Womeneur

blog

Business

3 Creative Ways to Use Instagram Stories Highlights

by 499 Comments

Instagram Story Highlights is a new feature that allows users to share their best Instagram Stories for much longer (indefinitely) than the usual 24-hour cycle. You have many ways to use Instagram stories highlights.

However, an interesting thing to arise in the business community since the launch of this feature is the way that people are using it as an additional way to promote their product and service offerings despite the lack of multiple clickable links in their Instagram bio description.

Read on to learn three creative ways you can use Instagram Stories Highlights for your business.

[Read more…] about 3 Creative Ways to Use Instagram Stories Highlights

What I Learned After Launching and Growing My Second Instagram Account

by 34 Comments

In January 2016, I launched my first ever business ‘ Social Stylings’.

A few months of Instagram bliss later, they announced that they were going to introduce an algorithmic feed instead of the traditional chronological feed.

That is when everything started to change.

With that first Instagram account for my first business, I experimented over months to discover what worked, what didn’t, and how to best promote my Social Media business on Instagram.

Now with Social Stylings sitting at just over 7,500 followers, with a consistent stream of clients and e-book sales, I decided that it was time for me to launch my second business.

What I didn’t really prepare myself for was how much quicker and easier it would be to grow my second business’ Instagram account.

Currently, Marketer Mansion is sitting at 800 followers, and the account launched on 24th January. Talk about fast growth!

In this article, I want to share with you the things I did differently the second time around that I can attribute to this fast Instagram follower growth.

Because despite this ‘evil algorithm’ that everyone complains about, it actually was relatively easy to grow this Instagram account.

You just have to follow a few simple steps.

Almost like an ‘Instagram Follow Growth Recipe’.

 

 

Instagram Follower Growth Recipe (For New Accounts)

 30 minutes of Instagram Engagement Strategies per day. For example: liking and commenting on other people’s content in the Hashtags my ideal customers use. Responding to people’s stories.

 Posting more than usual – 2x a day on most days, and sticking with a clear image theme so that my feed is visually attractive.

 Updating my Hashtags for a few posts with Hashtags from my Instagram Hashtag (Fashion) Cheat Sheet

 Making sure to keep my Following ratio underneath my total follower amount, so not following everyone I see.

Things that Made it Easier for Me to Grow My Account:

 I haven’t changed to a business profile yet.

 I have @social.stylings, so I do have a few people trickling over from there. Sometimes I will mention Marketer Mansion in a caption or Instagram Story.

 I have an email list I can promote my new account to.

 I put up follow threads in my free Facebook group Instagram Unfiltered.

 

 

Think about how you can incorporate these strategies into your own Instagram Marketing to boost your results.

 

4 Ways To Be Productive as A Mom Working from Home

by 38 Comments

Working from home is NOT glamours like you see in the movies…

Most think that working from home is a luxury. You get to wake up when you want, work in your PJ’s, no commute, no traffic, no money spent on gas, lunch money saved, and you get naptime as if you were in preschool. Those things I have learned easily become your curse instead of your blessing.

I am a mother of 2 and I work my business from home. My 6-month-old son stays home with me full time so I have to work and be a mom to him at the same damn time. I get so many messages on how I balance my two lives and make it look easy.   I came up with four simple tips that help me stay productive since I am working from home.

 1. Get dressed  as if  you have a 9-5

Working in your PJ’s the first week you work from home is life but after that high is over, you develop a pattern of always working in your PJ’s. You become unproductive and lazy because you have not fully prepared yourself. It is so true that when you look good, you feel good which makes you perform better. Stop working in your PJ’s and get dressed all up like you have a job to go too because you do. It just so happens to be your own business that you work from home.

I comb my hair, I beat this face, I wear cute clothes, and I get all dolled up to go to work. You don’t work from home, you work from the office that just so happens to be in your home. Change your mindset.

I wake up 30 minutes earlier than my children so I can get myself ready. At 8:30 am when I drop my 5-year-old off at kindergarten, I am cute in my office with my laptop and coffee ready to start my job at 9:00 am.

