Whether before or after starting your business, you may have to consider obtaining a business partner to help you run your company. Picking a business partner isn't as simple as choosing a close friend or someone who only agrees with your ideas. Your business will take time and effort to build up and manage, and your partner must be willing to work together with you in achieving your goals. You have to make sure you trust your partner, they have skills that complement your own, and have the same vision for your company as you do.
Trust and Respect
There's a chance that you may come across a business owner who wasn't your friend initially. To build your trust with that person, you should spend time with them both during business hours and personal hours. Once you get to know them, you may have an idea of how they will work with you on your company. Before doing all of that, however, it's best to first do a background check on them. The most common method of doing this is by doing a people search. These are online search engines that can provide information about someone such as their social media and criminal records. It's a good way to confirm that they are who they say they are.
Respect is also important because if one doesn't respect the other, then they won't listen to their ideas and opinions. This could lead to conflict and, possibly, the end of a business that had potential. A way to have respect for someone is through their credibility. Does your potential partner have experience under their belt? Do they have a strong business network along with many clients? Another way is reliability. If your possible business equal is willing to put forth the hard work to complete tasks while also getting them done on time, then they definitely deserve your respect.
No matter how much you know your business, you may not contain all of the skills needed to handle and manage every aspect of it. For example, maybe you happen to be more introverted and prefer one-on-one interactions. A business partner who knows how to talk to people and build the company's network. By having complementary skills, you are increasing the efficiency of your business. It also helps with the balance of your company as well as your responsibilities.
Same Values and Direction
Though your skills may differ, your values must be the same. This will reduce conflict, as having distinct ideas can lead to opposing strategies. You both must have the drive and passion to bring the business somewhere. Maybe you'll both stay up into the wee hours of the night working hard. There might be a decision to build up the business as fast as possible or to gradually gain some clients and turn them into loyal, long-term buyers. Whatever your plan is, make sure your potential partner has that same vision.
With the same drive, the both of you can be encouraged to strengthen your motivation. Everyone has those days when you don't feel like putting forth your best. That's when your partner comes in to remind you of what the two of you built and what you're working towards. Keep the flow of energy and determination going, and you've got a dream team on your hands.
Your First Partner May Not Be Your Last
Business partnerships are like relationships: don't expect the first one to be "the one." Everything might be fine in the beginning, but a lot of what you thought of your partner may turn out to be false. This doesn't mean that you should give up on partners in general. Learn from your experiences and try again. Maybe your next business associate will be even better than the last.
So what do you do in between partners? That question should be answered before you lose them. Plan ahead before and during the partnership. The two of you should have signed a business contract prior to your agreement in working together. This contract must include details like financial shares and actions to take in case one leaves or breaks legal bind. If you're not careful, not handling this properly could cost you a lot of money or even lose a close friend.