What you Need to Know About a Business Partner
Tons of businesses are started with business partners and a lot of entrepreneurs swear by the business partner relationships. Before you sign up for a business partner matchmaker, however, here are some things you should know.
1. Ask yourself the right questions.
Can you work with someone? Not just can you work with them specifically, but are you the kind of person that can work with a partner. If you play things close the vest, you might have a hard time working with a partner. If you’re an introvert, maybe you want to sacrifice the comfort of working alone to finding someone more outgoing than you are to handle the networking and interactions.
More specifically, can you work with the individual in question? Starting a business is like getting married. It’s a big commitment, you’ll be spending most of your time with that person and your business. Make sure it’s someone who isn’t going to drive you crazy and complements your work style.
2. Define your goals
You need to find out if you share business goals with your partner. Do you have the same priorities? Do you want to have the same priorities? In some cases, you may take an approach that has you focusing on one aspect of the business and your partner focusing on another. If this is the case, you will have different priorities, but you still need to have the same end goal. Where do you see your business in five years? Where do you want to go from there?
Also, it’s a good reason to have a business plan.
3. Get to know them
Before you jump into the business bed with a partner, you should probably get to know them. Try to work on a few projects together. Again, think of it in terms of a marriage. Maybe you won’t agree on everything, but you should be compatible with each other and enjoy each other’s company. Get to know your styles of business and whether or not you work together.
4. Write it up.
What’s your partnership agreement? Don’t forget the step where you lay everything out with your business partner. Think of it as a pre-nup. If you ever do decide to go your separate ways, you’ll know who gets to keep the dog. Remember, a business partner is not the same as an employee. You’re in it together from the start.
Finding the perfect business partner might be the easiest thing you do for your business. It might also be the hardest. Keep these things in mind while your considering.
Do you have a business partner? How did you find her/him? What have been some of the advantages of tackling a business with a partner? Share in the comments below.
Posted on December 2, 2013, in Biz Tips, Entrepreneur, Small Business and tagged biz tips, business partner, entrpereneur, partner, partnership, partnership agreement, small business, startup. Bookmark the permalink. Leave a comment.