2. Create a top 3 to-do list

Life happens but life really happens when you work from home with children. I can’t control if my 6-month-old wants to be a whiny brat all day and all he wants to do is be held and cuddle. So, I come up with my top 3 things that I MUST get done that day.   I have my day planned by the hour but my main priority is completing my top 3 task so just in case my 6 months old decides that he wants to be king of the day, I am covered. When my 5-year-old and/or husband comes home or when my son goes to sleep I can start to work on the other things on my list that I didn’t get to tackle earlier.

I also wake up in the middle of the night and many times I can’t go back to sleep so I will work on my top 3 things to get ahead in my day.  So make your list before you go to bed.

3. Work in an uncomfortable setting

Don’t work from your bed, the coach, in front of the TV, or any other place in your house where you can get comfy because you will get tired and see a good place to take a nap in your house and sleep will be your business for that day.  Don’t set yourself up for failure because it will work and you will be mad when you wake up. Work from your desk or at your kitchen table. If you were at a job, you would be working at a desk not your bed to act as if you are at a job

4. Buy cute stuff

Cute notebooks and pens motivate me to be productive. Get you some cute stuff that you like for your workspace to make it your own. If you were at a job, you would decorate your cubicle with pictures of your family. You also use your pink pens/pencils, glitter notebooks, and inspirational quotes so do the same thing for your home workspace. You need that décor to keep you motivated.

 

I had an office space in downtown Chicago on the 21st floor. So, working from my office and working from home was a major adjustment. Having a new baby though and wanted to stay home with him and take my daughter to and from school. The fact that I am saving the $1,200 a month bill that I was spending on rent. I save money that I won’t have to spend on daycare for my son and afterschool care for my daughter is a definite win. Working for the home requires discipline if you plan to produce as if you weren’t at home. I run my home-based business as the cooperation that I am. Working from home has major perks but you don’t want to turn perks into an everyday ritual. If you need a 15-minute power nap, take one but don’t turn that into a 3-hour sleeping session.

                                              

Stop Blaming the Instagram Algorithm

by 2 Comments

We need to stop using this excuse.

Seriously.

As an Instagram Marketing Specialist working with clients 1:1, hosting corporate workshops and public workshops as well as a free Facebook group dedicated to Instagram, the most common excuse I hear is…

“Ugh. The Instagram algorithm changed and XYZ on my account isn’t working. Grr”

The truth is, we all need to stop blaming airy fairy rumours backed with 0 evidence.

Because of most of the time? It’s our own fault that our Instagram results have dropped.

 

Yes, I just wrote that.

 

There’s something about human nature – we tend to overlook our shortcomings when we get busy and when we are relaxed, we start dropping the balls we are juggling in the air. That is when things start to change.

When it comes to Instagram, one thing I wish for in 2018 is for us all to stop blaming the algorithm for everything.

Instagram doesn’t hate you.

Instagram doesn’t want your business to fail.

Also, Instagram wants you to succeed, but you need to get to know the platform better.

You need to work on your relationship – get to know it, respect it, and work on your relationship with Instagram frequently to keep things fresh and fun.

According to Buffer, there are seven key factors that will affect your account and content within the algorithm.

 

  1. Engagement: How popular the post is
  2. Relevancy: The genres of content you are interested in and have interacted with
  3. Relationships: The accounts you regularly interact with
  4. Timeliness: How recent the posts are
  5. Profile Searches: The accounts you check out often
  6. Direct Shares: Whose posts you are sharing
  7. Time Spent: The duration spent viewing a post

 

There are also certain behaviours that will cause Instagram to throw a little toddler tantrum with you – it’ll be mad at you, but it won’t tell you why.

Those behaviours are usually the reasons why people start struggling with Instagram, particularly in 2018.

At the moment I am working on formulating a complete checklist for business owners to go through when they are struggling on Instagram, but here are a few things to keep in mind.

These suggestions are based on my own findings from managing accounts, various research, working with clients, and group findings in my free Facebook group on what works and what doesn’t.

