Finding the right business partner can add value and competence to your growing enterprise.
The wrong freelance business partner, however, can destroy your vision of wealth and freedom before it even starts.
If you want to pick the right person to join your new business, follow these 5 steps, and choose a winning business partner carefully and wisely.
In this post, you’ll learn about:
Select a partner with strong opposing skills.
Make a list of your strengths and weaknesses, first. Then select a collaborator who is strong in areas where you are weak. If you are a creative innovator, select a partner who is a master of execution.
Picking a business associate with complementary skills will prevent friction when necessary tasks outside of your skillset require expert implementation.
Identify similar goals in life and business.
Find a partner that shares your bright vision of the future. The business is an extension of your personal desires and goal. Pick a partner with similar financial, family, and revenue goals.
Before you enter the business partnership, ask each partner to create a list of their short term and long term goals to assess your work and lifestyle compatibility.
Decide how to disagree respectfully.
Disagreements will arise. But how you decide to handle them will determine the length of the partnership. Before you begin ant talks of going into business together, discuss multiple ways to handle arguments and disagreements with respect and mutual admiration.
Failure to devise a proper “Agree to Disagree Strategy” could result in hurt feelings and a premature ending of the business partnership.
Determine your partner’s relatable experience and breadth of valuable business contacts.
Before you begin the business partnership have a lengthy discussion to determine the best ways to use your mutual contacts and business experience to grow the company.
A valuable business partner will have a Rolodex filled with established relationships to support your business. A permanent collaborator should have similar years of experience in your industry to provide a solid and stable work history, as well.
Check references.
Skeletons hiding in the closet of any future business partner could harm your reputation and that of your existing business. Assess the opinions of business leaders and work colleagues first, before entering a business partnership.
Eliminate any business partner with high instances of workplace drama and no proven record of success in your particular business.
How to Find the Right Business Partner Tips
- Determine revenue goal and profit splits immediately.
- Have two separate attorneys review your partnership agreements before you sign.
- Ethics matter. Choose a business partner that you can trust without hesitation.
- Take your time. Choosing the wrong business partner can damage a successful business’ reputation and revenue quickly.