Consider this before going into business...
A podcast I recorded in June recently went live and it got me thinking. What would I tell my younger self when it comes to selecting a business partner and dividing up roles? Perhaps this does not apply to you and you’re a solopreneur. Hats off to you! No matter what, entrepreneurship is not for the weak. Today I am sharing my advice and anecdotes in hope that it helps one of you!
I am not sure I could truly rank any one of these but essentially, these are discussions and thoughts you should consider BEFORE you take the leap and launch your business.
Ask yourself - Do I need a partner? The answer was a resounding YES for me. My lane is very much new business driven. I thrive off the energy people give me. I am an extrovert and I love connecting with people. Even better, I love the adrenaline rush of closing a deal. What I don’t want to do is create content, which is somewhat confusing because I have a personal brand. I love the challenge of working on that on my own time. Professionally it’s a very different situation.
Great, so you’ve decided you need a partner. Are they the yin to your yang? Please say yes or prepare yourself for many a battle. Do NOT hire yourself. Partner with someone who can balance your weaknesses as their very own strengths.
Have a conversation about what your communication standards and expectations are. Again, do this BEFORE you launch. Partnership is a marriage of sorts. You have to discuss the losses as well as the triumphs. More importantly, the losses. What are you going to do differently? Better? This is not about who made the mistake but more so about what can “we” do to improve our process, our end deliverable?
Learn to recover from disagreements faster. Newsflash: you’re going to encounter some pretty passionate conversations. You’re also probably going to frustrate each other. Remember I said marriage? I think one of Carolyn’s and my strengths is that we can truly disagree on something and then craft an email, get on a team call or a client call and remain totally pulled together. It often makes me laugh, TBH.
Get things in writing! I am embarrassed but somewhat proud to admit that we had no business plan, no shareholders agreement, no life insurance…nothing when we started. We took clients from Day 1. And while that is lovely and profitable - you need to be prepared. What I had on my side was the fact that Carolyn and I had worked together for a very long time previously so we knew personality quirks, strengths, etc. Now we have these things in place. Truth, I was never truly worried but you know, housekeeping.
DO NOT GO INTO BUSINESS WITH YOUR FRIENDS. Okay, hear me out. Carolyn is my friend, absolutely, BUT we became friends over time because we worked together. That is very different than going into business with your bestie. Would not recommend! I hope I don’t need to spell this out but in summary, some of those disagreements can literally ruin friendships.
Learn to let go and ignore communications that send your blood boiling. I will be the first to admit that I am extremely passionate about most things from my coffee to business decisions. And…so is my partner. If caring about your business and your clients is wrong than I do not want to be right. BUT! There’s that but! Walking away from a communication that upsets you and giving it a few hours is better for all. Perspective, emotions, bad days…all of that could change and sometimes this requires as much discipline as time management.
Learning to delegate is your superpower. If you don’t know how to do it, stop killing yourself. Hire someone who does and save your energy for the areas you really excel in. Plain and simple.
This is only one chapter in my entrepreneurial journey. While I have so much to learn, I have to tell you that I have absolutely zero regrets and I would go into the very same partnership again. I could not run this social media agency alone. Someone has to get the business and someone has to sustain the business. Find that someone who grounds you and lifts you up all at the same time.
Next up…how to build a team. Triumphs and failures.
It’s time to come out of hibernation. While January has been cold and gray, I’ve uncovered an amazing, suburban exhibition that is worth leaving the house for…and it’s only here through the end of March 2024. You must get tickets to the Downton Abbey Exhibition located at Old Orchard Mall in Skokie. It’s open weekly from Wednesday-Sunday.