The One: Looking for the Right Business Partner

Posted on by Itzumedia

A small business start up working in a small officeWhile many sole proprietorship businesses strive and succeed, you need to set realistic expectations; that it is a case-to-case basis. You may not know if this type of set up will even work for you. Going at it alone sometimes isn’t as fruitful as you expect it would be.

If you know yourself that you can’t build a business on your own, you may consider finding a business partner. Partnerships have many benefits, especially when it comes to funding and delegation. Should you consider looking for a partner, there are some things that you should keep in mind. Here are some of them:

Find someone whose skills complement yours

Looking for a business partner is akin to looking for a life partner; you have to look for someone who complements whatever you have. If you both have the same skills, there’s an excellent chance that the dynamics will fail, which will then cause the business to fail. If you are good at finance and operations but is a bit anxious about your creative skills, you should find someone who is good at sales and marketing.

Find someone who has a broad network

Your partner should also have a big network that your business can utilize to propel its growth. Similarly, you should give your partner access to your network. This will come in handy, especially when it comes to merchant financing, marketing, and finding suppliers.

Consider your friend

They say doing business with your friend will inevitably cause failure. But again, this is a case-to-case basis. Just look at Ben and Jerry, Apple, and Google; all their founders started out as friends. If you want to work with your friend, put the agreement and delegation of tasks into writing to avoid conflicts.

As they say, two heads are better than one. May the tips above help you find the right partner that you will build your business with.

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