Tips

  1. Change your Hashtags regularly – if it has been over three weeks, change them!
  2. Be careful not to like, comment, or follow/unfollow too quickly. IG will think you’re a robot.
  3. Don’t join comment pods or ‘engagement groups’ hosted within Instagram DM’s.
  4. Don’t over-post (3+ daily) or under-post (less than 2 posts a week).

If you want the cheat sheet when it becomes available, make sure to be a part of my Facebook group to be notified.

I hope you found this article helpful, and the next time you think to blame the algorithm, I hope that you will check your behaviours first.

5 Books Every Entrepreneur Should Read

by 48 Comments

As lonely and overwhelming as the entrepreneurial journey is, reading provides the solace of knowing you are not alone. You may not have someone in your immediate environment who understands your grind, but through books, articles, and blogs, you will realize that those feelings of doubt and fear are also experienced by others. By reading the success stories and journey of others, it fuels you to stay the course. And more importantly, best books for entrepreneurs provide you the priceless access to thousands and thousands of mentors.

While there are hundreds of books I think every entrepreneur should read, I do have my top 5 that I would recommend to anyone. These are the books I find myself referring to over and over again. Through these books, I think an early stage entrepreneur will be fortified to tackle both the mental and technical challenges of running their ventures.

  1. The Success Principles by Jack Canfield

The full title of the book is The Success Principles: How to Get from where you are to Where You Want to be. And the book really does cover it all. I consider this book, the Modern version of Think & Grow Rich byNapoleon Hill. (I didn’t put this book on this list because I think this is foundation reading and everyone must read it. But I also think if I had to pick between that and Jack Canfield’s book for any audience, I would pick The Success Principles, as it’s an easier read and more relatable. What I love about this book the most is the sheer amount of time Jack spends on mindset and vision. I think sometimes as entrepreneurs we forget the foundation stage of understanding our “why” and omitting the introspective work that often needs to take place so we can get out of our own way. This book provides both life and business guidance. The ultimate lesson from this book for me: Take 100% responsibility for what happens in your life. Good, bad, and all in between.
 

2. The 4 Hour Work Week by Tim Ferris

Tim Ferris is known as the master simplifier. The 4-hour Work Week emphasizes the need to truncate, eliminate and declutter the time spent on non-important matters. Tim’s mantra: Minimize your work day so you can spend more time doing what you love. Isn’t this why we want to be entrepreneurs? to have more control over our time and how we spend it? Yes, we grind in the beginning, and we grind because we love the grind, but we don’t want to create a life where we are always forced to grind. The 4-Hour Work Week offers systems and strategies to manage our lives and time better.
 

3. Outliers: The Story of Success by Malcolm Gladwell

The book basically sets out to explore, what makes successful people successful.  For Gladwell, success is not simply personality, intelligence, hard work, community support, and meaningful opportunity but rather a combination of all. Depending on the situation and environment one aspect may have more impact than another. Gladwell explores various individuals such as Bill Gates, Bill joy and even his Jamaican mother in his analysis. I always love reading Gladwell (check out The Tipping Point if you haven’t read it) because his case studies read like a biography, while the data still reads like true research. And, I hate when people say things like, “She is only successful because…” I believe it is never a good thing to demean someone’s success. Gladwell’s analysis of all the various factors that plays into success, proves once again that it’s a combination of everything coming together.  Even when someone receives a hand up through “opportunity”, let’s remember someone still had to do the work to bring about that opportunity.

4. The Purple Cow by Seth Godin

In this book, master marketer, Seth Godin, challenges entrepreneurs, innovators, business people to create a product that is different. Hence, the purple cow. Brown cows or black and white cows are often time left unnoticed because we see them over and over again. What happens after we’ve seen the same thing over and over, we start not noticing it. But imagine if we saw a purple cow. We’d notice. We would stop and look. In the days of social media when it can seem there’s a million coaches, a million hat makers, a million makeup artists, a million graphic designers, how are you going to create a product that is different? Godin argues it’s the only way to survive and thrive. Read this one of best books for entrepreneurs.

