Sole proprietors have no idea how much they are losing by not forming a partnership.
A partnership offers more freedom because business tasks are shared and it also has the potential to earn greater profits. A small business can be more rewarding and profitable within a partnership.
Consider a partnership when you have someone to complement your skills and add value to your company.
Partnerships work when the right foundation is laid. Be very careful when choosing a partner.
Join with someone who shares your vision. A partnership will only be successful when both or all the parties agree on the strategic direction of the business. Agree on a course that will meet the needs of the partners.
Have clearly-defined roles and capitalise on each partner's strengths and skills.
Experts advise against a 50-50 partnership because the chances of a stalemate are high.