When you want to start a business and keep it going strong for the long run, having a reliable, trustworthy, and talented business partner at your side can make a huge difference. Rather than going about launching and operating your business all on your own, you’ll have someone you can work alongside—and they say that two heads are better than one!
How can you be sure you’re choosing the right business partner, and that things will go smoothly? We’ve compiled a few handy tips below to help you in this area.
10 Top Tips For Finding A Great Business Partner
Turn to Your Network
One way to find like-minded businesspeople is by turning to your existing network. For example, you might’ve taken the time to connect with a lot of people from various industries on LinkedIn, Facebook, and other social media platforms. Use these resources to post about your aspirations of connecting with a business partner.
You might be surprised by how many people are interested in learning more. And, since you’re already connected and somewhat familiar with one another, it can make it easier to get a great conversation going.
Ask Your Family
Is there someone in your family that you get along with really well? Perhaps it’s a sibling, a cousin, or even a parent. Sometimes, your best friends and business partners are also your families.
Even though many people might be a little reluctant to work with family at first, it really depends on your unique relationship. Some people find that they are more comfortable and confident working with family than with strictly professional colleagues, so it’s worth exploring this idea.
Consider Individuals You’ve Already Worked With
Finally, when it comes to finding a great business partner, consider the people you’ve already worked with in the past. Were there any colleagues that you got along with really well, and that shared similar views about how to run a business? Then they might be the perfect match for your needs.
Reach out, propose your idea, and see if they are interested. Because you’ve already collaborated together and accomplished things together, you already know that you can do awesome things, so you can enjoy a solid foundation when first starting out.
No Matter What, Remember to Run a Background Check!
Whether you intend on working with someone you’ve known for years, someone that you’ve worked with in the past, or someone who is totally new in your life, it is a smart idea to run a background check on them before entering into any official business contracts and arrangements. After all, anyone can hide information from you, even if they are a close friend!
There are several resources online that you can use when you want to get more details about a person, such as where they’ve lived if they have a criminal record and more. Nuwber is a good place to start, as you can quickly and easily search for information on someone to learn more about them.
Align on Core Values and Vision
A shared vision and similar values are essential for a successful partnership. Schedule time to discuss what you both want to achieve, not only financially but also in terms of company culture, long-term goals, and ethical standards. Understanding each other’s motivations and long-term aspirations will set a solid foundation for your business.
Evaluate Complementary Skill Sets
Ideally, your partner should bring skills that complement rather than mirror your own. For instance, if you excel at marketing, look for someone strong in operations or finance. This way, each of you can handle different aspects of the business effectively, and your combined strengths can cover all essential areas of operation.
Define Roles and Responsibilities Early On
Clearly outline the responsibilities and decision-making authority of each partner right from the start. Agree on each person’s role in daily operations, as well as long-term responsibilities. This clarity will help avoid misunderstandings, reduce friction, and ensure that both of you feel equally valued and accountable.
Test the Waters with a Small Project
Before fully committing, try working together on a smaller project or a freelance basis. This can give you valuable insights into each other’s work ethic, communication style, and problem solving approach. A trial run can often reveal compatibility or potential issues that might not be evident initially.
Ensure Open and Honest Communication
Communication is key to any successful partnership. Be transparent about your expectations, concerns, and feedback, and ensure your partner does the same. Regular check-ins and a commitment to addressing issues early can help avoid misunderstandings and keep your partnership healthy.
Consider Legal Agreements Early
It’s important to formalise your business arrangement with a solid partnership agreement. This should cover equity shares, profit distribution, dispute resolution, and exit strategies. Having clear legal terms in place protects both of you and provides a framework for handling issues that might arise.
Once you have found the right business partner, it’s just a matter of making your dreams of running your own business a reality. Be sure to state your goals and aspirations, set clear responsibilities for one another, and make sure you’re always on the same page at every step so there aren’t any misunderstandings. Before long, you might be surprised by the profits you can generate together!