5. The 48 Laws of Power by Robert Greene

One of my favorite books ever, the 48 Laws of Power focuses on three different aspects of power. Observing power in others,  gaining power for yourself,  and defending yourself from power plays/moves of the opponent. I read this book in college and re-read it again a few years later and loved it each and everytime. The historical examples and stories are superbly told. Many people have problems with this book because they believe it glorifies unethical practices especially in dealing with other people. However, I think this book provides an up close and personal look of a subject we are not too comfortable discussing.
The power dynamics that exist in society are not always pretty. Greene simply highlights them to provide awareness. In all that we do (activities and interactions) we are dealing with others. It is important to understand the psychology of those we interact with so we can create and formulate the proper sales, marketing and strategic plans.  While your mission may not to be to gain power, I think understanding how others utilize power will serve anyone, both in business and in life.
Make sure you make time to read these best books for entrepreneurs.

3 Must-Haves Before Creating Multiple Income Streams

by 1 Comment

I know you’re bombarded every other day with multiple income streams being the way to go, the key to wealth, the new thing for 2018 and so forth.

Creating multiple income streams is definitely a path to success – especially passive income. However, before you even begin to think of growing your revenue, you MUST have already created these three things, otherwise, you can kiss those multiple streams bye, bye:

1. Secure primary income

How are you going to master earning multiple anything, if you can’t even consistently earn one income stream (rhetorical question)? Whether you start out selling one service or one type product, earning one primary income is crucial for several reasons:

  • it will build your confidence as a business owner
  • allow you to learn the ‘ins’ and ‘outs’ of what it takes to consistently create one  income source
  • with valuable feedback from your customers, you can edit your offering specifically to what they want

2. Build community

Launching a product or service successfully is all about creating a hype and buzz. And, the major one is creating customers before you even have your offering ready. I launched Womeneur in April 2015. But, in February 2015, I got online and began building my ‘tribe’, communicating via email and writing a blog. These three things allowed to me continue the conversation away from social media, building trust, loyalty, credibility. Essentially, I was providing value and sharing my knowledge and also showing I cared by creating a two-way conversation. I was able to build an organic, global and engaging Instagram community by providing value.

Additionally, I was able to carve a ‘niche’ in the market and place Womeneur brand in the minds of customers as the go-source for emerging and early-stage female entrepreneurs. This requires consistency, providing value and showing you care.

So I spent 9 months building a community and didn’t sell my consulting services or limited merchandise (mugs, posters, etc) until November. By then I had gained the trust and loyalty and people were ready to spend their hard-earned money with my brand.

3. Create what they want

Trust me, I understand: you have a brilliant idea for a product or service that you believe is totally irresistible and will be a cash cow for your business.

However, it will be unwise of you to create offerings without even asking your target audience what they want. Dell Computers mastered this philosophy by getting their customers involved in their decision-making process… matter of fact, they began making customer laptops because of this.

You MUST ask your customers what they want. If you have one primary offering, know that in order to add more on top of those (because your goal is to offer as many offerings as you can within the scope of your business), you need feedback. You need to know what’s working, what’s not working, what they like or dislike, what would they like different or like to see more of.

You can get feedback numerous ways:
  • Ask questions on social media. It is true that my questions on Womeneur Instagram seem like fun and games (and they are to some extent). However, I’m taking your responses and finely tuning your customer persona.
  • create surveys in Google Docs, Survey Monkey or Typeform and include questions above to your current customers and even potential customers
  • ask for testimonials
  • Include questions in the purchase process. How did you find out about us, what made you buy this product/service, where have you purchased similar items before?

When I began selling merchandise, I began showing mugs, notebooks, etc and asked which ones you liked most. Before I offered my consultation services, I sent out a survey asking you what you struggled with and what price range were you willing to pay… and I did the same thing before creating the WomeneurCollective.

Last week inside the WomeneurCollective, I hosted a virtual classroom:  Creating Multiple Streams of Income for Your Small Business. I shared the many options available for creating multiple income streams for your business. Also, I shared tips and strategies and tips to implement them successfully.

Are you working on creating multiple streams of income and do you have the above 3 criteria in place?

3 Ways To Save on Business Travel

by 9 Comments

Traveling has become a major part of my business. I am in and out of a different city every single month and you know when you are on a “mini-vacation” you always spend money freely. I have a lot of speaking engagements and I found myself going out of town to get money, only to go home broke. It wasn’t making sense to me until I realized what was happening. I have 3 things that I do now to save on business expenses so that I can go home with the money I just made.

