Questions to Ask Yourself Before Taking on a Business Partner or Investor

Happy St. Patrick’s Day! We’re not Irish but everybody is Irish on St. Paddy’s Day..and I digress..

Today I wanted to talk to you about something that I desired for many, many, many years in my jewelry business!

A Business Partner!

When I was starting out in the jewelry industry, it was a lot of pressure. In fact it still is a lot of pressure! As I started to grow, I was seeking solutions to help lighten my small business workload and the financial commitment of being a business owner.

I THOUGHT finding a business partner or investor was the way to go, but little did I realize there were many things that I wasn’t considering ahead of time.

So the story goes, my younger sister who is a super smart business lady a completely opposite skillset approached me about working together.

Jackpot! I thought this was the answer to my prayers…my business partner could be my sister!

But then reality set in for both of us!

My business wasn’t HER passion and quite frankly it was difficult for me to have someone to answer to all of the time.

For us, it didn’t work out as a business partnership. She is now rocking a career in finance working for Bloomberg (like I said, smart cookie).

Breaking up was the best thing we could have done for both of us…plus, I learned a lot about taking on a business partner in the process!

So I thought I would share with you some Questions to Ask Yourself Before Taking on a Business Partner or Investor.


Click to tweet: Questions to Ask Yourself Before Taking on a Business Partner or Investor via @Flourish_Thrive http://goo.gl/AbFrRG

I want to hear from you! In the comments below, tell us the following:

  1. Are you considering taking on a business partner or investor? What is your #1 concern with taking on a partner?
  2. If you already have a partner, what has it been like sharing ownership of your business?

2 Comments

  1. Catherine Preston on March 17, 2015 at 8:37 pm

    Thanks so much for this Tracy – you guys are hilarious. Right throughout this process of taking the Laying the Foundation course at F &T there has been so much insightful stuff around how not to do things and usually it feels just as though you are talking straight at me as I have fallen into so many of those huge pitfalls. What did I do a year ago when I was struggling to keep up? Tried to convince my sister who has no prior knowledge of the jewellery industry that we would make such a great team. Luckily, she decided that to give up a job that paid regularly even if it wasn’t her dream job might be an insane move. When I was forced to move on from the idea I came to realise just how mad it would have been. So I started to look for people who could work with me as and when I needed help with specifics like marketing or inventory and I am so glad I did. Just last week I started to dream again that there were two of us but I now realise that what I really need is just a bit more time and the way to get that is to identify places I am wasting my time unprofitably and delegate the work to an employee rather than a partner. Thanks again as ever, one of the greatest things about this course is how most of your perceived wisdom comes from hard learned lessons and your willingness to share your own errors of judgement in such a human way is both inspiring and encouraging. Learning has never been so much fun! Cat

  2. Inbal Efargan on March 31, 2015 at 12:50 am

    As I’m working on my collection, getting ready to launch my business, I was approached by a friend who suggested that she’ll take my jewelry and sell them door-to-door for me, saying she has friends and doesn’t mind the task. Off course, I’ll have to give her percentage of the sales. Just like you mentioned I saw how it makes me have to answer to her, and how she’ll slowly start to tell me what to make, how to price my jewelry etc’. My collection is not even ready and she’s already pressuring me. I could see it’s not going to work by watching this part and listening to my intuition. Thanks so much, I feel such a relief! !

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