Benefits Of Having A Business Partner

As more and more domain investors are looking towards developing their top properties into real businesses I thought I would share my experience with working with a business partner when launching Localtek.

From the very beginning of the Localtek launch it was a team effort. My current business partner and I had been discussing various projects for a year or so but never quite found the "one". At Christmas of last year I started talking about the success I had been having with domain investments and, hard to believe, but yes PPC traffic and also the fact I had been direct selling ads on one of my sites without even making calls, they just came to me asking to buy advertising.

Based on this, very long story short, we ended up coming up with what is now the Missouri.me and Localtek concept. As with most businesses the initial idea is not where you end up but hopefully you build from that initial idea and not subtract from it. In this case it grew but at the core it is the same idea and business, just better than before.

Now, about the benefits of why I started a business with a partner, lets outline them:

No one, and I mean NO ONE, knows everything - Lets face it, even the most confident people in the world do not know everything. It is always valuable to have other people around that have experience you do not have. The reason a good team works is because everyone brings something to the table, various pieces of knowledge being a key piece of that. I talk to people or see people daily that have no intention of ever learning from other people, and that in the end, will be their downfall.

Brainstorming - When launching a business there can be alot of time spent brainstorming ideas around certain pieces of the business. Whether it be marketing, product pricing, growth plans, etc. It is useful to have someone else to check your ideas and build off of them.

Push or Pull - It is always good to have a balance between the partners. In our case I tend to be the fire, ready, aim person and my partner is the pull me back guy. It works perfectly, that balance is always needed. Virtually every successful business launch I have witnessed has had the same combination. You cannot have both people pushing without some checks and balances put in place. But you also cannot have two people both pulling back all the time. Both together is the way I have always found it to work best.

Detailed vs Not-Detailed - Along with the push/pull concept is the detail oriented vs. non-detail oriented balance. Once again, in most companies I have seen launch successfully there is a balance here as well. Just last week I witnessed it while in a meeting with a very successful company local to myself. One person was focused on T's & C's in the contract while the other was focused on what the next phase would be without worrying about the details on the first phase. You need both sides of this.

A Different Viewpoint - This one is very important for us, my experience is business development and sales along with technology. My partners is small business operations and small business marketing. You put that together and in our case you have the perfect balance of what is needed to launch a business doing what we do. Both pieces are important. This comes back to no one person knows it all. If you are starting a business keep in mind it takes multiple areas of experience. This is why many developers have a hard time taking a great idea to market. Being able to make a great looking and functional site is only the first step, being able to take it to market and close a deal is a different story.

I could probably list another 5 but the point I really want to end with is that when building a business in many cases it is very important to have a partner. When selecting a partner in many cases we tend to gravitate towards people that are exactly like ourselves. That is the first mistake you will make. It is important to bring a wide range of experiences together to build a successful team. Although my business partner and myself are alike in many ways we have a different knowledge base that we pull from and a good balance when it comes to the push/pull balance. Make sure you select a partner that balances the partner ship and not tips it over from being out of balance (in other words do not pick yourself).