When you’re a new coach just launching, it can be lonely and overwhelming doing everything yourself.
You don’t have colleagues to bounce ideas off of or the built in accountability of a team leader as you do in a job.
Everything is on you – the decisions and costs of building and maintaining all aspects of the business plus the workload of marketing — all while serving clients.
For those reasons, some coaches reach out to partner with another coach not realizing the additional challenges partnership brings.
If a coach I’m mentoring brings up the idea of collaboration with another coach on any level, I encourage them to slow down and think it through because everything gets twice as complicated in partnership at first.
Let’s talk about 4 critical considerations for smart partnering and whether you have the right stuff to be a business partner.
Are You a Good Candidate for Business Partnership?
There are several character traits necessary to be a good candidate for partnership. One is to love the collaborative process. Is that you? It’s a must for partnership.
I’ve always been a bit of a maverick. I have unconventional ideas and like to be the sole driver of those ideas. I very much enjoy the challenge of running my business driven by my own values and desires. I want to be able to make quick decisions knowing those choices only affect me.
What about you?
One thing I do have going for me is that I’m a risk taker and will show up for difficult conversations. If you are risk averse or a conflict avoider, partnership isn’t right for you right now.
I don’t love negotiating over the big picture and details — endless meetings, where the needle barely moves. I find that type of process exhausting not energizing as some do. Would that energize you?
By the way, I didn’t always know these things about myself. I had several partnering attempts with a number of fine human beings including, at one point, my husband, who was once my partner in Prosperous Coach. That was a challenging time in our marriage I can tell you!
Partnering in business with a life partner is potentially disastrous so don’t go lightly into that!
One reason I floundered in various business partnerships was because I did not yet know my own ‘must haves’ and ‘dealbreakers’. I wasn’t solid in my own business, having confidence in my value, before I leaped.
When you have self awareness, confidence and certainty of your value you’re less likely to enter into a partnership out of desperation and unwittingly jump into a classic trap.
Early on in your business you’re learning your way, your style, finding your voice. It’s a journey.
These are reasons why I generally suggest a coach waits until they really have their feet under them before they bring in a partner.
But I realize that doesn’t solve the loneliness in coaching. Episode 215 covers 4 Ways to Stop Feeling Lonely in Your Coaching Business, so check that out.
Assuming you do have the character traits of a likely partner, there are 4 other considerations to think through carefully, possibly with a business coach.
#1 Are You Complementary and Compatible?
Partnership in business is a lot like partnership in marriage. You need to be compatible and compliment each other in many ways to weather the difficult times and find joy in the partnership.
Ending a partnership can feel much like a divorce and get ugly. I’ve seen it happen between coaches.
Do your coaching niches align but not directly compete? Episode 180 called Have you Found the Niche Within Your Coaching Niche? helps you stand out.
If you and your possible partner haven’t settled on your own target audience and niche yet, you’re definitely not ready.
Do you have complimentary skills? For example, one of you is especially good at writing and the other is especially good at presenting. One of you is a visionary, the other detail oriented. One of you is good with numbers and the other is great at tech.
Do your work styles blend well? If one of you is a workhorse and the other a slacker — that’s a deal breaker.
#2 Do Have Aligned Vision and Values?
What is your collective vision for the project or business? Does it gel well together or is it too disparate? Notice when you’re uncomfortable and ask yourself what that’s about.
Do you trust each other? Watch if you or the other person becomes a “yes person”. They assert and you automatically go along to get along or the other way around.
If you are at all a people pleaser who forsakes what you know is right for you to keep the peace, partnership is probably not a good idea. In fact, running your own business could be a way you learn to stand in your power and drop the people pleasing.
Do your business values align? Let’s say you have high integrity and demonstrate that, but it’s clear that’s not at all important to your prospective partner — that’s a recipe for disharmony.
Can you sense mutual respect? That’s crucial. If one of you does not feel recognized for your strengths and values by the other that will sour the partnership quickly.
#3 Are You Both Good at Staying Current and Have High Standards for Communication?
Notice how the other person communicates verbally and in writing. Are they clear? Are they too verbose? Do you feel confused or frustrated reading their emails, texts or in conversations?
Do they or you have a tendency to ghost — disappear or respond too slowly? That’s not going to work.
#4 Are You Both Open to a Legal Contract?
If everything else is looking good and you both agree to move ahead, don’t start the business until you have a comprehensive contract signed. Sit down and set clear goals, responsibilities, timelines and boundaries, ways to cover expenses and revenue distribution … and a lot more. Then hire a lawyer, and perhaps both hire your own lawyers, to draft the contract. This is serious business!
I hope this was helpful for you to decide if you’re a good fit for partnership and how to go about it!