Starting a business is one of those "should I?" moments.
As in "should I do this alone or get a partner to share the load?" kind of discussion with your inner self. While there are success stories of entrepreneurs who made it big by going solo, not everybody makes it to the finish line. There's more to starting a business than coming up with a concept paired with a catchy brand name.
There are industry secrets that only an insider knows about, for instance. You're also going to lack individual skills the business demands for growth, no matter how well-rounded you are. If this is you, then you need to consider getting a business partner.
Factors to Consider When Choosing a Business Partner
There's more to getting a partner for your business than choosing your sibling or best friend to work with you. Here are some of the things you should look out for in your search for the ideal running mate.
1. Find a Partner with Relevant Skills and Experience
Your future business partner should have all the necessary skills and experience in the industry that you lack. The person you choose should have the skill set that complements what you already know. By getting a partner that can shore up your weaknesses, you'll form a strong partnership that can handle anything.
2. Find a Financially Stable Partner
The financial investment your business partner makes won't matter much if he or she is in dire financial straits. Your partner's money problems may spill over to your business, mainly when you apply for a business loan. The absolute worst-case scenario is your partner stealing money from the company to pay off debt.
Before taking someone in, do your due diligence on the person first. A simple public records check can yield a treasure trove of information on someone, including bankruptcy records and whether the person spent time in jail.
3. Get Someone Who Shares Your Vision and Goals
A business partnership can only find success if everyone's on the same page. Look for a partner who has the same goals and vision for the business as you do. Growth and success depend on whether you can communicate with your partner effectively or if there's any friction. If the other half of the business fights you at every turn or is always reluctant to make decisions, your partnership and the company will fail.
4. Look for a Partner that has the Contacts and Resources for Your Business
A partner with deep pockets is nice, but someone with the right industry connections is even better. Look for a partner with extensive knowledge of the industry and a vast network of business contacts. Having the correct client list to talk to will enable you to focus on the decision-makers that matter and avoid wasting time on those that don't.
5. Find a Partner with Credibility
Only go into business with someone you respect and who respects you back. Choose a partner who practices good personal and business ethics. Much like a marriage, look for an honest and trustworthy partner that you can envision growing the company with. There have been countless horror stories of business partners from hell that either steals business ideas or money. The worst part an errant partner can do is getting the company - and you - embroiled into legal problems for breaking the law.
6. Get a Partner with the Least Amount of Personal Issues
Everyone has personal problems, such as trouble with a loved one or a battle with depression. These issues can creep into the business side of things and wreak havoc on the partnership because the other half isn't pulling his or her weight. Get someone with the least amount of personal baggage to keep your business from imploding.
In a Nutshell
Always remember that a partnership is a legal bond between two parties. If something goes awry, dissolving the business can become an ugly and expensive affair. Make it a point to document all agreements signed by all parties, so nothing gets lost in the shuffle.
Author Bio: Emily Andrews is a writer at Assignyourwriter.co.uk and marketing communications specialist at RecordsFinder, an online public records search company. Communications specialist by day and community volunteer at night. She believes in compassion and defending the defenseless.