Importance of partnership for small business owners

Instead of having three or four small businesses in a particular location, these businesses could come together to form a very strong one.
I believe in building a team together, imagine a small shoe seller, a small cloth seller and another person who deals with underwear’s all come together to open a boutique, they all share the rent and each person focuses on each side of his business.
Another example is having two little shop owners coming together to create one giant, that will be better than having to several shops meeting the same need, I believe that will come with more benefits than having individual stores.

Source

The obvious plight of a small road side vendor.

There is a great power in partnership, one thing I have discovered with road side vendors and small kiosk owners is that they remain in that circle for a very long time: These road side vendors go about the same daily activities until they probably reach an old age where they can no longer work and sometimes their children will just take over the business. The reason why it appears their life is going around in circles is that they get loans to start the business and when those loans are taken, they are supposed to make a constant return to those who loaned them the money either on a weekly or on a monthly basis, after the money is returned the profit is used to eat or get what they need and nothing is left any longer, so they have to get another loan and the circle continues like that for several years.

Now imagine that rather than being a road side vendor for years without moving, you form a team with other people who have great business ideas, you both join the little funds you have together you open an enterprise you seek for investment, you draw out your business plan properly and you place your complete attention on growth and improving the business, after some years you grow and expand your business, you begin to employ road side vendors who will generate profit for you while you pay them salaries.

However, as powerful as partnership is you also have to consider the fact that it has harmful effect if you enter into partnership with the wrong person, no matter how close you are to the person, it is necessary for you to agree on legal terms how your sharing formula is going to be and the partners must be restrained from spending the company fund on unnecessary things, this is the only way the company is going to grow.

The number of informal or street vendors where I live is impressive. There are many. But I never see any of them looking for a way to make some kind of society. They usually see that kind of association as something not possible. Or very complicated.

But, it's a very good idea. To be able to join forces, if you sign a good team, everything goes well, otherwise it can be quite complex

For that type of association to work we have to find the right team.

I don't particularly like group things, I've always thought about having things of my own since sometimes it's difficult to deal with other people, but I don't think it's a bad idea to associate with another person who can help you emerge or rather that both parties collaborate!

Finding the right person or people is a point that will make partnership more interesting.

These tips are very good, the association is a very powerful force as everything has its disadvantages but it is more what is gained, associating with the right people always brings great benefit

Thank you for reading.

Sometimes it is ok to go alone, but that's if it is possible. Going alone could be impossible or hard at some points, this is where partnership comes in.

Going alone may result in having certain difficult conditions but with a good partner makes things go smoothly.

partnering brings great benefits, for example having a mentor, to serve as a guide By looking at the business model you use and r circumvents the different situations, cre that this is very important for small businesses, and a good role model.

Thank you for reading.

You are right. But also partnership who does not fit in the business goal at collectively can be harmful also in turn. I think for a proper partnership to work, they must have a similar goal at target

Thank you for reading.

I think it's also okay to know the type of partner you surround yourself with because business partners tends to influence us in their own ways too which may either be positively or negatively.

Thanks for sharing this great post with love from @hardaeborla and I hope you have a great day ahead
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