Do As We Say, Not As We Do: You Don't Need A Business Partner

Do As We Say, Not As We Do: You Don’t Need a Business Partner

We see you sitting on that brilliant business idea because you’re not sure if you can handle doing it alone. We get it! Co-founders of Mango Marketing Co., Alicia and Natty, were both solo entrepreneurs before going into business together, which is why they both strongly believe that you absolutely do not always need a business partner. Going into business with friends can definitely work, but it will almost always be tricky. Here are our thoughts on what to consider before going into business with a partner and/or friend.

Consider the facts

Just because you love and adore someone and have fun brainstorming together doesn’t automatically mean you’re compatible as business partners. When considering going into business solo or with another person, think about what strengths and weaknesses you each bring to the table. Do you balance one another out, or are you both strong and weak in the same areas? If you both love the big ideas but struggle with organizational tasks, it’s important to be honest and up front about it.

Prepare for the worst

Although most business partners set out with the best intentions, money and business can bring out the worst in people. Make sure that you have clearly defined goals, legal terms in place, and a plan of action that everyone is held accountable to. It might seem severe to start at this place, but it protects both parties and the business in the future. If a potential business partner balks at these necessary boundaries, that's a big red flag. Exit stage left!

Don’t count yourself out

While it’s comforting to tackle a goal with a friend, don’t sell your ability to do hard things short. If you decide to move forward with your business idea on your own, it’s very likely that you’ll surprise yourself as you rise to the occasion. You don’t need a business partner to be successful! Choosing a business partner for the sake of having one vs. taking the time to find the right business partner can absolutely make or break your business, so choose wisely!

Take it from two friends in business, working well together requires hard conversations, clear communication, legal documents that protect everyone, and healthy boundaries. While going into business with a friend can be wonderful, don’t sell yourself short on the chance of being successful by yourself. We can’t wait to see you win!