Many people become entrepreneurs to simply make more money but fail to fully understand the rigorous hard work that is needed for a marketplace to succeed. Why do you think so many startups fail? The lack of help or guidance can ultimately put you out of business. So ask yourself, am I on that same track? Do I need a business partner to help carry the load? Before jumping out to find a fellow partner, consider these 5 questions to reassess your needs.
1. Do I lack Skills That, They May Have?
We all have some sort of weakness or skills that we lack, it’s only human. Instead of focusing on things we clearly are not very good at, having a partner who is just may be the answer. If you have the sales and marketing skills but lack the technical skills, finding a partner to fill those shoes can take your marketplace to the next level. Whether you are selling electronics or sports equipment, you will need the personnel to cover those aspects to keep up and running.
Accepting the fact, that you simply can’t do everything yourself will put your marketplace in a much better position. Leaving certain tasks and obligations to your partner free up your time to focus on the strengths you bring to the company, while he does they do the same. Think of it like a marriage, each will have their own duties but at the end of the day, you are doing it for each other.
2. Do We Share A Vision?
This may be the most difficult question to ask yourself. Not everyone has the same views and values but that’s what makes the world what it is. Having unique perspectives and opinions isn’t necessarily a bad thing but in business, it may cause some damage.
Company culture differs from company to company and that relies on management to implement how they want things to do be done.
3. Do I Lack Funding?
Even if you have the greatest idea, it won’t go anywhere without the proper funding. Seeking to fund is tough to swallow for many but in reality, it is one of the best things for your marketplace (if handled properly of course). Bringing in a partner isn’t the only answer but seeking investors maybe an option to consider as well.
4. Do I See My Company Generating Enough Revenue?
Is your marketplace big enough to add a partner? If you do add a partner, keep in mind that will split all your profits and of course an additional salary expense will be tacked on. As your marketplace gets on its feet, you may want to consider doing it alone for now. It will take time but be patient is key. Once your marketplace starts to take off and becomes so big that you can no longer handle it yourself, then the thought an of a partner may need to come back into the discussion.
5. Do You Only Need A Partner For A Short Time?
Is it viable to even add a business partner? A marketplace will have its ups and downs just like any other business, so be very aware before just adding a partner for a temporary fix. If simply tasks are needed such as consulting or day-to-day tasks, then hiring an assistant or freelancers would be the answer you are looking for.
Take a second to reflect think of you have asked yourself any of these questions. If you are a marketplace owner, I can assure a few of these questions have come across your mind. Are you ready to take your marketplace to the next level?
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