When you go into business with a partner, the world is rosy and perfect and both of you are filled with dreams of the future. Unfortunately, life isn’t always sunshine and roses. Here are some tips to make sure that get along with your partner as much as possible as you split up tasks between yourselves to help your business reach its goals.
As part of your business plan, you and your business partner should plan in advance. What will happen if one of you is hospitalized for an extended period of time? What if there’s a family emergency? How will you work out vacation time? These may not seem consequential now, but down the road it will be important to have a plan of action in case of a crisis. Someone may need to take on a double workload at some point, and they’ll need to know that they can handle it, if only for a few days.
Make Sure Pay is Equal to Workload
While splitting the profits fifty-fifty may seem like a flawless solution at first, make sure that’s fair for everyone before settling on the half-and-half method of collecting payment. Is someone doing more work than the other? Do both parties want the same amount of work, or does only one of you have the time to take on major chores? Talk this over and come up with a solution that makes everyone happy. You will want to make sure that you are being fully compensated for the work that you do, but also that your partner is being paid fairly for their workload. Rehashing pay in the future if you make a poor decision now can lead to a lot of fighting, and even crumble your business in the squabbles that follow.
Communication is Key
As with any relationship, personal or professional, communication is the key to success. You and your partners are, presumably, not mind readers. If you don’t talk about certain topics, no one will know what is going on. Be clear and open with your partner, and expect the same in return. You should both have all your cards on the table and be working together toward a common goal. If you have a problem or just want to change something, bring it up and don’t be afraid to make some compromises.