Finding the right business partner is tough. Everybody has different reasons for choosing to go into business with another person whether it be for financial reasons, the persons connection’s or because you and your best friend always dreamed of opening a business together. While business partnerships similar to the honeymoon period of a new relationship normally start full of excitement and enthusiasm, they can quickly turn sour and you may very swiftly find yourself in a legal dispute or worse.
Why Choose a Partner
First you need to establish why you need a business partner. Is it for financial reasons or because you require someone with more knowledge of the market your’re about to enter? When choosing a business partner it’s critical to weigh up your strengths and weaknesses and find someone who can enable the business to succeed in an way that you cannot or in an area that would not do as well if he or she was not on board. Here is a video on what to look for in a partner.
In order for a business to succeed the people running it must have a great understanding of the product or service they intend to sell. They also must be very well informed of the market that they are entering. They must have the right connections or personality to make these connections and relationships and most importantly they must have the funds to start and run their business.
Evaluate Your Strengths
Consider what your strengths are and choose a business partner that compliments these.Second you need to determine what your values and goals are. Do you intend on setting up a sustainable long term business or is your focus on making profits as quickly as possible? When choosing the right business partner you need to establish the way in which you want to run your business, the way you will use your funding and how you will distribute the profits.
Both parties should decide on what areas in the business they are responsible for and how much time and work they are going to put into it. When choosing the right business partner make sure you share the same values and goals to avoid causing resentment down the line.
Trust is Integral
Last but certainly not least when choosing the right business partner you need to be sure that you trust that person and consider the relationship you have with them. Do you trust this person with your finances? Do you trust that this person has the same dedication to the business as you do and won’t run at the first hurdle? If the answer is no then absolutely do not go into business together.
You also need to consider the relationship you have with the person your’re intending on going into business with. Do not go into business with your best friend, your brother or sister or even your partner without considering if they share the same values and goals in business and whether being in business together will help it succeed. Going into business with somebody you know well can end in not only financial disaster but in the loss of that relationship as well.
All in all going into business with the right person can take a lot of time and consideration but rather than entering a business partnership uninformed and without much thought, if you take your time and choose your business partner wisely you can make a business that would of otherwise never gotten off the ground a success that you never believed achievable.