Going into business alone without a partner can be very scary for most people.
Going 50/50 with a partner reduces the risk of failure IF you are on the same wavelength, singing from the same hymn sheet etc.
Business can be complicated, which could make having a partner difficult. It would work best if both parties worked on different areas of the business.
Regular meetings would be essential. Shared targets and policies would be the best way forward.
If you want your business to move quickly you will have to spend money to get customers- a discussion and agreement is essential.
Remember- this could ruin your relationship! Keep it professional at all times.
Pros:
- Shared Responsibilities and Resources One of the main advantages of having a business partner is that you can share the workload and resources, including financial investment and expertise. This can reduce the burden on each partner and increase the chances of success.
- Complementary Skills and Knowledge Having a partner can bring a diverse set of skills and knowledge to the business. For example, one partner may have expertise in marketing, while the other may be proficient in teaching or finance. This can help to build a more robust and well-rounded business.
- Emotional Support and Accountability Starting a new business can be a daunting task, and having a partner can provide emotional support and accountability. Partners can motivate each other and provide a sounding board for ideas and concerns.
Cons:
- Differences in Goals and Vision One of the biggest challenges of having a partner is ensuring that both parties share the same goals and vision for the business. Differences in opinions and approaches can lead to conflict and hamper progress.
- Financial Disagreements Partnership agreements can be complicated and may lead to disagreements over financial responsibilities, profits, and expenses. It is essential to have a clear agreement in place to avoid misunderstandings and disputes.
- Personal Dynamics and Compatibility Working with a partner requires a high level of trust, communication, and compatibility. Personal differences, conflicting work styles, or communication breakdowns can negatively impact the business and the partnership.
There are lots of articles on google
https://www.thebalancemoney.com/why-business-partnerships-fail-4107045
