Before you being to consider working with a business partner, there are a few things you should know. They all relate to what you should be looking for in said partner to make sure it’s a good match.
Working with a business partner can be a very pleasant experience, or it can become something you end up regretting. To give yourself the best shot at success keep these things in mind as you start to consider choosing a partner to go into business with.
Look For Someone You Enjoy Spending Time With
Start by spending some time with people you’re considering partnering up with. You are going to be working together on a regular basis and connect either in person or virtually several days per week. Your business partner is someone you spend more time with than anyone else outside your immediate family. Make sure the two of you get along and have fun working together. It will make things go more smoothly and you’ll enjoy the long hours it takes to build a successful business.
If there’s tension from the beginning or the other person just doesn’t get you, move on and look for someone else. Unless you thrive on this kind of discussion and conflict. If it makes you think deeper and work harder, and you enjoy the process of knocking heads together, go for it.
Look For Someone With Similar Goals and Values
Finding someone that shares your goals and values is another helpful tip. When you’re working towards the same goal and have similar ideas of how much work you want to put into this new business venture, and what you’d like to get out of it eventually, it’s easier to stay on track and work as a team.
The same goes for core values. Are you willing to help someone out and do a bit of pro-bono work, or do you want to squeeze your prospects for every penny you can get? If you find yourself on opposite ends on things like this, it will create a lot of tension and makes it that much more likely that you’ll fail in the end.
Yes, you’ll grow together and you don’t have to agree on everything, but if you have the same core values and common interests, it will make it that much easier to build something together.
Look For Someone That Compliments Your Skillset
Last but not least, look for someone that has skills that you’re lacking. It’s one of the biggest advantages of working with a business partner. If you’re a great writer and product creator, but struggle with SEO and getting traffic to your sites, look for someone who’s good at that.
If you’re great at communicating with prospects, customers, and potential JV partners, but lack the technical skills to get everything up and running smoothly, look for someone with those traits. If you prefer to do the grunt work, and don’t enjoy the overall planning and strategizing, look for a partner that will do this for you.
Yes, you can outsource some tasks when the time comes, but it helps to have some of the most important skill sets covered between the two of you.