There is plenty of business partnership advice on the Internet, and it’s the same no matter where you look: talk, plan, have a written agreement.
Here is some extra advice on forming a partnership between friends that makes all the difference:
Share the Same Vision
Jamie and I share similar visions on many levels, not just about the business. We both have standards of quality that very few people live up to (including ourselves, at times). Neither one of us is willing to settle for less than the best. It’s what makes us so good at what we do.
In a partnership, it’s important to have a common goal. Some people just want to earn a living. Others want to rule the world. Does your vision of where you want the business to be in five, ten or twenty years match the other person’s vision? Each person has personal goals, but in a business partnership, make sure those goals complement each other and don’t vary widely.
Work Habits and Work Ethics
Work ethics? No problem. We both have strong ethics that are very similar, and we apply them.
Work habits? That one took some figuring out. Jamie’s an early riser and has more energy than he knows what to do with at times. Having a lot to do and little time to do it in gets him going, and he’s a veritable dynamo.
I, on the other hand, refuse to get up before the sun has peeked over the horizon, I’m slow to start and I don’t hit my stride until late in the day. I work into the wee hours of the night. I tend to cringe in the corner when the stress gets to be too much, and I have to force myself from becoming paralyzed by pressure. I work slowly – in the time it takes me to do one task, Jamie’s already done five.
It took us a long time to adjust to each other’s work habits, but we made it. In a partnership, you’ll have to recognize how each other works, respect those differences, and find ways to adjust for the good of the business – and each other.
Time Off
Both James and I work ourselves into the ground to meet a deadline. Each of us knows we do this, and we watch out for the other. We can tell when a project has become too much for the other, and then one of us declares a “screw-off day”.
Not everyone is lucky enough to have a partnership like this. In many cases, especially if the business is run from home, you’ll often have one partner who can work on their own without supervision and another who needs guidance. Find the balance that works for you – and watch out for moments when it’s time to take time off.
What Are You Bringing To The Table?
Very important point, here. When we started working together, I had a full time job working for another company. James began the business and by default, ended up doing all the management – scheduling assignments, bidding on projects, writing proposals, negotiating contracts, and so on.
By the time I appeared, there was very little I could offer – it had all been figured out. All I had to offer were my skills. We both agreed that having two people managing would be messy. So what was my contribution to the business?
Well, it took us a long time to figure out that not all contributions to a business are as clearly defined as management tasks. Sometimes a contribution takes on a more abstract aspect, like helping to build a reputation or increasing credibility. I worked so much behind the scenes that I think I became invisible in some ways, even to Jamie.
Building a business partnership from a friendship takes time, effort, compromise, and a lot of patience. It’s not as easy as it looks, and it tests your relationship in many ways and on many levels.
With a good partner and friend, you both need to understand that what you do for the sake of the business has nothing to do with your friendship. If you can separate the two types of relationships and the emotions involved, you’re on your way to partnership success.
[tags]business partnerships, working as a couple[/tags]
