Because of the expenses, time, and effort that come along with single-handedly opening a company, it is extremely beneficial to seek out a business partner who can help shoulder at least half of the weight. Seeking out a business partner does not mean you are not capable enough to open a business on your own; instead, it simply means that you are looking for someone to complement you and your idea in order to help it grow into a viable business.
It’s often said that two heads are better than one, and in the case of business, having a second mind to bounce ideas of off, to split the work with, and to network with will be priceless. Some of the most successful companies and brands around gained success because of the partnership it was founded on. But, just because you have two people leading the company does not mean automatic success. Just like solo business ventures, duo ventures fail. However, by narrowing down what you need in a business partner, you can ultimately find both business and partner success.
1. Resume
First things first, when it comes to finding the right partner for the job, take a look at their resume. Even if it isn’t a physical resume, think about their background. What is their specialty? What past business experience have they had? Have they been recommended? Have they burned any bridges?
In fact, it would be a wise move to perform a background check on them. As he or she could potentially be your partner in business, you do not want to be surprised by any illegal dealings or shady business deals they might have had in the past. If they have done business deals that were not exactly kosher, there is a good chance they might do the same with your business.
2. Location
When it comes to starting and growing a company, it is tremendously helpful to have a partner in the same location as you and the company. While it is theoretically possible to start a business with a partner who lives in other state or city, business meetings have to be done by video conferencing, emails, or business trips—all of which eat up valuable time, especially when every moment is precious to your company’s success. Being in the same city allows you both to work alongside each other and grow the business.
3. Vision
For a successful partnership it is crucial you both share the same values and goals for the business. Many business failures come from partners who had separate visions for the company, and spread the business too thin to survive. It is imperative to find someone who is as passionate as you are behind the idea, and wants to see it grow as much as you do.
4. Motivation
Starting a business is not an easy venture. It takes dedication, creativity, and most of all, motivation. Both of you need to have the ability to lift each other’s spirits when one of you is feeling overwhelmed or uninspired, because it will happen. There will be times when seemingly open doors will shut unexpectedly. Times when funding you thought was a for sure thing ends up disappearing. In these times of business crises it is invaluable to have a partner who can propel the business forward, even if it’s just in team morale. When your partner is at his or her wit’s end and vice versa, having a partner to pick up the slack will help to keep the business alive.
5. Balance
Partners desperately need to complement each other. In a sense, your strengths and weaknesses should be reversed (to a degree) in your business partner. While there will be characteristics you both share, it is important to find a partner who is strong in the areas you aren’t, and vice versa. Your best chance at success is to find a business partner who can both supplement and complement you.
Finding a business partner will take due diligence and time, but making the right choice instead of settling can take your business to levels you never even thought of.
