Want to know the TRUTH around what business partner’s do for your coaching business?
I know it’s an appealing idea, working with someone and sharing the load and double the credibility…
But is it really worth it?
In this video, I’ll explain 3 reasons why I believe a business partner will destroy your business!
Watch the video to save yourself a ton of headaches and keep an open mind.
(I also cover the 1 way you CAN make a business partnership work for a coaching business)
The 3 main factors that destroy your coaching business by having a business partner are:
1. It’s a Dangerous Move
If you have built up a brand with a business partner and created a business around it, if there are any disputes or problems that lead to needing to cease your business relationship, your business is going to suffer.
Because you have built a business together, it is really going to suffer if you need to brake it up and change it because of the image you created as a team.
This can be avoided by being the best version of ourselves as coaches.
When we start out our coaching businesses there are a ton of different fears that come into play such as marketing, failure, sales, getting clients etc. When we decide to partner up and get into business with someone else, our fears are amplified because we see that our partner is scared and not doing the necessary tasks, so we think that it’s alright if we don’t do the necessary tasks as well.
We don’t want to detach away from responsibility, we want to take full ownership
3. Standards Don’t Double
If your goal is to make $100, 000 because of your capabilities for example, and you bring in a partner, your goal doesn’t suddenly become $200, 000. This means that you are going to be hurt financially because you are suddenly splitting all profits with your partner.
This means that now you have to do double the amount of work to get the same return!!!
The only time I would recommend getting a business partner would be if you already have a successful coaching business, and you have a potential business partner that already has a successful business, and your businesses are complimentary and could really help each other out by starting a partnership.
Leave a comment below telling me 3 reasons why its dangerous to start a partnership and why you don’t want to start one.
Ryan ‘Team Player’ Magdziarz
P.S If you benefited from this video, maybe your friends will too, share it with them to help them avoid starting a partnership.