What are the steps to finding the right business partner?
09 February 2010
Practical Steps to Take in the ProcessFinding a business partner is perhaps one of the largest steps youll take throughout the process of starting and effectively running a business. Finding any type of partner can be a difficult process, but with business, youre looking for someone to not only meet your expectations, but exceed them. Youre looking for a strong working relationship, trust, and many other attributes that will help this relationship grow stronger as time passes.
The first step is perhaps the most important, and is to do with exactly what to look for in a partner for any business.
Knowing what you wantIt may seem pretty straightforward and simple, but many people simply dont know what they want in a business partner. They choose based on qualifications or monetary purposes alone and end up in a bad partnership. So approach this step by listing out the values you seek in any partner.
Any person functioning as a partner will influence the business, and thus youll need to seek out someone with commitment for the job; someone who is honest and determined. You never want to settle here. Know what you want and begin to look.
Spread the wordNext up is the all-important advertising. If youre planning on running a business, then youve most likely already met some certain people in the niche youre operating in, such as associates, suppliers, financiers, etc. Spread the word around that youre seeking a partner, and not only that, but also emphasize the importance of your criteria.
Be Flexible but PickyThese two words may seem to butt heads, but you need to be extremely picky in the process while remaining flexible. For example, you may find someone who meets all your wanted attributes in terms of honesty and determination, but this person may have little money to invest.
This is when being flexible will ensure that you find a good partner. In a reverse scenario, remain picky about those with money to invest but few of the attributes you require. Money may be vitally important in business, but there are other means to get money other than relying on a business partner.
Do your HomeworkOnce you find a qualified candidate, treat this as if youre the manager giving a job interview. You want to learn everything you can about this potential partner. If he or she has given you references, check them out.
Check out this persons credit history and conduct an interview with confidence. Remember, this person is going to be your partner for the long haul. This isnt like other partnerships. If theres a divorce in this, youll lose the business.
Pros and ConsLastly, make a list of your qualified candidates pros and cons. Determine if youll be happy together throughout the operation of the business by learning some key personality traits. Dont be afraid to turn away from any potential partner at any time before finally selecting. Things should fall into place if you find the right partner, but if not, you may need to keep looking.
