01 Aug To me, you are perfect!! – The Hunt for a Business Partner

The Hunt for a Business Partner: Here’s what to Look Out For

Budding entrepreneurs looking to start a business can either go at it alone, or could tie up with someone to share the load. However, a good partnership can be a boon or a curse, depending on how you look at it.  If your partner helps with ideas, funds and morale, he or she is for keeps. However, if your partner drags your business down even before it sets off, get rid of the person. Finding the right business partner is not as easy as swiping right on Tinder. There are a host of considerations to take into account before you take that leap of faith.

Building bridges

Before getting a partner on board to launch your start-up dream, learn stuff about him or her. As opposed to just thinking about profits and short-term success, you need to find out if you and your business partner are a perfect fit. Both people might have similar goals, but personalities may clash. Therefore, it is always a good idea to become comfortable with someone before forging ahead with business plans.

Here are some things to consider when choosing a business partner:

Do you trust the partner?

This simple question could throw up a lot of answers. However, are you willing to answer them. If you trust a person with the pin your ATM, you know you have a trustworthy person on your team. If you’ve had trust issues in the past, your best move would be to stay away. If there are fights and secrets at the start of the business relationship, that friction could translate into something more damaging in the future. Your best bet would be to rope in a partner that you can trust without a second thought.

Friends aren’t always the best partners

Just because you and your potential business partner get along, it doesn’t mean both of you are the perfect fit for a venture. If the person is a close friend, you need to ensure that both share the same responsibilities and values. It is essential to see eye to eye on a lot of things. Sometimes, friendships turn into rivalries when personal ambition comes in the ways. If the person has a troubled personal life, it could surface during the professional relationship. If you second guess a relationship, chances are that it was never meant to be. Don’t let emotions dictate your professional choices.

Do not venture into the unknown

When you choose a business partner, make sure you share a pleasant work history with him or her. Therefore, it is always important to choose someone you have worked with professionally in the past. Do not make a rash choice of roping in someone you probably worked with on a project a few years ago. How can you judge if your business partner is a team player? By the way they react to different situations. If you have never worked with a potential business partner, conduct a trial run. If the working relationship goes off smoothly, you can go ahead.

Don’t settle

Do not settle when it comes to choosing a business partner. Do not opt for people just because they are willing to help out as a favour. They will not be as invested in the business are you will be. If you are running a tight ship, make sure your partner doesn’t allow you to sink. Sometimes, a person might provide morale support, but they may fail to provide the knowledge or expertise required to steer a business. Never make a selection based on emotion.

Balance it out

Always ensure that you and your partner have varied strengths. If both are great at sales, but equally poor at the operational level, it could be a problem. Also, someone needs to take ownership of different parts of the business. Therefore, always choose a business partner that will complement your strengths, as opposed to clashing with them. It is always a good idea to maintain balance.

Money issues

Money is the root of bickering and bad business partnerships, at times. Therefore, ensure that the money both of you have is used after consenting with one another. Before starting out on a business venture, come to an agreement on how best to use the funds available. Once a consensus is reached, working out the other factors will be easy.

Happy Partnerships!!!