Partnering To Scale Your Business
You have built a successful business, investing time, much of your own resources and a lot of sweat equity. You faced challenges and hurdles that you overcame by yourself. Every decision has been mindfully made by you and you alone. You’re savvy, accomplished, and no one knows your business like you do.
The addition of a partner, or any team member for that matter, can be a daunting experience. Much like sending a child to college, letting your business fall into the hands of another can be anxiety provoking. Afterall, you’re relinquishing control and ultimately risking your business, so why would you even consider adding a partner? And how do you know when to add a partner, or choose a partner with confidence?
Let’s first tackle the “why”. Why add a partner? Aside from the obvious answer of an alleviated workload for you, there are many reasons why adding a partner is beneficial. Here are three reasons why:
Goals
There is a huge difference between a personal goal and a team goal.
Sharing a goal keeps everyone motivated. As a team, efforts are doubled, goals are attained faster, and often exceeded.
Accountability
When working solo, the only person you can disappoint is yourself, however, no one ever wants to let their team down.
A good partner will help drive processes, and work with you to make sure nothing falls through the cracks.
Perspective
Perhaps the most valuable reason to add a partner: a different perspective. You cannot expect to expand and grow your business with a narrow mindset.
Bringing in a fresh set of eyes, a different perspective and a skillset that does not mirror but rather compliment yours fosters growth and reaches a wider market.
The bottom line: If you are an entrepreneur, whether you feel stuck creatively, have too much on your plate, or just want to grow your business, consider bringing on a business partner who shares your ambitions and will help you achieve your goals.
Business Partnership Mindset
Lee Iacocca once said that ‘’business is nothing more than a bunch of human relationships’’.
As you scale your business, you will quickly begin to realize that you cannot continue on your trajectory without enlisting the help of others. Shifting your mindset from “HOW will I grow and succeed?” to “WHO will I grow and succeed with?” is the key to your success.
It is impossible to scale exponentially without the right partners. Think of a partnership as your company’s Solar System. Just like the sun’s energy radiates to the planets, your company’s energy will be felt by everyone you interact with. The more you radiate, the greater your reach. Therefore, it’s important to choose your partners wisely.
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Here are a few questions to help when considering forming a partnership:
Who is the right core partner for my business?
What value can they add to the business?
Does their skillset compliment mine?
Why do I want them or need them on my team?
What is their work ethic, and does it align with mine?
Do their goals and values align with mine?
Watch your potential partners and observe how they treat other people. Notice their general attitude and temperament. Are they positive? Are they critical thinkers and great problem solvers? Or, are they negative, worrisome, and think the sky is always falling? Are they responsive and compassionate?
BE CAUTIOUS!!!
“Good people” may not always make good partners.
Co-GPs can potentially partner with you for many years. Be prepared to have tough, but honest conversations.
Set clear expectations beforehand.
Draft an operating agreement and clearly define roles.
Understand that some partnerships will not work out – and that’s OK!
YOU set the standard for your company.
HOW DO YOU FIND PARTNERS?
- Work with integrity
- Tell others what your value proposition is
- Do what you say you are going to do
- Be grateful and let others know it
- Show your excitement
- Leave your ego behind
- Attend conferences
- Go outside your comfort zone
If you’re considering investing in real estate, and are seeking an investment partnership, consider what values and skillset the potential partner has that align with your goals.
These are the values and skillsets that guide you on your path to financial security and will help you achieve financial independence and security.
For more info on how you can start investing with Sterling Rhino Capital, check out “How It Works” on our website or reach out to us by texting RHINO to 66866.
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