According to The Spice Girls (and many more of our greatest minds), two should always become one. And, no one can deny that this is true in matters of life and love. Have you ever considered, though, that two could also be better than one in all things business?
Okay; so the idea of getting into bed with anyone else in the business world might not be quite as comforting. In fact, it can feel like a plain bad idea at times. We’ve all seen how this can end for both parties. But, then, we don’t let divorce put us off getting married, do we? Nor should you let fears about failure stop you from letting someone else into your enterprise.
When it comes down to it, there are two primary ways you can do this. Most obviously, you could bring a business partner on board. They’d have equal shares in the company, and equal say in what happened to it. Or, you may want to opt for the more extreme measure of an all-out merger. That way, you would merge with another company, rather than a person. It’s two become one gone mad, and it could be the thing to take your business to the next level.
Of course, which one of these you choose is a subject for another day. For the most part, a little research should be enough to decide. If you do opt for a merger, bear in mind that you’ll also want to work with financial advisors who have studied a Master of Science in Finance like those offered by Northeastern University or somewhere similar. Only then can you make sure that a decision is financially viable.
Technicalities aside, though, you may be wondering whether this is something you need to do. You’ve been getting on fine until now, haven’t you? If in doubt, though, there are some vital signs that you could benefit from bringing someone on board. And, we’re going to look at them here.
There are gaps in your knowledge
Sometimes, business owners bring others on board when they have gaps in their knowledge. Let’s face it; you’re the one with the ideas, but you don’t know everything. It may be, for instance, that you don’t have the first clue about production and distribution. Maybe your computer knowledge is next to nothing. Either way; you could soon find yourself in trouble. No one said you had to know it all to start a company, but it helps. To some extent, of course, you can cover gaps like these with your outsourcing and employment. But, if you lack too many of these fundamentals, even this won’t save you. In that instance, the only real option would be to bring others into things with you. A business partner with the knowledge you lack can bring your company up to scratch. Equally, merging with a business with experience in what you can’t do could see you over most company humps. It’s got to beat dragging yourself through the mud without a clue, anyway.
You’re struggling to find new angles
More often than not, companies become two because they’re struggling for ideas. You may have had a lightbulb moment years ago, but no company can survive off one clever realization. Instead, you need to be continually developing. And, that means having new ideas on the regular. Spoiler; it doesn’t always work out. When you’re too close to a company, it can become downright impossible to think of anything fresh for the market. You may find yourself always covering old ground, or rehashing the same ideas for each release. That’s sure to lose your custom in no time. As soon as you bring a partner or another company on board, you invite a new perspective into your midst. This is someone who is coming at things from the outside. As such, they should be able to come up with plenty of inspiring ideas which you wouldn’t have arrived at in 100 years. You may even find that being around this new perspective unblocks you. That’s something your company is sure to thank you for.
You aren’t getting the attention you need
Sometimes, the best companies fall under the radar in their early stages. Often, this is down to little more than poor luck. Even the most extensive marketing campaigns don’t always get the coverage they need. When that happens, sales come in at a trickle if at all. Within a few months of operations, then, you may face doubling up or shutting shop altogether. Luckily, merging with another company could be all you need to pick things up here. It’s a simple step which could boost your company’s credibility no end. It also ensures coverage which you could never achieve alone. That’s because you’ll walk right into an established audience this way. Even bringing a business partner on board could achieve similar benefits. They’d bring a reputation and a name which could well boost the interest which has been flagging until now. At the very least, they could bring renewed vigor to a marketing campaign which has you at your wit’s end.
You’re feeling the pressure
Sometimes, something as simple as feeling the pressure is enough incentive to hand over some of that control. You’ve done a fantastic job to get your company this far in the first place. But, keeping an entire enterprise afloat is enough to get anyone down sometimes. If you let that pressure pile onto your shoulders for too long, you’re sure to buckle. At the very least, you’ll burn out and become incapable of continuing. But, guess what? Two pairs of hands mean less work for everyone. If you had a business partner, you could unload at least some of your worries and tasks onto them. You could even take a holiday without having to worry. Imagine that? If you feel close to a breakdown, then, it may well be past time that your one became two, or something like that…