It’s the start of a fresh new year, and it’s safe to say that most of us are looking for a clear path toward growth.
But instead of diving straight into marketing tactics and strategies, let’s take a step back, tilt our heads, and consider whether we should make a new business partnership in 2024.
Whether you’re the sole owner of your business, already partnering with people, or thinking about starting a new business this year, the question “To Partner Or Not To Partner” should be one that you consider.
Why?
I’m a huge fan of partnerships, and I’ll explain why in just a minute. But to sum it up —
Entrepreneurs often blaze ahead (or stagger forward) with a vision, a goal, and the weight of the world on their shoulders! But a good partnership can lighten that load so you can achieve more success than you would by yourself.
According to the Small Business Administration, only 13% of businesses in the USA are partnerships — after all, partnerships can be tricky — but before you write off starting a partnership this year, check out my 3 reasons why you should partner up in 2024.
1) You Get To Stand In Your “Zone Of Genius”
It always makes sense to operate from your strengths and not your weaknesses.
Whenever you can do that, wherever you can do that, you’re onto a winning strategy. And let’s face it: We all have things that ignite our souls and come easy to us, as well as other things that drain us and trip us up every time.
But when you don’t have a business partner, you have to handle it all.
Yes, you can hire high-level team members (if you have the cash), but a business partner completely “buys in” to the business. They invest to a whole other level than most employees, and want your business to succeed as much as you do. That’s a powerful thing. It can make the company so much stronger.
Now, this comes with a critical caveat (and it’s a major reason why some business partnerships fail):
Don’t Partner With People Who Are Too Similar To You.
Look for someone who compliments you and shares your values and vision, but who brings a different skill set.
You want someone who thinks differently than you and approaches problems from different perspectives. For example: John Grimshaw is the CMO of Smart Marketer and one of my business partners. We bring entirely different skill sets to the table, which I love! It’s what makes this whole thing work so well.
This person isn’t always easy to find. But maybe as you’re reading this, a potential business partner comes to mind that you haven’t considered before.
Ultimately, when you’re able to stand in your “zone of genius”, all of your energy can go to a place that is truly transformational for the business. It’s like pieces of a jigsaw puzzle — you, your partners and your team can come together to make a beautiful, holistic picture.
2) Somebody Has Your Back
Being in business can be a lonely grind — especially if you’re the Founder and the buck stops with you.
And while this might feel okay at first (I mean, you’re a rockstar, right?), the truth is that if you’re not careful, it’s a recipe for burnout.
If you’re reading this, you may already be feeling the strain.
But when you find the right partner and set clear and thoughtful boundaries, you have backup when the inevitable curve ball comes your way. And, again — that somebody cares as much as you do about the success of your business.
When John had a baby, he was able to take paternity leave while I kept the ship afloat. And when I get married in Italy later this year (woohoo!), I know that John will cover for me so I can step away and fully enjoy my wedding.
But it’s not just covering for you when you need a break; the feeling of being on this adventure with other people makes the experience so much more vibrant.
Humans are meant to live in families, in villages, in groups of people — and the reason for this is safety, love, and enjoyment. We’re happier (and more effective) when we’re in a community with other human beings.
It decreases your risks in life in many ways, and a business partnership works the same way.
3) Your Employees Will Thank You
My last reason you should consider taking on a business partner in 2024? It’s better for your team.
Whether you lead a few freelancers or a thousand employees, when you have business partners it’s simply a better experience for your team. They can draw different benefits and support from the diversity and strength that each business partner provides.
Different people connect with different leaders and leadership styles. And ultimately, when your team is happier and more fully supported, that translates into more success for you.
So, while this isn’t a one-size-fits-all solution for every business, this is 1,000% something you should consider from time to time. For me, having business partners makes my experience in digital marketing so much richer, more exciting, and more stable.
Do I make less money? I may get a smaller piece of the pie, but together we’ve baked a much bigger pie than any of us would have on our own.
If you pick the right person (or people), a business partnership can be a fulfilling experience and a phenomenal growth strategy.
Are you in a business partnership, or are you thinking about starting one? We’d love to hear your thoughts or questions!
