Launching An Income Stream With A Partner
As I’ve talked about at length here on this blog, launching an online income stream, especially when it is content driven, is a very challenging process. Almost always, the entrepreneur hits a wall and usually quits. Having a partner can make this process much easier to get off the ground.
Currently, I’m involved in a partnership with two other individuals (group of 3) in launching a new website. More details to come on this new venture. But for now, I’d like to comment further on the pros and cons of pursuing an online business with a partner.
Why You Should Use A Partner
- It’s much easier to get off the ground with multiple people working at it – As said countless times, it’s very very hard to get past the initial launch phase. The more people you have pushing towards that goal, the better.
- If you’re like me, you are launching your online business without quitting your job. This means that you’re busy with things from time to time (or always). By having a partner, you can pick eachother up when one person is busy with “real work.”
- Multiple perspectives and angles could be beneficial especially if you’re writing articles
Why You Shouldn’t Use A Partner
- You have to split the profits. If your goal is to replace your fulltime income, it means you have to generate twice as much revenue potentially in order to be able to quit your 9-5 job.
- You have to compromise on decisions and sometimes go in a direction you don’t necessarily want to go in – let’s face it, partners each have a voice (unless you establish otherwise in the beginning).
- You can get frustrated with the other person if you’re working harder than they are. Avoid this by establishing clear expectations up front and agreeing to them.
In any business relationship, the most important thing is to have open communication. Discuss and document clear expectations in every area of the business up front and sign off on them. The more formal you make the process, the better it will be in the long run.
If and when you start generating revenue, you should also consider setting up an LLC or Corporation.
In my opinion, the pros definitely outweigh the cons in this situation. Most people go it alone and never make any money. It’s better to split the money than to make no money at all. Getting up and running online is difficult. Get a partner or a group together and pursue this dream together. Work together, motivate eachother and you’ll be off to the races.