Practical Steps to Take in the Process
Finding a business partner is perhaps one of the largest steps you’ll take throughout the process of starting and effectively running a business. Finding any type of partner can be a difficult process, but with business, you’re looking for someone to not only meet your expectations, but exceed them. You’re looking for a strong working relationship, trust, and many other attributes that will help this relationship grow stronger as time passes.
The first step is perhaps the most important, and is to do with exactly what to look for in a partner for any business.
Knowing what you want
It may seem pretty straightforward and simple, but many people simply don’t know what they want in a business partner. They choose based on qualifications or monetary purposes alone and end up in a bad partnership. So approach this step by listing out the values you seek in any partner.
Any person functioning as a partner will influence the business, and thus you’ll need to seek out someone with commitment for the job; someone who is honest and determined. You never want to settle here. Know what you want and begin to look.
Spread the word
Next up is the all-important advertising. If you’re planning on running a business, then you’ve most likely already met some certain people in the niche you’re operating in, such as associates, suppliers, financiers, etc. Spread the word around that you’re seeking a partner, and not only that, but also emphasize the importance of your criteria.
Be Flexible but Picky
These two words may seem to butt heads, but you need to be extremely picky in the process while remaining flexible. For example, you may find someone who meets all your wanted attributes in terms of honesty and determination, but this person may have little money to invest.
This is when being flexible will ensure that you find a good partner. In a reverse scenario, remain picky about those with money to invest but few of the attributes you require. Money may be vitally important in business, but there are other means to get money other than relying on a business partner.
Do your Homework
Once you find a qualified candidate, treat this as if you’re the manager giving a job interview. You want to learn everything you can about this potential partner. If he or she has given you references, check them out.
Check out this person’s credit history and conduct an interview with confidence. Remember, this person is going to be your partner for the long haul. This isn’t like other partnerships. If there’s a divorce in this, you’ll lose the business.
Pros and Cons
Lastly, make a list of your qualified candidates’ pros and cons. Determine if you’ll be happy together throughout the operation of the business by learning some key personality traits. Don’t be afraid to turn away from any potential partner at any time before finally selecting. Things should fall into place if you find the right partner, but if not, you may need to keep looking.