Choosing between Partnership & Sole Ownership?

Setting up a business is not an easy task. You had to consider a number of issues that need to be addressed else you will end up in a confused state of mind and a failed effort. It is not the hard work only that pays; you should be smart enough as well to enjoy a just reward of your hard work. Contentment is a good thing, but working 24/7 and getting a little is foolishness. We do not want our potential entrepreneurs to be foolish and for the same reason we have shared some important tips that can help you manage your skills. Today, we will not add up anything into your skill set rather we would discuss the type of business you should choose and will convince you why you should go with our recommendation.

If we talk in accounting terms, there are three main types of business organizations:

1. Sole Ownership
2. Partnership
3. Corporations

Advantages of Partnership:

As you can easily guess that sole ownership means that an individual owns the entire organization whereas in partnership there can be more than one partner (maximum 7 persons).Corporation is a completely different type and is beyond the course of our discussion, so we will leave it here. We will not look into the legal details yet, but we will examine the advantages of partnership over sole ownership as a Blogger.

1. Division of burden:

This is the most obvious advantage of partnership and the only reason we would ever go for partnership. Be careful and selective about the people you choose as partners else it may result in over burdening you. Puzzled? Okay, let us explain. Some people are very well at getting their tasks completed by others; do not get into partnership with these people. Also, some people tend to create a lot of panic when any task is given to them; they are a tension in themselves so avoid them. Some people tend to complete their work at the eleventh hour, this is risky; they irritate me a lot. So, who should you join? Go for the people who are talented, smart, and responsible and those who can handle the situation on their own when any problem struck. If you are able to find a team of these skilled people, you can now enjoy the benefits of partnership. Let’s see how is it possible?

2. Focus on one skill:

Consider this ‘partnership’ as a golden learning opportunity. If you are a student or already at a job, it is very difficult to find enough time to sit in front of internet for hours. It is always a better practice to take responsibility of anyone area at a time.  To become a successful blogger, you are supposed to have good designing, developing, and writing and SEO skills. Since you are at a learning stage so you should not jump into everything or you will end up in chaos. Let us suppose that you start with writing. You should now completely focus on improving your vocabulary and writing skills. If any of your partners seeks your help and ask you to do his/her part, look at your schedule first. It is okay if you can help him/her without affecting your schedule or if he/she asks for help rarely, else say him 'NO' straightaway. Sometimes, it does happen that after conversation with a successful buddy, we want to copy him so as to become successful like him. These temptations can off track you from your plan and you would find yourself wandering here and there. Stick to your plan and stay determined. The path of success is slow in the beginning, be patient!

3. Lesser Risk and Fast Learning:

Partnership also results in a rapid increase in your knowledge exposing you to minimum harm. Apart from your part, take some time out to observe your partners’ activity. This is because he/she must be   focusing on improving his/her skill and will apply tricks to increase productivity. Why are we recommending partnership at the early stage? Because, you do not have to bear the loss all alone in case of failure. Keep an eye on these tips and tricks and you will learn how the other area works. For example, you should know what are the seo tactics your partner is applying to drive traffic? Which theme and plug-ins are being used in the blog? Is your designer mate developing them or he/she is copying them? Which platform is used and what are the hosting plans supporting your blog? How is your seo partner building in-bound, out-bound and back-links? All you need to do is to behave sensibly and learn as much as you can from your partners.

4. Team Worker:

Partnership is like working in a team. Although, you may have taken responsibility of publishing posts regularly on the blog but still, you discuss occasionally with your partners about further post ideas and ask for their reviews on your work. If you are a designer, you would definitely ask your mate to tell if the interface is attractive and easy navigable. You communicate with your team members and get a chance to learn what other people think. And these people are not laymen; they are professionals, so their opinion matters. It will not only help you think from different aspects but it will also enhance your skill as a team worker. You will learn how to answer comments when someone criticizes. You learn how to deal with people and this will help you in real life as well. Remember, what all good entrepreneurs know – it takes a team to make a product successful. The blend of all professional ideas can result in a masterpiece.

5. Future Growth:

Now, here comes the most important point; your persistent target…Your Future Growth. We, personally, do not like partnerships because building our own empire has always been our dream. We have also discussed some points in our post "Pre-requisites for Entrepreneurship" which focused on gradually improving your skills a blogger. Whether you join someone as a partner or an employee, your focus should be grasping expertise. Get aware of the ins and outs of your field and observe how the market works. When you think you are done with one skill, start working on the next one. Come to the market with preparation and confidence. I personally believe that you should have a SMART plan in your mind to achieve success. What does a smart plan include? It means Specific, Measurable, Achievable, Realistic, and Time bounded planning. You may need to study and develop your planning skills through different administration courses or through working in the market. We are eagerly trying to sort some time out and share some planning tips and tricks to help the newbies. We are logging off now. Till then; Stay Focused! Stay Blessed! :)

About Author:

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Rahmeen Ahmad Khan is a tech savvy person who loves writing on technology and enjoys finding simple solutions to tech problems. She is our Gold Star contributor. She often shares her random rumblings at her blog "Be Yourself".

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Mohammad 6/17/2012