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Joan Jerkovich “Your” Life Coach~Friend as Business Partner?

Joan Jerkovich “Your” Life Coach~Friend as Business Partner?

I’ve started a new home business and it has finally started to take off to where I can’t keep up with filling orders.  My good friend has been looking for work and has proposed the idea of us going in to partnership together.  I’ve already laid a lot of the groundwork for the business and am not sure about taking on a partner versus hiring an employee.  I’m also not sure about working with a friend.  What do I need to consider here?

First, list all the things you need help with.  If the primary thing you need help with is to fill orders, this is not the job of a business partner; this is the job of an employee.  If you would like to subspecialize within your business, then you may want to consider bringing on a partner.  The business partnerships that work the best are the ones that compliment each other, such as, you like managing the production and distribution side of things and your partner likes managing the administrative and sales side of the business.

That said, you should carefully consider how your two personalities mesh.  A business partnership is akin to a marriage in the complexity and commitment it takes to keep it running smoothly.  Also, a true business partnership takes both of you having some “skin in the game”, meaning, you both invest capital monies toward expenses, equipment etc.  I’ve had more than one person want to “partner” with me in business that had no intention of bringing any money to the table; and they wanted to take home a regular paycheck to boot!  I call those people employees, not partners.  Finally, if you do go in to partnership with your good friend, be prepared to lose the friendship if things go sour.  It can happen…

Embrace your Personal Power with Life Coaching~

  • List all of the things you need help with in your business.
  • Which of these tasks would you be willing to let someone else handle?
  • How do you feel about bringing a partner on after you have done the hard work of getting your business off the ground?
  • Do you work well in partnerships or are you more of a lone ranger?
  • What vision do you have for how you want to run your company and does it include having a partner?
  • Is this a friendship you are willing to risk losing?

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Joan Jerkovich, Board Certified Coach

Joan Jerkovich is a Board Certified Life Coach. Contact her with your questions, or arrange a time to talk with Joan in person on her radio talk show!

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