Is an Amazon Business Partner a Good Idea?
If you have started or are looking to start an Amazon FBA business, you have probably asked yourself “Should I have a business partner for my Amazon business?” That is an excellent question. There are a lot of things to consider when you decide to bring a partner on-board. Nine University
has a great video
that talks about this. Let’s take a closer look:
Risks and Questions About Business Partners
There are some risks that you may fear when deciding whether or not you should have a business partner in your Amazon FBA venture. Here are some risks that pose a few questions.
You Will Have to Share Your Money. How Should You Split it?
The idea of sharing your money with your business partner can be a tough pill to swallow. The first thing that you should do is ask yourself whether or not you can actually handle the idea of sharing your profits. There will be times that your business will not be making as much money as you had hoped. You will still have to give your partner their cut even when the chips are down. How you split your money will be up to you. Be sure to discuss this upfront and be fair about it. If you will be sharing equal responsibility, you should equally share your equity. You should also take care to choose a partner who is willing to reinvest. If you find someone who always wants to pull out his or her share, you will end up with problems. Find someone who is just as passionate about growing the business as you are.
You Will Have to Share Control. Who Should Do What?
This question can be more about time than anything else. Of course there are going to be disagreements. Each partner will have different ideas about how to get something accomplished. That can actually be quite beneficial. The hardest part can be having to wait to do something for the business so that you can include your partner in the decision. You will have to wait and run every decision by your partner so that transparency and honesty are always present in the partnership. If you are not willing to include your partner in everything that you do, a partnership might need to wait. A good partner will always be worth the time and inclusion.
You Need it to Last. Is Your Business Partner a Good Fit for the Long Run?
If you want a partner in your business, you should consider the fact that, friends or not, you will have to deal with each other for a long time. Personality differences and differences in business habits should be used to your advantage. If you cannot see yourself utilizing your partner’s strengths for the benefit of your business, you should reevaluate your idea of partnership. If you feel as though you will not be able to tolerate differences that might arise, you are probably not ready to have a business partnership.
Is a Business Partner Right for You?
Although it can feel risky, some of the things that feel like risks or concerns can be used to the advantage of your business. Having someone to bounce ideas off of can be invaluable. Sharing creative control can seem like a risk, but it can actually bring a lot of growth to the business. The same goes for personality differences and differences in money management. If you can put your pride aside, having a business partner for your Amazon business can be a huge advantage.
If you want to learn more about business partnerships and Amazon FBA, visit Project Nine University
. They are successful with and passionate about Amazon FBA and are excited to share what they have learned.