Let’s face reality: your business is your baby. You created it, worked to turn it from an idea to reality, and committed every day to grow it into something great. Subsequently, when you find yourself looking for a business partner, you will not give that responsibility to just about anyone. It is essential for the person you pick to have the same kind of approach and enthusiasm you have, and for them to share the same business ‘parenting’ style as you.
The most important thing to remember before kicking off the search is that this partnership is a long-term, legally binding agreement, which means you will be spending a lot of time with your partner studying and planning major business decisions and events.
For that reason and for the success of this partnership, finding the right partner is crucial and is not to be taken lightly.
So how do you find a person who’s on the same page regarding your business?
Here are 5 tips to facilitate the process of looking for a business partner.
Look for a partner with great skills
A business partner is someone who completes you and fills any skill gaps you may have. For example, if you have great interpersonal and communication skills, it would be helpful to have a business partner with outstanding financial skills. It would also be great to find someone with good experience or background in your particular industry. They will have the know-how and expertise it takes to make the job easier and land more clients.
Keep in mind that the more skills you both bring to the table, the easier it will be to grow and run a successful business together.
Watch out for personal baggage
What we are going to say may sound quite insensitive but, it is for the sake of your business: choose a business partner who does not have personal baggage.
Why? Simply because growing a business requires time and focus. If your business partner has lots of personal challenges and issues, this may carry over into the business and it will be harder for him/her to deliver on his/her promises.
You do not want to find yourself carrying all the weight alone and that is why you must find a business partner who is as focused on achieving objectives as you are.
Make sure you share the same values
This is one of the most important factors to look for when choosing a business partner. Having someone on board with the same values as you is essential to making wise decisions and driving your company forward. When you share the same principles, communication becomes easier as you both will be more willing to consider each other’s points of view which will lead to successful decision-making and planning for the future.
It is also essential for your business partner to have strong business and personal ethics. When your business partner has integrity and is reliable and honest, it will be easier for you to trust them with your business.
Find someone who can offer credibility
Having a business partner who is financially stable is great. After all, no one wants to get into a partnership with someone who is in the middle of a financial crisis. However, there are many other valuable contributions a partner can make to your business. Finding someone who has a wide business network, a client list, or industry connections, can increase your company’s value, its credibility, and its chances of securing clients in the future. Not to mention that your business partner’s skills, as mentioned above, are another valuable asset that contributes to the success and growth of your company.
Don’t choose your partner based on friendship
Let us rephrase that: don’t choose a business partner solely because you are good friends.
While it is important to choose someone with whom you have a solid and trusting relationship, choosing a business partner just because they are your buddy is not a good idea. Them being a good friend to you does not necessarily make them a good partner for your company.
If you find yourself considering picking a friend as a business partner, take a step back and make sure that their values, vision, and ambitions are aligned with yours. If not, you will know that this particular person is not meant to run a company with you even if they are great at solving your personal problems.
In short, finding the ideal business partner must be tackled with care and careful consideration to ensure that you are compatible with each other and share the same vision regarding the future of the business.