I love just about everything associated with working for myself as a domain investor. There are some days that I wish I had a business partner though. Every once in a while, an offer is made on a domain name that I wish I could get another opinion about before making a decision. Yesterday’s article about reasonable offers will give you an understanding about the types of offers that a second set of eyes might help.
Without a business partner, I am solely responsible for business decisions. This is good because I never have to convince someone that a decision is right or wrong, and I have full authority to execute decisions and strategy. This allows me to make offers and close deals quickly and generally without holdups on my end. The downside is that there are times that I could use a second opinion on whether I am making the right call on a domain purchase or sale.
I discuss some business with my wife, but I can’t expect her to be able to give me expert business advice like another domain investor could. She knows about domain names better than many people, but I couldn’t expect her to know about current market conditions and other factors that would be necessary to consider before making an educated decision. She is a great sounding board, but it wouldn’t be fair to put a major business decision on her shoulders.
I do not generally discuss business with friends because most probably wouldn’t understand the nuances of the business, and I don’t think any of them would know about market conditions. I have discussed overall business strategy at a higher level, but not the day to day operations. I think it’s distasteful to discuss finances with friends, and obviously that is an important aspect of making a business decision. On a sidenote, what friend would tell you to pass on a $15,000 offer for a domain name you paid $69 for at auction the prior week? Probably not many, and passing might be the wise choice.
On occasion, I discuss some things with business colleagues, but there are obstacles to that, especially because most of my good business friends are also competitors. I trust my friends, but if they chat about a private deal that is in the works, it could lead to trouble with the deal, especially if a NDA is signed. This also poses trouble if that person wants to buy the domain name from me at a later date. Additionally, to make an important decision, especially related to a domain name sale, I think it is critical to know the status of the business (things like cash in bank, cash flow…etc), and I am not going to share that with business associates for competitive and personal reasons.
There are plenty of downsides to having a business partner. However, there are some days I wish I had a business partner.