How to Start a Consulting Business
10 step complete guide for starting a consulting business from scratch.
A business partner is a partner in a business formed by two or more individuals to carry on a business as co-owners or partners. Typically, the partners in a business invest in the business and each has a share in the profits and loss of the business.
Partners in a business can include individuals, groups of individuals, companies, and corporations. General partners participate in managing the partnership and have liability for the partnership debts and obligations. Limited partners invest but do not manage the partership.
Partners can be paid employees, but can also have a share in the ownership of a business but not work for the business.
Finally, a business might have different levels of partners. For example, there might be junior or senior partners, which is often the case in professional services partnerships like law firms and accounting firms.
To form a partnership, you just need to register the partnership in the state where it is going to do business, and create the partnership operating agreement, which defines what each partner is responsible for, the different types of partners, how the partners will be paid, and how to handle changes in the partnership. Take a look at the section of this guide on business structures to learn more about different business structures, including partnerships.
Some people may want a different role in the partnership. For example, some want to contribute more money while others may not want to contribute any money but want to work in the business and earn a salary. Some partners are willing to take on more responsibility and liability, while others want less responsibility and liability.
Don’t confuse different types of partners within a partnership with the types of partnerships (general partnerships, limited partnerships, and limited liability partnerships). A general partnership may have only general partners, while a limited partnership may have general partners and limited partners. A limited liability partnership has no general partners. And, all partners in a limited liability partnership (LLP) have limited liability.
The best partners are often people you knew before you started your new business and formed a partnership. Great business partners almost always have had a prior history of working effectively and productively with each other.
If you think you’ve found a great potential partner but you don’t have that kind of history, then find ways to test working together by trying a few smaller project. You don’t want the first time you have to work through a disagreement to be at a crucial point in the early stage of your business.
The best partners also agree on vision. When partners work against each other, the business suffers and fails.
Strong partners also take the time early to talk candidly about money. It’s very tempting to skip the tough conversations when you starta. new business. Both of you are excited about the idea and are busy with all of the details. Some founders just decide to split equity equally.
But this can lead to problems. In fact, conflict among partners is one of the biggest reasons many businesses fail.
Good partners know who the real leader is. You can’t lead a company by committee and expect success. Every great company has a visionary leader and someone else great at operations and execution. But, partners much recognize and accept that when they disagree about something, one founder has the right to make the final decision.
Great partners also understand how committed the other partner(s) are to the business. Be clear on how much time you can devote to the business and how your other committments (an outside job, family, travel, health, etc.) will impact your contributions.
The best partners also have compatible skills. A technology company with only engineers will likely fail. One with only visionaries will fail too because it won’t be able to build anything. Having partners with complementary but different skills offers unusual benefits and leverage.
Great partners also have compatible leadership styles and personalities. If you work at different times of day, at different paces, and rarely talk, it’s hard to understand the benefits of partnering. So, while you don’t want partners with exact leadership styles and personalities, you want people who are compatible.
Finally, great partners are comfortable talking about what will happen if the partnership fails. Few companies last forever. Whether you sell your business or go out of business, you need to decide how you'll collaboratively deal with those situations.
Start by evaluating your co-workers at your current or past jobs. It helps to choose a partner with whom you have working experience. That's because you already know how that person works, what motivates them, and whether they’re reliable.
Many people go into business with a friend. Experts often advise against this because a business partnership can quickly destroy even the strongest friendship. That’s because startups are hard.
You can also take advantage of networking at in-person and online events. If you meet people at such events, find a few small projects to work on together before you decide to partner with them on a new business.
Many people partner with a family member, like a sibling or cousin. This can sometimes lead to lots of friction within the family if and when the business fails.
Finally, you can attend a business course or conference and look for people who can complement your skills and personality.
Here are 10 strategies that will help you to work well with your business parter.
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