Author: Jason Dookeran
Side hustling on your own can be time-consuming, and there’s only so much you alone can do. What about asking someone to get into business with you? Running a partnership is an excellent way to bring in extra value, consolidate services, and make more profitable earnings than a sou-sou (see an earlier Caribbean Innovation article on sou-sous here). Value exchange is what makes for a beneficial partnership. But how do you determine where the value is in a business partnership?
Complimentary Skill Sets
If you have a side hustle and know someone with a skill-set suitable to yours, you could partner up for more coverage. Let’s say you make some of the best coo-coo anyone has ever tasted. You have people telling you your coo-coo richer than the richest folks in your community (nicknamed “de 1%” here in T&T. But you have a problem, cuz you know your callaloo does taste like water and bhagi. But you know you could make good money selling coo-coo. What do you do? Find a friend who makes callaloo just as good as your coo-coo, and you have a partnership that will be profitable and valuable to both of you ⚖️.
Solving the Puzzle
Finding a profitable partnership is all about finding the puzzle piece 🧩 that fits yours. It’s also about giving up control in areas of the business you don’t understand. Partnerships aren’t necessary, but two heads are better than one in many ways. If you decide to go this route, you’re likely to have someone to balance you when things get rough. Partnerships are vital to give both parties perspective. Sometimes, the split in personalities helps the business evolve into something neither individual partner could achieve independently.
A side hustle doesn’t have to be a business, but it could just be something that brings you joy. It is nice to see it add a few zeroes to your bank account, though. The last bit we’ll cover is an interview with an actual side-hustler that turned their skills into a business. Until then, keep on hustling!
Business Content + Caribbean Spice. Mix up Nice!