Start & Run a Graphic Design Business. Michael Huggins
Their business model is based on performance. In other words, a person needs to prove himself or herself first before they bring him or her on board. In many cases Rogers and Hook bring on specialists in their field to work with them first on a contract basis. But the big difference between their firm and others is that they will often share the profits with those who are critical to the project’s success, in order to determine if the person is a good fit for a partnership in the firm.
“Another advantage of having a partner is having access to someone to talk and vent to. Though it might not seem like a big deal right now, being able to work through your thoughts by sharing with someone is a big deal, especially if you’ve ever been on your own,” says Rogers.
That’s not all. Hook adds, “When you have a partner, you have someone you can trust. Someone who is on the same team as you. You basically get a cheering section and a determined designer who is motivated to work towards the end goal of the client’s ultimate success. What you do benefits them, and vice versa. So there is more openness to sharing ideas and thoughts, and not the typical guardedness that is rampant in the design industry. That means you can bounce ideas off your partner and get a fair and honest response. If the idea has merit and it represents an opportunity for the company as a whole, we will obviously consider it. We don’t shut down the process of sharing ideas — we foster it.”
When asked about the challenges of partnerships, Rogers says, “The biggest one is the process it takes to find the right partner. Finding a good partner who is compatible with you, your work ethic, and your corporate vision is not an easy thing to do. It can take months and sometimes up to a year to find the right person.” Rogers says that trust is a paramount concern when looking for a partner and that can be extremely challenging. “You need to trust that person implicitly,” says Rogers. “To do that, you need to invest time, money, and energy. Take this step lightly, or rush the process and you could end up with more problems than you solve.”
4. Keys to Building a Successful Partnership
The following sections include some tips that will help you make the best choice if you decide to go through the process of selecting a partner.
4.1 Enter into partnership slowly
There is no need to rush into things. In fact, if you are rushing into a partnership with someone, you should stop and think twice about why you are doing it. Working together with someone can be a breeze if you get the right person, and sheer agony if you don’t. Try a working relationship before committing to a partnership. Consider it a test-drive to get to know each other. Talk about everything you can including ethics, values, and goals. Look for alignment and agreement before moving ahead into a partnership.
4.2 Clearly outline your performance requirements and standards
You won’t get the type of partner you want unless you address the issues and expectations head-on. Outline what your expectations are in regards to performance, and cover them in detail. Make sure you ask for a list of performance expectations from your potential partner and create a system that will help you both measure and stay accountable to them.
4.3 Talk money
You will need to discuss how you and your partner will be paid. Will the money be equally split, based on performance, or a percentage of the total earnings? What happens if your company fails to make its target revenues? There are many questions that need to be answered in regards to money. Don’t take any situation for granted. Discuss the money issue in detail and get it in writing. You will both be better off for having gone through this discussion.
4.4 Talk it through
As you take time for the partnering process, be sure to talk through as many possible scenarios as you can think of. Share stories or examples of past experiences and ask your possible partner to comment on them. Listen carefully to see if the person is on the same wavelength as you are. This is an excellent way of finding out how he or she views the world. If you discover you have different value systems, you may have difficulty in your partnership together.
4.5 Make sure the person has support from his or her significant other
This one might seem a little strange at first glance, since you are not hiring the person’s family or spouse, you’re hiring the person. But if he or she has a life partner, it’s wise to get that person’s support of the partnership as well. Owning a business with another person is hard work and can be very taxing on his or her family, especially a spouse or life partner. Make sure everyone is on board. A partnership that doesn’t start with the consent of a spouse can end in disaster early.
4.6 Base the partnership on compatible values, drive, and work ethics
There are a lot of nice people in the world, but that doesn’t mean they should be your partner. Recognize that not all people will bring the same drive and desire that you bring to your business. If you are determined to make your business work at all costs, be sure your partner shares the same sentiment. Make sure you match your drive, desire, and work ethics for the greatest success. If you can’t line up these three things, you’ll be frustrated and disappointed almost every time.
4.7 Hear the person’s heart’s desire
Ask questions about your future partner’s goals, needs, and desires. What is it that he or she is looking for most from your partnership together? Will you be able to provide it through the partnership? Ask the person about his or her expectations of the business and of your partnership. Determine if he or she is compatible with your goals and if the person’s passions match yours.
4.8 For better or worse — partnering with your spouse or life partner
One way a partnership can work is if you are both 100 percent sold on the idea of making it work. You both absolutely have no intention of backing away. Good or bad. Rain or shine. Funnily enough, it starts to sound a little like a marriage vow, which is a good comparison. This is why partnering with a spouse or life partner could work for you. You’ve already committed the first half of your life to that person; why not commit the rest of it, too?
In a lot of ways a partnership in business is very similar to a life partnership. If you both are committed to making your relationship work, maybe you’re ready to take on a grand-sized business challenge! Be warned, this is not a surefire recipe for business success. Forming a business with your life partner will not only be challenging, but it will put added strain on your relationship.
Consider partnering with a spouse very carefully. Your spouse may love you and want to give you your heart’s desire, but that doesn’t mean that he or she is cut out for the job. Treat your life partner as you would any other business partner candidate. You might even interview each other to make sure you are both right and ready for a business partnership. If you’re not ready for business together, and you start one, the impact on the rest of your life could be devastating.
5. Write a Detailed Partnership Contract
A very successful business mentor of mine once said this to me about partnerships: “One thing you know for sure about partnerships — someday they will end. So start them with the end in mind.” This means that, before you enter into a partnership with someone, you need to talk about every aspect of the business that you can possibly think of, which includes how and when it will end. Don’t take any item or issue for granted.
Determine who is responsible for each duty in the business, complete with an expectation for each item. Be sure that both of you share the responsibility where income, payments, and client support are concerned. As well, it’s important that both partners share a commitment to business growth and development. That means that you both have an important responsibility