It can be tricky to figure out when is a good time to take on a business partner. Just the idea of bringing on another person to have an equal stake in the company as you do sounds incredibly daunting. After all, this is a business that you basically brought up off the ground, and it may feel scary to share that with another person.
However, sometimes in the business world, you reach a point when a one-man band is just too much to handle. Here’s how to tell if you’re ready to take on a business partner.
1. You Don’t Sleep
The tasks are piling up, and you can’t even see over the stack of documents on your desk. You rarely get to have dinner with your spouse and children anymore, and the only thing you dream about is work. You’re under-nourished, you’re fatigued, and you’re sleep deprived. Every day is starting to feel like a blur because you are so exhausted.
If this is you, you may want to consider getting a business partner to split the burden with you. Even if you retain the title of CEO and the business partner becomes the CFO or COO, you’ll at least have another professional working at fulfilling this entrepreneurial dream alongside you. Starting a business can be the most exhilarating experience, but if it’s consuming every single aspect of your life, it may be time to take on a partner.
2. You’re Stuck in a Rut
Things are going well at your business, but you’ve been following the same mold for years, and you feel like the company has so much more potential. Maybe your creative juices are running dry, or you’re not quite sure where to go next.
If this is you, it may be a great idea to infuse some fresh blood into your business. A new person can come at your business with a new perspective, and you never know what kind of dividends that would pay. A business partner could give your business the creative jumpstart it needs.
3. You’re Expanding
You’re thinking about growing your business—maybe opening up a new location in a different city—but you don’t know who you can trust to help run it. After all, you’re the only person who knows the ins and outs of the business. Who else can help you with such a daunting task?
Expanding a company can be a very nerve-wracking process, especially if you’re tackling it alone. A business partner can help ease some of that burden. When you’re looking to expand, it could be a good idea to promote someone from within your company to handle the new location, as this individual likely already knows all the nuts and bolts of your company operates.