1. Take one credit card

I am a shopper and I like knickknacks but those $3 items always add up. To avoid the just “buying because you got it” syndrome that I suffer from, I only bring one credit card and not my debit card. I just got my credit in order, so I am very conscious about what I put on my credit card. Me buying anything other than the bare minimum with my credit card is something I will not do. This tactic forces me to only buy what I need.

2. Don’t book a hotel

Usually, the speaking engagement is only one day so I book the first flight into the city and the last flight out. If they have a Q and A after or even go to dinner to celebrate, I am covered because the last flight isn’t until about 11:00 pm. Hotel stays get expensive and staying overnight forces you to eat, drink, and shop, well that was the case for me. To avoid all of that, I get off the plane and Uber to the location and I Uber back to the airport. I have saved so much money traveling this way. Am I tired? Yep, but I have all my money and I can sleep in the airport and on the plane. I find myself sometimes sitting in the airport for hours until the last plane leaves. I am completely ok with that because I have enough work to do to make my airport stay productive.

3. Pizza Anyone?

When I have to stay at night in other cities, I order a large pizza from the local pizza place. I only eat cheese pizza so it pretty much tastes good from wherever you order it. It is only me but a large pizza I can eat for breakfast, lunch, and dinner. Order a 2-liter pop, a pizza, and some chips and that is $20 well spent.  I am not eating and drinking up all my money.

It is clear to me that money comes and goes. But you need to be smart about what it goes too. I used to go out of town and make $1,500 and come back home with $30 wondering where did all my money go? Since I have added these 3 steps in my spending, it has really helped me out so much. Try them and let me know if it works for you.

I’d love to hear about how you save on your business travels?

4 Ways to Network More Effectively on Social Media

by 1 Comment

I can honestly say that the backbone of my business has been Networking. The old fashion type. Breakfast meetings, lots of lunches, receptions and community events.  Attending these events shaped my social understanding within the framework of business. It really groomed me from an introverted and awkward entrepreneur into a confident and social business person. 

The act of meeting complete strangers from totally different backgrounds has a way of jolting you quickly to prep mode. Thus, I value networking and the role it plays in both personal development and business growth.

Why is Networking Important?

Networking is an important aspect of business development because “no man is an island.” No matter how knowledgeable you are in your field as you navigate in the world of business others will be needed. Whether it’s to bounce ideas, offer recommendations or mentor.

Many jobs and opportunities aren’t posted. In today’s ever-expanding market, we at times don’t know we need a service, a consultant, or a product until we see it or meet the person offering it. Thus, networking provides a great opportunity to get in front of people and get noticed. Networking helps in the following areas:

  1. Meet new people that can provide you client/customer referrals
  2. Vendor and other business recommendations
  3. Build Relationships with people you can support and who can offer you support in return
  4. Provides opportunities and new markets
  5. Create Collaborations & Partnerships
  6. Navigating red tape and other logistical roadblocks

But in an age where people are spending more time behind their computers than they are spending at after work events or networking events, how does one craft these meaningful relationships in the days of social media? A time when many think liking someone’s post fits under the umbrella of connecting. Or the sharing of a business flyer is sufficient to stay top of mind in someone’s memory? How do you network effectively in these modern times of social media and technology? How does someone like me who’s more familiar with the traditional forms of in-person interactions, make the best of social media in the networking sphere? Below are four tips to help you make the best of your online networking utilizing various social media platforms.

LinkedIn is Your Friend

LinkedIn is not the most popular social media networking platform, but if you are a business, professional, entrepreneur or industry expert of any kind (technology, art, writing, marketing, etc) You need to be on the site.

Linked in offers you the ability to promote yourself as a professional, get hired, and is a great way to get noticed. It offers you the ability to position yourself as an industry expert in your area.

The fact that LinkedIn is a professional network, it makes it easier to connect with other professionals, as everyone has a business mindset. Sending someone a message regarding connecting, won’t seem creepy.

