Finding a Business Partner (Why You Should Consider It)
When I started my agencies, I looked for a partner, a co-founder. This was natural for me because as an agency copywriter, I always had an art director partner. I got used to working as a team.
Here are some tips you may find useful if you’re looking for a partner.
Why Do You Want a Partner For Your Agency?
Ask yourself why you want a partner. Why not go it alone and hire employees?
For the agency, I wanted a designer partner, so we could complete projects, providing writing, design, and production as the basis for a larger company.
I wanted this person to have a financial and emotional stake in the success of the company. I wanted deep commitment.
Think about why you want a partner. Get clarity on this.
What Are You Looking For In a Partner?
Write a list of what you’re looking for in a partner. Here’s my partial list:
I wanted an experienced graphic designer who had worked on corporate accounts with a portfolio to back it up
I wanted someone who had experience running his/her own business
My partner should have existing clients to bring to the new company, clients for whom I’d be doing the writing
I also wanted someone to contribute to start-up costs. Even when there were just the two of us, we knew we would grow and rented office space large enough for seven. We had the space designed and bought furniture for it. That cost money. (Within a year, there were seven of us. Business grew fast.)
Do a Self-Evaluation. What Do You Offer Your Partner?
What are you offering your potential partner?
Before you consider building a bigger agency, I think you should have an established freelance business with repeat clients. You should be profitable, making money.
That’s what you’re bringing to the party. You would bring your clients into this new agency. You expect your co-founder to do the same.
If your current business isn’t successful yet, I don’t think you have a strong enough foundation to build a company. Build up your business before looking for a partner.
Partner Option 1: Someone Who Offers a Complementary Service
I wanted a complement to my writing, in other words, a designer. If you’re a filmmaker, perhaps you’re looking for an editor. Think about what combination will be appealing to clients.
In my case, my partner was previously doing design projects and other freelance writers were doing the writing. Once we established the company, I did the writing for those clients, and he did the design for my clients. Now they were all our clients.
Partner Option 2: Someone to Take Care of Business
Another approach would be to find a partner who is an “account person”. Someone to handle the business end of things and bring in new clients.
I have seen others use this model but didn’t think it was right for me. But it might be a solution if you find someone who can bring in business and then manage it.
Partner Option 3: Someone Who Does More of What You Do
Maybe you want a company that specializes in one service, say writing or programming. You have good clients, but often you have too much work. So, you’re putting off start dates, turning down work, or finding someone else to do it.
Finding another person like yourself who also has clients can be an answer. Ideally, that person is busy too, so your combined client roster makes a good busy agency.
But likely, you’re not equally busy at the same time so you can help each other. You can also take on bigger projects that require more than one person.
Get the Word Out to Find a Partner
Let people know you’re looking and what you’re looking for—take out an ad or promote on social if you have a large enough following. Have a webpage describing what you want in a partner.
I took out an ad in an industry publication. I got 30 responses. I met with five and chose one. We had many meetings, then did a few jobs together to see if we were compatible in how we worked. Then we incorporated a company as 50/50 owners.
Before You Finalize an Agreement
Make sure you’ve agreed on how you’ll run the agency, how you’ll make decisions (they should be unanimous) how you’ll get paid.
If you find a potential partner, I think it’s important to have detailed discussions about how you want to work, how you bill, what processes you’ll have in place, etc. You want a shared vision and someone who sees the world the same way you do.
Also, ideally, you’ll have found an accountant who can act as your financial advisor. You want an accountant to do more than just your taxes. In a new company, you’ll have many questions about money, and a good accountant can help.
There’s lots more about finding a partner in my book, How to Start a Successful Creative Agency. It’s the essential business guide for designers, copywriters, filmmakers, photographers, and programmers.
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