subsequent year can be extremely stressful. And while many business owners, especially those who love the idea of small businesses, want to do each and every step of the process by themselves, bringing in the right business partner can have some major benefits for you—financially in particular. To see how, here are just four of the ways that the right business partner can help your small business make even more money than you could have on your own.

Sharing Resources

If you’re starting up a small business, you’re likely going to find the best partner for you in a person who shares your entrepreneurial spirit. As an entrepreneur, there’s a lot you’ve learned and a lot of connections and partnerships you’ve already made, and your strategic partner likely will have those same things to offer to your business together.

This ability to share resources and information could be invaluable to your company, but it’s not just their knowledge they can share with you. According to Anthony Sills, a contributor to American Express, partners can also share other business functions like sales, HR, marketing, branding, product development and more. Any connections they had also become your connections, too. For example, your partner’s relationship with a Cisco reseller now make it easier for you to get the solutions you need that otherwise would have cost you a fortune, saving you money and making you more money simultaneously.

More Initial Money

Many small businesses are forced to start out slowly due to a lack of funds. This slow start can often be felt for years after the business is off the ground, having a slow climb to ultimate financial success. But with a business partner, Michelle Renee, a contributor to Chron Small Business, states that you now have more initial capital and the ability to borrow more money for your business. This influx of money can give you the jumpstart you need to have a financially successful business a lot quicker than you otherwise would have, proving just how financially helpful bringing in a strategic business partner can be.

Greater Ability to Branch Out

Being in business on your own means you’re generally stuck conducting business that falls under your umbrella of knowledge and skills. While this can make your business profitable, imagine how much more profitable your business could be with the skills and knowledge of another person in your corner. This additional partner can be your key to branching out and expanding your business further than you could have on your own.

However, Rebekah Iliff, a contributor to Entrepreneur.com, gives a warning about choosing a business partner that you hope can open additional doors for you. Iliff states that it’s crucial for you to ensure that your prospective partner shares your vision for the business, guaranteeing that he or she will remain with you even if your future look momentarily bleak. To best find this complementary business partner, Iliff advises entrepreneurs to use their own network and treat the process like dating so you can truly find someone who will help you achieve your dreams for your company.

Another Revenue Generator

While it may seem counterintuitive that having another person on the payroll will help to make you more money, Zeynep Ton shares with Kimberly Weisul, a contributor to Inc.com, that having more people on your payroll who are happy to be working for your company and feel that they’re being treated and compensated well can actually make them extremely profitable revenue generators. The idea behind this is that with more people working on your business, you’re able to conduct more business, and, therefore, make more money. Just make sure your partner is as invested in the success of your business as you are to see the most return on your investment in this area.

No one starts a business hoping to have financial hardships and make minimal profits. However, this is the reality for a lot of entrepreneurs. If you feel that you’re stuck in this rut, consider bringing on a strategic business partner to help you see more potential financial success and make more money with your business.

Starting a business on your own can be a very expensive venture. Finding the capital for your startup costs, not breaking even for the first few years, and then having all the financial responsibilities placed firmly on your shoulders every subsequent year can be extremely stressful. And while many business owners, especially those who love the idea of small businesses, want to do each and every step of the process by themselves, bringing in the right business partner can have some major benefits for you—financially in particular. To see how, here are just four of the ways that the right business partner can help your small business make even more money than you could have on your own.

Sharing Resources

If you’re starting up a small business, you’re likely going to find the best partner for you in a person who shares your entrepreneurial spirit. As an entrepreneur, there’s a lot you’ve learned and a lot of connections and partnerships you’ve already made, and your strategic partner likely will have those same things to offer to your business together.

This ability to share resources and information could be invaluable to your company, but it’s not just their knowledge they can share with you. According to Anthony Sills, a contributor to American Express, partners can also share other business functions like sales, HR, marketing, branding, product development and more. Any connections they had also become your connections, too. For example, your partner’s relationship with a Cisco reseller now make it easier for you to get the solutions you need that otherwise would have cost you a fortune, saving you money and making you more money simultaneously.

More Initial Money

Many small businesses are forced to start out slowly due to a lack of funds. This slow start can often be felt for years after the business is off the ground, having a slow climb to ultimate financial success. But with a business partner, Michelle Renee, a contributor to Chron Small Business, states that you now have more initial capital and the ability to borrow more money for your business. This influx of money can give you the jumpstart you need to have a financially successful business a lot quicker than you otherwise would have, proving just how financially helpful bringing in a strategic business partner can be.

Greater Ability to Branch Out

Being in business on your own means you’re generally stuck conducting business that falls under your umbrella of knowledge and skills. While this can make your business profitable, imagine how much more profitable your business could be with the skills and knowledge of another person in your corner. This additional partner can be your key to branching out and expanding your business further than you could have on your own.

However, Rebekah Iliff, a contributor to Entrepreneur.com, gives a warning about choosing a business partner that you hope can open additional doors for you. Iliff states that it’s crucial for you to ensure that your prospective partner shares your vision for the business, guaranteeing that he or she will remain with you even if your future look momentarily bleak. To best find this complementary business partner, Iliff advises entrepreneurs to use their own network and treat the process like dating so you can truly find someone who will help you achieve your dreams for your company.

Another Revenue Generator

While it may seem counterintuitive that having another person on the payroll will help to make you more money, Zeynep Ton shares with Kimberly Weisul, a contributor to Inc.com, that having more people on your payroll who are happy to be working for your company and feel that they’re being treated and compensated well can actually make them extremely profitable revenue generators. The idea behind this is that with more people working on your business, you’re able to conduct more business, and, therefore, make more money. Just make sure your partner is as invested in the success of your business as you are to see the most return on your investment in this area.

No one starts a business hoping to have financial hardships and make minimal profits. However, this is the reality for a lot of entrepreneurs. If you feel that you’re stuck in this rut, consider bringing on a strategic business partner to help you see more potential financial success and make more money with your business.

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