Partner Content

How to find the right partner for your business

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No man or woman is an island, and when it comes to business, it’s often very helpful if you have a partner to share the load. Business partners can introduce capital into the business, shoulder some of the administrative burdens, and handle tasks you are less confident about. They may also become your friend if you are a good fit personality-wise. But if you don’t choose your business partner with a reasonable modicum of care, it could cost you dearly.

In this article, we are going to look at various ways to find a suitable business partner, as well as how to check their credentials when you have identified someone.

Friends and family

It’s always best to work with people you already know, whether they are friends or family members. Because you know them, you are aware of their skills, their weak areas, and chances are you already get along. Running a business with someone means spending long hours in their company. It’s a lot more fun if you like that person. You don’t need to be the best of friends, but it’s easier to be open and honest with someone when you have a pre-existing relationship. In addition, you can be reasonably sure they are not hiding any nasty skeletons in their closet.

There are some pitfalls of working with friends and family, but on the whole, the pros outweigh the cons.

Tap into your network

Chances are, you have built a decent business network of co-workers, previous associates, and fellow students over the years. If you are looking for someone to form a business partnership with, this is an excellent place to start looking.

Go through your network and reach out to anyone who may have a talent you need or an interest in your business. You never know, that person may be between jobs or has just been laid off. If the stars align, it could lead to a match made in heaven.

Look for partners at industry events

It’s likely that you will attend training events and industry seminars. These are great places to network, meet new clients, and also connect with potential business partners.

When you attend these events, try and speak to as many people as possible. Be open about your business ideas. See who shows an interest. Since these people are in the same industry sector as you, they may have a few interesting ideas you can grow together.

Check out potential business partners

A business partnership is not that dissimilar to a marriage. You both need to be on the same page in terms of finances, workload, and long-term goals. For this reason, it is sensible to check out any potential partners before you go into business together.

Before you get down to the nitty-gritty of your business partnership, verify that this person is exactly who they say they are. Run some simple identity checks using a service like Nuwber. You can search for a person by name, email address, telephone number, and more. If anything doesn’t add up, walk away before you are in too deep.

When you are certain this person is your ideal business partner and you can trust them, sit down and discuss the parameters of your future relationship. It is essential that both of you are on the same page, or you could end up facing an acrimonious business divorce. And nobody wants that!

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