More than half of all new restaurants fail within the first year, and the statistics for other types of business aren't much higher. When you come up with a new business idea, you might spend years researching your idea and comparing other businesses before looking at funding or applying for loans. The most successful business owners plan for the unexpected problems that can pop up in the future.
If you're a small business owner, you've most-likely considered entering a partnership at one point or another. From an outsider's perspective, joining a partnership can seem like a great use of resources, capital, and energy. However, most partnerships don't pan out the way partners would hope because many business partners enter a partnership for all of the wrong reasons. Some of these reasons include not having enough connections, shortage of financing, lack of skill set, or simply not wanting to operate alone. That being said, there are many variables that may come into play and derail a partnership as the business picks up.