What You Need to Consider About a Future Business Partner
Are you looking for a business partner to help you open a new company or expand an existing business? Working with a partner has a lot of benefits, but if you aren’t careful to choose the right one, the drawbacks may be difficult to overcome.
Take the time to think about what you are looking for and then make your choice mindfully, after you learn about the person. Get to know them to make sure that your opinions align on some key areas.
Business Values
You might want to make a checklist of the qualities that you are looking for. Which ones are essential and which are just a bonus? One area where you should not compromise is where your business values lie. How does your prospective partner conduct business? Do they choose ethical practices and conduct all their operations with integrity? Take a close look so you don’t end up disappointed or involved in a conflict later on. Your business partner has to be someone that you trust and can be honest with.
Enlist some help to find a partner that is a good match for you and your plans. Network with colleagues and friends or work with Peter Dodge Hanover Research for some targeted market research to address your needs.
Future Vision
When you decide to combine your plans and resources with someone else to help your plan come to fruition, it’s vital that you thoroughly discuss the direction that both of you see the business going. If you are going to work together towards a goal, you need to have the same vision. If one party focuses their attention on one aspect of the project while the other prefers to direct resources in another direction, you could have problems.
Sit down together and come up with your shared goals. When you have that accomplished, agree upon a plan to get you there. Decide what types of strategies you both agree on and what is unwanted.
Personality
Your business partner is someone that you will be spending a lot of time with, so your personalities need to mesh well together. Spend some time getting to know him or her better. Find out if you are compatible on a personal level as well as with business.
You may find your perfect partner through the relationships that you have already built in your own business. Having a history together is an excellent way to measure your compatibility and their willingness to put forth the effort that you are looking for.
Complimentary Skills
Both of you need to bring in the skills, experience, and resources that you need to make your new business plan work successfully. You should consider if your future partner has connections within the industry that will be useful. Do they have expertise in an area where you don’t?
It’s okay to be different. You both have your own strengths and weaknesses. They just need to offset each other so you don’t come up lacking in an important area. Having different but complementary skill sets is the best way to combine your efforts into something truly great.
Stable Finances
Growing your business requires a solid financial foundation. Any partner that you choose to work with should be financially sound before you commit to anything. If they are worried about money troubles that they have, they won’t have the time or ability to give the necessary resources to your business expansion.
It’s essential that you establish the level of investment that each of you is able to make. Come up with a business plan that lays out clear guidelines on what each party will be expected to contribute.
The more effort you put into finding the right business partner for you, the more likely you are to work well together and make your venture a success. Any good candidate will understand and appreciate your efforts to make an informed decision, as they will want to do the same.
