Should you take on a business partner?

Should you take on a business partner?

If you’re thinking of buying a franchise, there may be another question you’re considering: Should you bring a partner into it? Here, we weigh the pros and cons.

THE PROS

Less work.

By sharing the responsibilities, you can have a better life-work balance with a franchising partner.

Fewer up-front costs.

If you can’t afford to go into a franchise on your own, getting a partner can be a great solution. All the up-front costs can be split 50-50, allowing for some breathing room in your budget.

Complementary skills.

Are you great with numbers while someone else you know rocks customer service? A franchise can split up your skills so that each partner spends their time doing what

THE CONS

Personality clashes.

The very same difference in skill sets could also potentially lead to arguments about important matters.

Not pulling their weight.

Whenever two people work together, there is the possibility of one partner not doing an equal share of the work.

Getting only half the credit.

Whatever you do, you do as a team. That includes sharing only half the credit for success instead of getting it all yourself.

Alesia Visconti has 20-plus years helping others find their career bliss. She is the CEO of FranServe Inc, the world’s largest franchise consulting and expansion organization. You can reach her at 800-206-5454 or avisconti@franserve.com For more information, visit www.franserve.com