Have you ever heard of Hewlett-Packard? Baskin-Robbins? Anheuser-Busch? These businesses — and thousands of others — were co-founded by two people who worked closely together to make their companies successful. Following in their footsteps and finding the right startup partner could be the key to your success, too.
Here’s a closer look at what it takes to find a business partner … the right business partner.
The Advantages Of Finding A Business Partner
It can be pretty stressful going into business for yourself. But with a startup partner, you don’t have to do it by yourself. Here’s how working with a co-founder can help:
Split Startup Costs
Starting a franchise can cost a lot of money. But with a startup partner, you’ll only be responsible for half of it, which can make the initial investment a lot more palpable and affordable.
Perhaps you are a great salesman but a poor planner, or maybe you’ve got a great business idea but no related business experience. Whatever skills you are lacking, working with a startup partner who can fill in your skills gaps can make you a stronger leader while making your new business a stronger company.
Being your own boss is liberating — you won’t have anyone to answer to. But having someone ask the right questions can be good for business, and a startup partner challenge some of your ideas, offer a different perspective and, ultimately, help you make better business decisions.
Where Can You Find A Business Partner For Your Franchise?
Now that you know the advantages of finding a startup partner who can share the workload, it’s important to select a partner that also shares your vision. After all, you will be working side by side, and you want to make sure that you are comfortable and confident in your decision. Here are some places you can look for a great startup partner:
Your Previous Jobs
If you’ve worked well with someone in the past, chances are you could work well together in the future. Think about former colleagues with the right skills, proven industry experience, acumen and overall attitude for your specific business venture. You might also want to consider former subordinates who showed a penchant for taking initiative and who showcased leadership skills.
If you do decide to search for a startup partner, you won’t be the only one. Startup networking events bring together thousands of aspiring entrepreneurs just like you, and there are events that focus on a variety of industries and business models to fit your interests, including technology, media and franchise organizations.
Whether you want to start the next Facebook or the next fast food franchise, it’s a good idea to look for people who have actually worked in the companies or industry that you are interested in. LinkedIn is a great way to find people in these target companies, and you can use the platform to reach out to potential partners and introduce yourself and your business opportunity.
Just remember to be professional and persuasive — don’t badger anyone and let your business plan do the talking. If someone seems interested, make sure to do your due diligence in researching their background and skills.
One of the main reasons why people start their own businesses is to build something they can pass on to their families. Why not let your family take part in the building process?
At Bin There Dump That, many of our franchise operators go into business with their spouses, and they have been tremendously successful. That’s because the traits that make great couples — strong communication skills, mutual respect and common goals — also make great business partners.
Keeping co-founders in the family will allow you to keep more of your profits in the family, as you won’t have to split business revenue with someone that doesn’t live in your home. You can also better balance work and life responsibilities — one person can tend to the business while the other tends to children, aging parents, and other family obligations.
Perhaps the best — and most surprising — benefit of working with your spouse is the fact that doing so can bring you closer. In fact, Bin There Dump That El Paso founders Tony and Sylvia Alarcon say that working together has been one of the best aspects of running their own franchise.
Partner With Us
Whether you are interested in starting a franchise by yourself, with your spouse or with a former colleague, when you join Bin There Dump That, you won’t be doing it alone.
Our experienced leadership team works closely with all new franchisees, providing comprehensive training to get your business up and running and ongoing support to keep you — and your new franchise — successful at all times.
Check out our FAQ page to learn more about what it’s like to be a Bin There Dump That Franchise operator.