This episode follows the real-life adventure of Charlotte and Natalie, co-founders of Pompom Events & Marketing 🎉. Dive into their journey as partners in business, full of ups, downs, and lots of laughs, to discover practical lessons on the do’s and don’ts of a business partnership. 🚀
Charlotte and Natalie never set out to become business partners. It “just happened”. Meant to be, I call it.
Eight years ago, their story started with kids' birthday parties and school drop-off encounters. Over coffee ☕, they discovered a shared passion for making a difference in their communities. One day, in a bustling café, their lively chat grew so animated it caught the ear of a nearby business owner. That serendipitous moment led to their very first contract. And just like that, Pompom Events & Marketing (insert hyperlink www.pompom.co.nz) was born! 🎈
But running a business partnership wasn’t always a walk in the park. Unlike most other partners in business, they’re not a husband-wife duo; they even no longer live in the same city. Yet, their business partnership thrived where many others fizzled out.
So, what are the pros and cons of a business partnership? And more importantly, what’s their secret sauce? 🥫✨
Why these business partners make a great team
Charlotte and Natalie’s success as business partners is rooted in shared values and similar work ethics.
Both had left the corporate world in search for more meaningful work that would benefit their communities 🌱. They found themselves in a fairly unique situation in that they followed each other in several business roles, giving them insight into each other’s work style. It made the “going into business with a good friend” a decision they didn’t even question.
The importance of values, fairness and communication in a business partnership
Running a business partnership means juggling a million things. Between them, Charlotte and Natalie are intentional about keeping things fair, whether it’s event delivery, travel, remuneration, or admin work. In their opinion, getting this wrong is a very common cause of failure when you work as partners in a business.
It took some challenging conversations over the years to work through this. But luckily for them, open communication is their superpower 💬. If something is bugging one of them, they talk it out. Fast!
But with both of them being busy mums, they equally have each other’s backs. When one feels overwhelmed, the other swoops in. After 8 years, it’s a well-oiled machine.
Making remote work, work
Long before remote work was cool, Charlotte and Natalie were already running Pompom from different cities: Charlotte in Kapiti, Natalie in Tauranga 🏡🌊.
Pompom’s team is made up of contractors, not employees. It’s a deliberate move. This lets everyone juggle their own schedules, perfect for those with side hustles or family commitments. The team can grow or shrink as needed, with some on retainers and others jumping in for special projects.
Their team is also sprinkled across the North Island. But that’s not an issue. They found their groove with regular check-ins. At first, that was daily, but they no longer feel the need for that. There are, however, weekly and monthly meetings with the team members on the contract, plus at least one or two in-person strategy days each year. These face-to-face sessions are gold for deep dives, belly laughs, and team bonding. 🤗
Leadership style and the power of knowing who you are
From day one, Charlotte and Natalie were crystal clear about their “why.” They wanted to support youth and environmental causes, saying “no thanks” to big, shiny corporate contracts 💰🚫. This clarity brings them joy, and their passion attracts like-minded clients and team members.
Charlotte and Natalie both agree that a business is only as good as the team. Over the years, they have surrounded themselves with very talented team members with similar values. That appreciation makes them work inside the crossover between the team’s needs and desires and the business demands. It’s a juggle, but it’s worth it.
Natalie and Charlotte describe their leadership style as founded on accountability, trust, empowerment, and transparency. And like me, they find a project management tool invaluable to achieve this.
The top tips for anyone considering a business partnership
- Choose business partners who share your core values and vision.🤝
- Communicate openly and address issues early. Don’t let frustrations fester.🗣️
- Be flexible with roles and responsibilities; support each other through busy times. 🔄
- Define your “why” and stay true to it, even if it means turning down work. 🎯
- Establish regular check-ins and prioritise regular in-person strategy sessions for remote teams. 📅
- Use project management tools for transparency and accountability. 🗂️
- Leverage contractors for flexibility and scalability, and keep a “bench” for busy periods. 🏀
- Empower your team to own their work and encourage solution-oriented thinking. 💡
- Pause before responding to emotional situations. Use your business partner as a sounding board. ⏸️
- Think about the legacy you want to leave with your team, your clients, and your community.🌟
Charlotte and Natalie’s journey with Pompom Events & Marketing is a roadmap for anyone thinking about starting a business with a friend! 🚀✨
Contact Information and Social Media
🌐 Website: www.pompom.co.nz
📸 Instagram: @thepompomteam
👍 Facebook: PomPom Events and Marketing
💼 LinkedIn: Pompom Events and Marketing
