Subscribe for Updates

Read Endeavour Magazine

Coffee Break

What To Consider When Looking For A Business Partner

It’s perfectly possible to launch a business by yourself and be a solo entrepreneur. Many people have done it and continue to do it, and it suits them absolutely. It won’t suit everyone though, and some will need to find a business partner either to help with funding, to assist with networking, or to provide skills and experience that will help the business to grow much more quickly. 

 Perhaps you’re in the position right now of needing to find a business partner because you know you have a good idea but you can’t move forward on your own – or you don’t want to. If that’s the case, how can you be sure you’re searching in the right place, and what should you be taking into consideration when you need a business partner? Unlike when you need a good lawyer and you can search a law firms directory, there isn’t anything to help in the same way when you need a business partner. However, there are some things you can think about. Read on for some helpful ideas about where to get started. 

Image from Pixabay

Skills And Qualities You Don’t Have

Although the idea of working with a friend or relative might appeal, if that friend or relative has the same skills and qualities you have, there is no real benefit to the business by including them, at least initially – they may be able to come on board at a later date to help you, but when you are looking for a business partner, you really need to search for someone who has different skills and qualities—the ones you don’t have, in other words. 

 You might be an excellent salesperson, for example, but if you don’t have a head for figures, you need to find a partner who does. Or perhaps you want to concentrate on creating the core product or service of the business and you need someone to help with marketing; in that case, that’s the trait and skill you’ll have to find in someone else. The business partner you choose should have the same ideals and goals in relation to the business, but their skillset should be entirely different. In that way, you can work together to create a whole that can run a business successfully. 

 Reliable 

No matter how good someone might be at something you need help with, no matter how well connected, no matter how experienced, they won’t make a good business partner if you cannot rely on them. Think of how you would feel if they didn’t turn up for a crucial business meeting and left you to handle it on your own; it would be embarrassing, and it would look bad for the business too, especially if your partner were the one who had the knowledge and expertise required at that meeting. You could lose a lot of potential business because of this. 

 This is just one example of an unreliable business partner, but there are dozens more. Your partner is there to make your business life (and by extension your life in general) easier, and if you can’t trust that they are going to put in the effort they need to put in or that they will be where they are meant to be, all that will happen is that you will have to do much more work and become a lot more stressed. Reliability is crucial in a business partner. 

 Good Communication 

It’s all very well finding a business partner who works on paper – someone with the right qualifications and experience who is willing and interested to work with you. However, it’s just as important to find someone you can communicate well with. This is, in fact, one of the most important qualities when it comes to finding the right business partner for your business. 

 The two of you must be able to work in harmony to achieve the main objectives of the company. This means having meetings and discussions, putting forward ideas, listening to the other person, and considering all options. It also means that no one is likely to get their way at every step, and sometimes compromises might be required. 

Without good communication, trying to reach any kind of goal is not going to be possible. No one will know where the business is meant to be heading, and you’ll never be quite sure what your business partner is doing and why. Ensure that you have some ground rules set up from the very beginning that include how you are going to communicate and how often you need to check in with one another to ensure things are going smoothly. You may not be working in the same place every day, but that doesn’t mean communication can simply be ignored. 

 Understand Your Business 

Finding a business partner might seem to be just about looking for someone who has the time and experience to help you – someone who is a serial entrepreneur and who understands the concept of business perfectly well. However, as much as this might seem like the best route to go down when searching for someone to help you build up your own business, it might not be. The best way could instead be someone who understands your specific business sector or niche, rather than simply someone with an overview of the business world. 

 Your business is unique, it’s special, and you need to find someone who is as invested and interested in it as you are. In this way, you know you are getting the passion you need from a business partner; a passion that will ensure they do all they can to make your business a success. 

 This means that sometimes it’s better to search for someone who is interested in building your business up rather than someone who doesn’t care what business they work in as long as they get the chance to make it a success. Whereas the former will keep working even when things get tough, the latter is much more likely to look elsewhere for another business to assist with, leaving yours to flounder. Unless they have a true passion, they won’t be totally invested.