5 Things to Remember If Looking for a Business Partner
Choosing a business partner is one way to get your startup off the ground. But don’t let these five mistakes get in the way when looking for a business partner.
If you’re looking to dive into your next business idea and get your newest startup off the ground, there are a few things you’ll have to do first.
One of those things you’ll have to do before you really get going is find a business partner. Of course, you can go about it solo but pursuing your goals with a partner will help to better pave your road to success.
If you don’t immediately have a partner in mind, that’s okay.
Here’s some great advice on what to do while you’re looking for a business partner:
1. Consider People Already in Your Network
One of the best ways to find a business partner for your future endeavors is to dip into your already existing network of business acquaintances and co-workers both past and present.
One of the biggest advantages of choosing from people you already know, aside from the convenience, is that you already have an understanding of the other person and their goals.
This is especially true when you’re looking for a business partner within the pool of your co-workers. You both have the advantage of a past work history together which will give you a leg up versus picking a business partner that you don’t have a past with.
When you choose a business partner that you don’t know very well, there are a lot of variables that could cause something to go wrong. If you pursue new business endeavors with a new person, things may go well at first but it may not stay that way. For instance, if your work styles turn out to be too different or one or both of you don’t do well under pressure issues could very easily arise.
2. Your Relationship Needs to Be Built on Trust
It’s a cliche saying that the basis of every strong relationship is trust, but that doesn’t mean it isn’t true. Especially when talking about startups, trust is essential and if you’re partnering with someone you don’t know, trust could be something you lack for far too long.
Once you approach your later efforts for funding your business and moving into concrete planning and establishment of roles outside of yourselves, this can be a big problem. When you start doing things like determining salaries and deciding on your board and other personally sensitive topics, trust has to be there. You have to be able to know that even if you aren’t calling all the shots, the other person isn’t just in it for themselves.
Once you move beyond those steps, you want to have someone by your side that is committed and driven to the same level that you are.
Bottom line: Your business will not be able to grow and thrive if you can’t trust your partner. If you can’t be totally sure that, even under the worst of circumstances, your partner is doing everything they can, then you may be doomed from the start.
3. Evaluate Potential Partners Honestly
Another crucial step when you’re looking for the perfect business partner is the ability to honestly evaluate them as people and your potential together.
One of the main concerns when you begin to evaluate a potential business partner is each of your backgrounds and how they align. Do you have similar or different professional experience? How may either of those things impact the success or failure of your business?
Another big concern is going to be your personality types and whether they fit together nicely or they’re going to clash. It may go without saying, but attempting to start a business with someone you don’t want to spend your time with isn’t advisable.
Similarly to personalities, making sure that you and your potential partner’s values align is also crucial to success. If you both don’t value the same things and have the same end goals, then chances are your path to success will be a winding and bumpy one.
However, that isn’t to say that you should go into business with someone who is exactly like you. In fact, that could be just as detrimental as choosing a partner you don’t work well with.
You want your partner to have strengths where you may not, and vice verse, so that together you both fill the gaps that need to be filled.
4. Be Able to Handle Disagreements
Getting a business off the ground comes with some difficult times and sometimes difficult times can mean difficult decisions. When you’re forced to make tough choices, not everyone may agree on what the best course of action is.
Make sure that when you’re looking for a business partner that you choose someone that can calmly and professional work through a disagreement.
You don’t want to get caught in a partnership with someone who blows up over every little thing or that you argue with constantly. If you can’t agree to disagree sometimes or come to an agreement together for the betterment of the business then you’ll never get anywhere.
Talking about the “what-if” scenarios early on and discussing different ways to handle them, and just talking about conflict as a whole from the beginning can help to ease these potential problems later on.
If you do these things and you still find yourself struggling to make calm and informed decisions without butting heads with your partner, it may be time to reconsider and begin looking for a business partner all over again.
5. Making a Partnership Work Takes Work
Once you’re done looking for a business partner and you’ve found the right one, you still have to keep in mind that making a partnership work takes work.
You can’t expect perfection every time and you can’t expect for a partnership to work without both of you giving your all.
Give feedback to each other that is open and honest while offering solutions to any shortcomings you may see. On top of that, be both willing to give and receive feedback. It’s the only way anyone grows or learns.
All in all, communicate well and keep your eyes on the prize. You’ll get there.
Looking For a Business Partner Is No Easy Task
You can’t expect any part of starting a business to be easy. But it’s always possible with the right skills and motivation.
Keeping these five things in mind, looking for a business partner doesn’t have to be the biggest hurdle you face.
If you found this helpful, check out my ultimate startup checklist to learn more or drop me a line and let’s connect!
