What You Should Look For In a Partner
A partnership is a long term agreement between two or more people. You are going to spend a lot of time planning for big events with your partner thus the need to get along with them. You have to nurture your business to help it grow. You need a partner that is going to approach your business with the same commitment and enthusiasm as you have. These are tips on choosing the right business partner although you can also consider a referral network.
A partner that shares your vision and values
Of all the things you will be looking for in a partner, this is the most essential one. You need to be able to effectively communicate with your partner in setting goals and making essential decisions to help your business move forward. If you are going to partner yourself with someone who is reluctant and combative, you will have a hard time being successful.
Look for a partner with experience and skills
A good business partner is someone who has the right skills which support and compliment your own. No one is really good in everything pertaining businesses. If you have good financial skills but poor interpersonal skills, consider getting a partner with social skills. If you and your partner are able to bring into the business a lot of skills, the easier it is going to be to plan, run and grow your business.
No personal baggage
A partner with a lot of personal baggage is going to carry it over into the business. It is good to be willing to give someone the chance, but when you are running a small business, it is going to take a lot of focus, time and energy. If you have a partner dealing with a lot of crisis, you will end up being the backbone of the business.
Partner that can offer credibility and resources to the business
Although it is wise to have a partner that has financial resources, there are other contributions that they can bring to the business which will still be of value. A partner who has a strong business network and connections in the industry will increase the value of your business and also improve your chances of being able to achieve your long term goals.
Partner with good personal and business ethics
You should only enter into partnership with someone you can really trust. Look for someone who really values honest and also practices good business and personal ethics. A partner who you did not choose wisely will end up stealing from the company by taking your ideas or even clients and starting their own business.
Financially stable partner
Someone who is in the middle of financial crisis is not going to be your best choice to get in business with. Assets, money and time management skills are essential for small business entrepreneurs. Someone who has not been able to manage their own finances will not have the skills to make the partnership work.