Dolce & Gabbana, Christopher Kane & Tammy Kane and Viktor & Rolf are famous successful fashion brand partnerships the question is....
Do You Need One?
Running a business is hard and by this point we're sure that you have heard this many times and so the help of someone else who is invested in a business concept with you could prove to be a great.
The obvious benefit of working with another person is the extra brain power you can tap into.
Having someone to bounce ideas off of, make decisions and going to meetings with etc.
A partner can also help the business to move at a faster pace being that each partner can focus on specific roles.
Another huge benefit is that you have the advantage of someone who understands what you are going through which can be helpful, because sometimes friends and family may not be able to fully appreciate your experiences.
There are however drawbacks to having a partner if you do not choose the right one/s.
Getting along in a partnership is really important, you will be together through good times and bad and so you will have to make sure that you are partnering with the right person.
Finding this person also may be tremendously difficult.
Why? Well think of it like a romantic relationship, do you just get together with the first person you meet who wants to be in a relationship? Probably not.
This is the same with choosing a business partner. Although not romantic, you still need to choose wisely. Maybe you're thinking that you can partner with your friend or family member, but this may not always be a wise choice. Just because you get on with someone in one aspect, it does not mean that you can get on with them in business.
Types Of Business Partners
There are different types of business partnerships that you can have.You can have a partner where you split the business with 50/50 or you can have partnerships where you can collaborate with another business.
Collaborations can enable you to work with another business person or people to complete a task/project whilst maintaining control of your own business, with the reduction of risk being one of the key benefits.
It is entirely up to you how you would like to run your business. Whether you decide to 'do it alone' or 'partner up' you will be in for an interesting journey, where you will learn a lot enabling you to grow.
Please let us know your thoughts and comment below.