Making Business Happen

What to Look For in a Business Partner

On Behalf of | Jun 1, 2023 | Business Formation

You want to start a business, but you don’t want to do it alone. You decide to bring on a business partner. You think that this will make the company stronger and give you a better chance of success.

It certainly can, but only if you find the right business partner. Choosing the wrong person could actually derail your plans for this new company. So, what should you look for? Here are a few things to consider.

They have skills that you don’t

You’ll want to diversify the skills that can serve the company. Maybe you’re great with numbers and they have excellent people skills. Maybe you’re a great innovator and inventor, while they are a great leader of employees. The goal is to find someone who doesn’t simply repeat all the skills that you already have, but who brings new ones to the business.

They are dedicated to the business

You also need to find someone who is dedicated to helping the business grow. They’re willing to put in the amount of time and effort that this takes. They have a strong work ethic, and they agree to work as much as you do. You don’t want to find yourself in a situation where you’re doing 90% of the work but are only making 50% of the money (unless you are primarily looking for a business partner to serve as a major investor).

Communication is easy

Next, you’ll want to find somebody who has a lot of industry knowledge, but who is also open and easy to talk to. They don’t expect you to read their mind. They’re also not someone who is rude and aggressive. They make it easy to talk through issues that the business is having so that you can find solutions and achieve success.

Starting your business

The above are just three things to look for in a business partner. You can seek legal guidance for additional tips and personalized feedback. For example, it’s wise to start a new business with an official partnership agreement so that you can get this relationship in writing and preserve your interests from the start.