7 Factors to Consider When Looking for a Business Partner
Sometimes in business, you may need a partner. Sure you may have been doing well on your own on other projects, but then there are some projects where having a partner increases the chances of success. Picking out a business partner is one of the most important business decision you can make as a partner can either see your company soaring to greater heights or watch it as it burns crashing. So how can you go about selecting the correct partner? Here are a couple of factors to consider when looking for a business partner.
When looking for a business partner, the first factor to consider is your weakness and your strengths. Once you’ve properly evaluated that, then you can start looking for a partner who complements your skill sets. A lot of people know to look for this yet strangely they don’t. In fact, it is arguably the most important factor to consider before choosing a partner.
Most times, people pick partners who are either clone of themselves, or who are so different that they’re always bashing heads with each other. The key to success is finding a good partner who complements your skills, not someone who contrasts with them.
- Similar Values and Goals
Does your prospective partner share the same business goals as you? In order words, the both of you should be pursuing the same objectives and goals.
Some people may think, well we both want to make money, why isn’t that enough? While you both may want to earn money, the path towards that goal may be completely different. When you picture your company ten years down the line, you have a vision for it. Does your prospective partner envision something like that too? If the both of you don’t have the same business goals, then that partnership will probably end sooner rather than later.
- Open to Communication
Another thing you should consider when looking for a business partner is their ability to communicate. You want a partner that you can discuss everything relating to the business with. If your partner is closed off, simple issues between the two of you that would have been handled with one conversation begin to fester. As time goes by, it’ll become harder to resolve and before you know it you’re both resenting each other. All because both of you couldn’t communicate properly.
So how do you find a partner you can talk to? Especially one that isn’t a “Yes man” or one that will agree to your every whim. It just means finding someone that is level headed, willing to discuss any issues you may have, and come to a resolution about it.
This is a factor that shouldn’t even be mentioned, after all, who wants to work with someone that they can trust? You should be able to trust your business partner. Everyone has their issues, habits, and quirks, and their way of dealing with success and failure. However, if you can trust your business partner, you’d have a better chance of succeeding.
- Well versed in your industry
When it comes to picking a business partner, you want one with some expertise in your field. It is imperative for your partner to understand the dynamics of the industry he’s about to be a part of. If he has very little or no knowledge of how your industry works, chances are the partnership won’t last very long.
One of the most important factor to consider when looking for a business partner. You want a partner that knows what it takes to be successful and has the experience to help your business grow.
One of the key differences between success and failure lies in how you deal with adverse circumstances. If a business owner has no experience with dealing with the many challenges that a business can face, then already they’re at a huge disadvantage.
This is why picking a partner that complements your skill sets is so important. Chances are your partner isn’t versed in every aspect of the business. But the reality is he doesn’t need to. His strengths only has to cover your weakness and vice versa
- Brings New Business
One of the reasons why it’s so important to pick a partner with some knowledge of your industry is because it can determine the type of clients your new partner will bring. Business partners bring valuable contacts to your firm that can, in turn, lead to sales.