Running a business with a partner can be a great idea since you have someone to rely on other than yourself. However, it doesn’t mean that you have less responsibility to run your business properly. The purpose of having a business partner is to set you both up for success even though it is not as simple as it sounds. It is important that you choose the right business partner that will be good both for you and your business.
Key takeways on finding the right business partner
Finding the right business partner is like looking for soulmate. However, you should not just look for them blindly without having anything on your checklist. If you know who or what you are looking for, it will be easier for you to find the right person. And here are key takeways on finding the right business partner:
Split things evenly
When you decide on having a business partner, make sure that both of you have skin in the game. Some people make mistake of putting in their money 100 percent then give up their business partner 50 percent. Chance is, you will not pay you back the money. Hence, it is best to set the rule from the beginning, in which you and your business partner agree to put in the same portion into the business you are going to run together. It can help avoid unnecessary problems in the future.
Search for resilient partner
As you may have known that running a business is not something to take lightly. There are always risks, and even if you manage to minimize them, there are always chance of failure. Make sure that the business partner you choose have that resiliency in them, making them willing to pull their weight. This way, they will take the good and the bad. If they are resilient, they tend to easy to pivot when situations become difficult.
Find partner who is discipline in taking care of themselves
You want a partner who are healthy both mentally and physically. You also want a business partner who know how to take care of themselves well. Keep in mind that running a business can be draining and exhausting. Make sure your partner can withstand all difficult times mentally and physically. Their ability to take care of their mental and physical health shows their discipline and endurance.
Align on your morals and work ethics
Find business partner who has similar determination, resourcefulness, and strength to get through the bad and the good. Find someone who is willing to help you and your business grow. Find a partner who is committed to be there.
Look for partner who complement you
Having a business partner who has similarities with you in all aspects is not always good thing. It’s more recommended to find a partner who can complement you, be the strength of your weakness and vice versa. For example, you are good at managing team and branding but not good at operation. Thus, find someone who is best at that.