TBL Episode 47: The pros and cons of having a business partner

The decision to go into business with another person is a HUGE one. Mainly because there is so much you must consider when it comes to bringing on a business partner. When I hear other entrepreneurs talk about business partners, they usually recommend staying solo–and to be honest, I don't blame them. Being a solo-preneur is just easier in a lot of ways. My own experience at Evolved Finance, however, has shown me just how powerful a business partnership can be. We can rely on each other in a way that really lets us work to our strengths and shore up each other's weaknesses. That being said, I do think it's super important to know exactly what you're getting into when you go into business with someone else. There's a lot more to it than just splitting the revenues, so it's important to get a handle on how everything works. That's why in this episode, we discuss: Why you need rock solid financial tracking if you have a business partner. Why partners need to have complimentary personalities and skills to succeed. Why revenue goals need to be bigger for businesses with two owners. What most people overlook about a business partnership. Why it's important to understand the difference between "equal income" vs "equal owner benefit." How your taxes can get trickier with two business partners. Why Parker and Corey's partnership has worked so well for Evolved Finance.