You’ve been planning it for a while and today, you feel that it’s high time to start the business of your dreams. You also think that having a partner will help you grow the business more in a short time. You have a huge advantage if you have a business partner because you can divide work and investment between you two. There are areas where you’re not good at that your partner may be an expert on like business continuity management framework and vice versa. With that, here are some qualities you should look for in a business partner:
Start the Business Strong
You’re choosing a business partner for a reason. You need someone who can help you run the business. Skills and years of experience make a potential business partner viable because you become a team to be reckoned with.
Don’t let emotions become a central theme in the business. Don’t choose a partner who has trouble in their personal lives no matter how highly-skilled they are. Running a business takes a lot of time and effort. It’s not just money that you’re investing, but also a lot of things. Bringing personal life to work is a no-no because it can hinder positive outcomes.
You need a business partner because you can’t run it alone, hence the need for someone who has connections and has other resources. It’s good to have a partner who has a list of potential clients, a good network, and other credentials that you can use in the long run. You both must bring something to the table.
Investment and Ethics
It’s important to look for a partner you can trust. Find someone honest with a good reputation for having strong business ethics. The last person you want to work with is someone with a record for falsification and other mischievous deeds that you should avoid. Having a trustworthy partner prevents any legal troubles from happening.
You and your business partner should work together as a team. Having said that, it’s important that both of you have respect and trust in each other. There will be times when you have differing opinions, but you’ll come into a good decision when you respect and trust each other.
Of course, your partner must be financially stable. After all, this is one of the main reasons you’re looking for one. While you may want someone to be your business partner, but if that person is having a financial crisis at the moment, then it’s not a good choice to team up.
Running a business is a serious matter. You and your partner should complement each other and use that to your advantage. What you lack in some area, your partner must have and what your partner’s weaknesses are should be your strengths in return. This is important so that you can manage your business well. It allows you to address all areas of concern.
Lastly, your partner should be open to signing a business contract with you. This can’t be a verbal thing. There is so much at stake so you better imply early on how the division of all the aspects of your partnership will go. Talk about legal binding with each other first, then consult a lawyer and see if both of you are okay with the written agreement before signing.
Starting a business is a big deal and it’s nice if you can start it with no complications. Partner with someone who shares the same vision you have or someone who wants to help you recognize that vision. Keep in mind that a business partnership is much like a love story — you have to work together, must trust and respect one another, and prepare to stay together for a long time.