Do you find yourself struggling to keep up with your business’s growth so much that you think you might need a helping hand? Are you thinking about finding a business partner to give your business everything it needs to expand? Here’s our advice on choosing the right partner for you.
Define their role
The first thing you need to do is think about what kind of partner you’re looking for. Do you want an equal partner, an employee, or someone who can just assist you as a consultant? Once you’ve defined their role, write down what this role entails and how you think your partner or employee should fulfil it. This way, you’ve set the boundaries and expectations from the very beginning and you can be upfront with the people you interview or approach about this role.
Do they share your values and vision for the business?
If it’s a full-time business partner you’re looking for, then it’s imperative that their vision for the business is aligned with yours. They need to be just as passionate about the success of the business as you are, and they need to share your values when it comes to running the business. This doesn’t mean that you have to agree on everything, but you’ve got to be on the same page when it comes to the really important things like money and the future of the business.
Find someone who complements you
Being compatible also means that you’ve got to balance each other out. You need a business partner whose strengths complement your weaknesses and vice versa. For example, if you’re more creative but not very good with creating financial plans and budgets, then it’s a great idea to find someone who’s good with those things.
Have a trial period
One of the most important components of a healthy partnership is trust. The thing about trust, though, is that it’s built over time so it’s hard to commit to a partnership with someone you’ve just met. That’s why we advise having a trial period over a couple of months, or choosing someone you’ve worked with before and are certain you can rely on. If you have a trial run, be transparent with the person about the purpose of this period and what you’re hoping to achieve.
Choosing a business partner is one of the toughest decisions you may have to make, but it can also be the most beneficial. If you take your time, have a plan, and go with someone who believes in your business’s potential as much as you do, then you should be happy with your choice in the end.