LinkedIn also provides the affinity groups, which really allows you to connect with like-minded industry leaders and stay on top of your industry.

Facebook Groups and Fan Pages

Facebook is still the most popular social media networking platform. Use it. Facebook started off as the platform to keep in touch with family and friends. As you develop your business and entrepreneurial endeavors, it’s important to step out of that. Beyond your personal profile consider creating a business and/or fan page. This will provide you access to people that either already use your services or potential clients/customers.

If they are on your page that means there is something that you provide that interest them. Take advantage of this opportunity to not simply promote your products, but to position yourself as the leader and expert in your field. Both on your page and other group pages, answer questions. Offer tips and advice. The best way to sell these days is to offer information. It allows people see your knowledge and puts them at ease for when they are ready to spend money with you, they can be confident in your ability.

Go Ahead Retweet

Retweeting is one of the fastest and easiest ways to get noticed on Twitter. However, you don’t want to simply retweet. A tweet with your comment attached to what you appreciated or a special shout out, will always get noticed. “Loved XYZ’s nouveau age perspective on global warming” followed by the retweet, shows you were paying attention and you are a fan. The person is more likely to notice and respond.

Interact on Instagram

With all social media platforms, the key is interaction. Simply posting your own content won’t cut it if you want to develop a valuable network. Instagram can prove to be a very self-centered platform if you are not careful. But there are tons of opportunities for interaction. Answer people’s comments under your pictures. Visit other pages, especially for people who offer similar products or services. See what comments people are making under their posts. Do their fans have questions? If you can provide answers in a non-“I’m here to get the following sort of way”, you will get some new fans and meet some new people. People pay attention to people who have answers. Offer your answers.

Instagram stories also provide another great way to network. Do you want to collaborate with someone on a shoot, project, event? answer one of their IG stories. It goes right into their inbox!

Conclusion

Understand that the same rules apply to social media as they do in the non-cyber space. In order to build deep meaningful professional relationships, you have to engage and offer support. Once you can command the respect as an authority in your field on social media, while offering valuable information and insight to both your fans and potential business partners, you will be the sought after person to collaborate and connect with.

 

Why There is SO Much Contradictory Instagram Advice

by 2 Comments

One complaint that I often hear from members of my free Facebook group, Instagram Unfiltered, is how confused they feel about the contradictory Instagram Marketing advice freely available online.

At every twist and turn, there will be another marketing guru telling you that the advice of the other marketing guru is wrong.

And in between? There are business owners that *think* they know why X is happening on Instagram, and they are more than happy to share their predictions in all the Facebook groups.

It is no surprise that many small business owners find Instagram confusing.

And difficult, and annoying.

So, what can you do about it?

[Read more…] about Why There is SO Much Contradictory Instagram Advice

The Pros & Cons of Business Partnerships

by 2 Comments

As an entrepreneur with various interests, I often find that partnerships are a great way of bringing ideas and businesses to life in an efficient way. Very few of us possess it all: Financial acumen, marketing prowess, business development skills, sales background, operation experience, etc. With everything one needs to start a business, often time partnerships provide the perfect solution by bringing different talents and skill sets together to create a perfect union.  While there are many pros to partnerships, a bad partnership that lacks trust, understanding and shared values, can also result in a business failure and emotional distress.

Here are some pros and cons of partnership business you should consider when deciding on whether to form your business as a partnership or bring on a partner if you are already in business. There are times we also consider a partner for a particular project or event.

Pros

Varied Skill Sets

Having a business partner that has a different skill set that you possess is a great asset to any business. This means less outsourcing and less chance of burn out by one person as you don’t have to manage everything. One person can focus on sales and marketing, while another thrives in the realm of operations.

For one specific project I was doing, I needed to do a lot of video, editing, and photography. I realized for this particular undertaking a partnership would make sense because the sheer amount of video and editing that needed to be done would cost a fortune if outsourced. I was able to find a creative that shared my entrepreneurial spirit to invest both financially and creatively to the vision. Also, diversity in talents allows for greater growth faster because each individual can focus their energy on one or two things as opposed to spreading one person thin. I did not have to go learn videography (which I considered), which would have delayed me tremendously. A jack of all trade definitely moves at a slower pace than a master of one.

