Starting a new business with a business partner as opposed to on your own can be very helpful, according to Streetcar and Lovespace co-founder Brett Akker.
In an interview with The Telegraph, he suggested working alongside someone else prevents you from being held back by your own limitations, but stressed the need to find someone you are professionally compatible with.
He pointed to the example of his own Streetcar company, which he set up in 2004 with university friend Andrew Valentine and sold for more than £30 million just six years later.
Andrew and I complemented each other very well in terms of our skill sets. Deep down there was 100% trust between the two of us and we had the same sort of core values and the same vision for the business, he said.
Akker stressed that working with a partner offers no guarantee of success, but added that the advantages were greater than the risks.
Giving your partnership the best chance
Of course, there are various practical elements that can also make or break your business partnership.
Even if you feel you have found the perfect business partner, it is still wise to draw up a partnership agreement just in case there are any disputes to deal with further down the line.
If you are going into business with more than one partner, your agreement can ensure there is no drawn-out debate if problems occur, as there will be clear guidelines set out to deal with them. This can help when it comes to removing or suspending a partner, should it become necessary.
Whatever your partnership needs, Ralli can provide the necessary advice to ensure your business gets started on the right footing, giving you every chance of success. Call us on 0161 832 6131 to find out more.