Many entrepreneurs start their journey by performing many duties at the time. Of course, this makes sense when you are small and have more time to offer than cash.
However, at some point, having too many responsibilities can start to have a negative effect on the business. This is when it’s best to have another person who can grow the business with you.
If you’re looking for a business partner, here are some tips for finding a suitable one.
1. Make them a work partner
If you’re unsure about someone, start by working with them if possible. Working with someone gives you a good idea of not only their personality but also their capabilities.
By knowing them personally, you give yourself the best chance to make an informed decision about whether or not they will be a good business partner.
Staying with the same theme of work partners, consider the other people you have worked with as well. Maybe there are some competent people you know from your past that will fit the role perfectly.
2. Find out their financial situation
Besides looking at their talents, find out how financially stable they are. In a long term commitment like a business partnership you don’t want any surprises down the road.
If you’re uncomfortable asking them directly, start by doing some independent research on the subject. You can do so with a public look up service like Nuwber.
The database allows you to use the person’s name or phone number to find their public records.
3. Use the power of online networks to your advantage
Online platforms and networks can help you find suitable candidates that you may not consider otherwise.
There are a variety of online platforms where you can search for candidates: Place an add on a professionals network like LinkedIn, a job board dedicated to your industry, or a group on Facebook or Twitter, or join a professional association in your industry.
Besides these networks, you have various conventional job search sites like Monster, Indeed, etc.
These sites are frequented by people who are looking to start fresh or switch companies.
And, the best part is that you don’t have to individually search for people if you don’t want to because these sites have options to place your ad in front of the right people.
4. Find a partner in class
If you have time to take a course related to your industry, then invest some time in that.
Besides improving your skills, you’ll also get a chance to connect with likeminded people and potentially find people who can complement your skills in the business.
Community colleges and universities offer training courses in a variety of fields.
5. Keep your ultimate goal in mind
When choosing a partner, also keep in mind the ultimate goal you want to achieve.
In the beginning, most partners tend to agree on the objectives of the business, but when you become bigger, the paths that two people see for a business can differ from each other.
So be clear about the ultimate goal of the business and discuss important values and objectives so that everyone is on the same page.
6. Find someone who is eager to succeed
Find someone who feels the same way you feel about the business. Notice how that person feels about their work and what drives them to succeed in life.
You would want somebody who is involved in their work beyond what is required of them at work. If they’re passionate about getting involved in the business, then they are more likely to stay committed to it for the long run.
7. Be clear about the pros and cons of the business
It’s also important that you are clear about the business relationship from the beginning. If you know more about the business than they do, then clearly communicate the challenges and opportunities to them.
Also, if you know the person you’re going into business with, then make sure that your personal relationship is also straightened out with them.
If you have any issues with their personality that you’ve been wanting to discuss, make sure you discuss them before going into business with them.
8. Find a partner that’s trustworthy
Trustworthiness is something that is independent of past relationships. If you want to be successful with someone in business then you must be able to trust them with important strategic, management and financial decisions.
Trustworthiness is also why somebody you know from the past or work with closely is a good option. Your experience with them gives you an idea of how they’re going to behave in the future.
Of course, if you have any doubts about the person’s trustworthiness then consider those doubts seriously before engaging them.
Finding a business partner is a lot like finding a life partner. You have to make sure that they are in it for the long run and that do you can depend on them for making sound decisions.
Also, like a personal relationship, you’ll be well served by doing your research in advance so you can avoid setbacks that may happen later.
Whether you decide to go with someone you know or somebody new who fits the role, make sure that they are aware of the objectives of the business and the long term goal of the business.