It might seem easier to go into business as a sole proprietor. With a great business partner, you can split the responsibilities of your company while experiencing the same levels of success.
Here’s how you can make sure you’re choosing a partner who will help you meet your goals.
1) Complement Your Skills.
If you like to work based on facts, then it can be helpful to have an idea person as a partner. The reverse is also true. Look for people who bring strengths to the company that you are unable to provide, then complement those skills with a personality that meshes well with yours.
2) Get to Know Them.
Don’t jump into business with someone you’ve just met. Moving too fast on a business partnership is a recipe which often leads to failure. As a general rule of thumb, you should get to know a potential business partner for at least 1 year before making a commitment.
3) Align Your Values.
Your partnership will eventually fail, no matter how hard you both may work, if your core values do not align. When times get tough in the world of business, it is a mutual commitment to a specific set of values that can get you through it.
4) Create an Agreement.
Always put your partnership agreement into writing. Even if you’re going into business with a best friend or a close family member, you never know what might happen. These agreements are a good place to outline each partner’s responsibilities to the business as well.
5) Have an Exit.
Part of your partnership agreement should detail how you can exit from the business venture should the need arise. If you outline clear terms for yourself and your partner, there will be fewer hiccups in the company if an exit becomes necessary.
6) Historical Records.
Your business partner should have a history of success somewhere in their lives. People who get used to failure often create self-fulfilling prophecies of failure whenever they try something new. You need a partner who knows how to win and can find ways to keep winning.
Great business partners can be difficult to find. By knowing your own strengths, it will become easier to identify partners who can put you and themselves onto a path which leads to future success.