Broader Perspective

As brilliant as we may be, in business it is always great to have someone to brainstorm ideas with. Even in ventures where I don’t have partners, I am constantly asking and reaching out to colleagues to get another perspective. Especially as entrepreneurs and business owners that cater to others, we need to ensure we do not focus strictly on whats inside our own heads. A partner allows you the viewpoint of another and can allow you to create and plan from a broader perspective

Accountability

As beautiful as entrepreneurship is, one can easily lose sight of what needs to be done. With no one to tell you when to wake up, when something is due, or when to put a deadline on a project, you can fall really behind in your business. If you do not have the sheer self-discipline and will to put those timelines and barometers on yourself, you can easily lose track.

A partner makes it that much easier to stay on track as they serve as an accountability partner. As driven as my circle knows I am, I too get into a lazy mode. But when I know I have someone else waiting for me to deliver, there’s no way I will not come through. So, for those of us with strong work ethics, a partner keeps us from falling too far behind when those lazy moments strike.

Shared Loss

A loss is never a real pro. But losing $10,000 of your own money is way harder than losing $5000. It is in those times that a partner can also make the entrepreneurship journey a little bit easier. A bad launch, a product fail, a costly decision split between two people is way easier than enduring it alone.

Cons

As much as I suggest getting a partner when the situation is right, there are some cons that can come from partnerships. I have experienced a few bad partnerships, but luckily, I have learned and grown. But many of these cons are avoidable if thorough research is done or time is given to get to know your potential partner.

Differing Work Ethics

One of the biggest issues that often arise out of partnerships is the lack of commitment by one of the partners. If you are a “no sleep until its great” type and your partner is a “I’m out by 5” type, this can cause a lot of issues. One partner may be putting in way more hours than another and that can create tension. Especially when it’s time to split profits. This can lead to resentment. As a person who is naturally motivated, it frustrates me to have to constantly run after a partner to get work done.

Whether it’s your idea or theirs, once an idea is accepted, all parties need to work towards bringing that vision to fruition, with all their might. If you wanted to run after someone, you would get yourself an employee. I have seen this type of issue with many friends turned business partner. This is not to say not go into business with friends, but make sure the work ethic is the same.

Friends accept each other with all their flaws. Partners are less tolerant. Flaws that your friendship may be able to overlook, a partnership cannot as they may impact your bottom line.

Not There through Thick and Thin

While it’s great to have someone who is there to build and grow, as you get into the business, there are other individuals that may offer partnerships based on your potential, not their. They are only there because what you have is already working, at least they think. So when they come on board, they are not necessarily there to get their hands dirty, but rather come to collect. These are the people you should consider perhaps as an investor. Maybe if you need money capital, but not as partners.
I once had an individual back out on me for an event that we partnered on. I had several events that year that were all sold out and amazing. When they suggested a partnership on my next one, I said why not. Figured shared risk, and more networks to tap into. As the event got closer and I saw a lack of ticket sales and mentioned it to my partner, all of a sudden they were out. I was devastated. The place was booked, and other expenses were made. But I quickly came to the realization, they didn’t come into it to partner, they came in to invest in what they saw as a sure thing. Soon as it wasn’t, it was no longer worth it.
A partner will never leave you high and dry. A partner has a long-term vision. They don’t come to lose, but when the going gets tough, they start planning and helping you come up with solutions. Not check out.

Same Moral Compass

While you don’t need a partner that is exactly like you, you do need someone that has similar morals and ethics as you do. Remember this person will be representing you and your company. So be sure that they are not out there doing bad business under the umbrella of the business. From basics of how much you pay your employees, vendors, etc. to legal and illegal matters, be sure that you and your partner share the same ways of doing business, or at least have adopted a standard for how the business will be done.
In closing, the main role of a partner is to serve as a complement to the areas you may lack. A good partner makes your business better or more complete by providing skills or resources that you do not possess without the partner.
Let me know in the comments section if you have had any great or not so great partnerships. Do you know more pros and cons of partnership business? Any lessons?