Romy Taormina

Psi Bands - Nausea Relief Chief/Co-Founder
Pacific Grove, CA
http://www.psibands.com

    Partnering or going solo?

    March 17, 2009

    Have you considered a business partner? I thought I would flesh out some of the pros/cons to having a partner(s). Some of you may have been on the fence about this choice, or maybe never considered it. Maybe it’s for you, maybe it’s not. But worth pondering, I think.

     

    As some of you know, I have a business partner. What most of you probably don’t know is that I have two business partners. My female biz partner is Carla Falcone (who, by the way, just joined STS). You may connect with her here: http://www.savorthesuccess.com/member/carla-falcone. My male biz partner is Pieter Schouten.

     

    When we started Psi Bands, there was so much to do. The idea behind Psi Bands was literally the “mother of invention”. Carla and I suffered from terrible morning sickness during our pregnancies and we found nausea relief from wrist acupressure – but we were dissatisfied with existing products on the market. We set out to create something both functional and fashionable for others who suffer from nausea. The idea for Psi Bands was born. But, where to start? We found the answer in each other – and in Pieter, a product designer/developer. We created a team where the sum of the parts was greater than the whole. We combined our strengths and core competencies to set out on our entrepreneurial journey.

     

    Pros to a partnership

    • You can leverage off each others’ strengths and talents.
    • You can benefit from differing opinions – arriving at decisions that are well thought out.
    • You can spread out your financial investment. Especially during the current economy, this could be a major consideration.
    • You have an instant support system. This is important for morale, especially when there are bumps, and there will be bumps.  We know we are in this together.

     

    Cons to a partnership

    • You are not the sole decision maker. Your business partnership is like a marriage where you must listen, be respectful and compromise. You will be faced with disagreements. But, at the end of the day, assuming you are in a good partnership, these disagreements are highly beneficial – leading to more effective decisions.
    • You have to coordinate schedules to make decisions. It ads a layer of complexity. You need to have systems in place to effectively execute. In our case, we all work remotely, all from home-based offices so we don’t pass each other in the hall or lunch room. We have regularly scheduled weekly meetings on Skype and communicate as needed via phone and email. It’s not always easy, but it meets our individual needs/schedules. All 3 of us are parents with young children spanning in age from 2-9.

     

    Other

    • You should have a well defined and legally documented partnership agreement in place. What happens if someone dies, becomes disabled, goes through a divorce, wants “out” of the business, etc. These are all realities. No one goes into a partnership thinking that these things will happen to them, so it should all be clearly defined from the get go where all partners and spouses have signed the dotted line.

     

    Whether you partner or lead solo, savor your journey. Or, as we like to say here, “Savor the Success”.

    P.S. Psi Bands' goal is to land another retail account with 5000+ stores.

    Read Romy's other blog entries >

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