7 Strategies To Find The Perfect Business Partner
Are you tired of going alone? Finding a business partner is perhaps one of the largest steps you will take when running a business effectively. While business owners can hire a business manager, it is better to find a motivated business partner like them to assist in running their business.
Though, many think it is a bad idea finding a business partner because you will have to split profits and ownership. Having the right business partner for your business can help increase the success of your business.
Many of the successful companies we have in the world today were based on partnership. For example, Google, Ben and Jerry’s Ice-cream, Proactiv Solution and many others. But the truth remains that whether your business will succeed or not will depend on the kind of partners you have in your business.
Here are the steps you have to take when finding the right business partner for your business if you really want success in your business.
How to Find the Right Business Partner
1. Know What you Want
Knowing what you want from a business partner is very crucial in finding the right business partner for your business. The issue is that most business owners don’t even know what they want from a partner.
Some choose business partners based on certifications and monetary purposes which can lead to having the wrong business partner. Any person functioning as a partner will totally influence the business, so, you will need to find someone that will be committed, honest and dedicated.
You want to choose a partner who share your vision and believes for your business. This is the most important quality you must look out for. Know what you want and go find the right person to fill it.
2. Choose a Partner that is Complimentary
You will know you have chosen the right business partner if their skills support and compliment your own. It may be tempting to look for someone who is just like you, but, that won’t help in the success of the business. You should bring in someone with different skills and experience that compliment your own.
If you are skilled in sales and marketing, you can bring in someone who is skilled in finance or accounting. This allows for better planning, better planning and more ideas with a greater chance that the business will be successful.
3. Think Business Resources
Another step to take on how to find the right business partner is to look for partners who can provide the business with resources. Financial resources are very important but that should not be the only criteria of picking a business partner.
A business partner should also be able to help in connections with business industries such as vendors, distributors, business network, suppliers, a strong client list that can lead to big sales and big contracts.
4. Look for a Partner that doesn’t come with Baggage
A partner that is consistent will be able to commit tremendous energy to the business. You cannot afford to have a partner with lot of personal issues or problems as this will affect the business to some extent.
You must look for business partners that are mature enough to separate their business life from their personal life. Constant excuses are not welcomed when the success of the business depend on each partner of the business giving 100%.
5. Do your HomeWork
After you have found your partner, to check out if he or she is the right person, you need to do some investigation by checking the person’s credit history and others.
Remember that this person will be your partner for a long time if not forever in some case. This is not like other partnership, if you divorce, you will lose in your business.
6. Write a Legal Partnership Agreement
You need a legal agreement when choosing the right business partner. A legal partnership agreement should state the financial obligations, stating responsibilities, how profits and expenses will be shared, terms and conditions, penalty if partner may decide to leave etc.
It is very important to get an attorney when all these are been done so that it will be back by law.
7. Define and Allocate Responsibilities
The last on my list is assigning roles and responsibilities to your partner. It is better you do what you know best and let the partner do what they know best. A partner can be appointed as Chief Accountant, Head of Sales or Operation or VP of Engineering, but in creating a partnership, it is better you define and allocate responsibilities.
Finally, finding the right business partner entails going for a person/people you respect. This is because the main reason you are going for partnership is because you want to succeed as a team and if you don’t respect your partner(s), you will not value their input and efforts.