Take your time looking for the business partner you want, take note that business decisions of this type cannot be taken lightly or be guided by passions.
Having a business partner is more like a marriage than having another co-worker. It is a commitment that requires time, dedication, and commitment through thick and thin.
Despite that, it’s also important for you to know this: even marriages can end. When there is a lack of interest, empathy, or simply no common goal, any partnership can come to an end.
Many businesses fail due to the poor compatibility that exists between their partners. Often, anyone who knows absolutely nothing about the business world would think that starting a business is as simple as having a good idea, and a good promotion of the product, and the money will come by itself. But the truth is nothing is further from reality than that.
Here we give you some of the best tips to find an ideal business partner
1. Research your business partner
First of all, do research on the potential business partner through various sources online or offline. Make sure to run their credit check and also evaluate their online presence. You can also use Nuwber to see what information about them is publicly available and find their social media links. If necessary, do a background check. You don’t want any surprises to come up after you sign the agreement.
2. Their economic capacity should not be your only priority
Why? Because you can’t measure someone’s problem-solving ability and talent by their purchasing power. Yes, your business partner must have money, but it is even more valuable that they have sufficient skills to achieve the objectives they set for themselves, that they are someone with whom you can negotiate, and with a quick and effective capacity to act in any scenario. Business is not only about money, but the ability to improve something that probably already exists on the market.
3. Your business partner must be someone who wants to make a difference
It seems like a basic rule, but precisely for this reason it is very easy to forget. If you want your business to become a benchmark in the industry, you must partner with someone who has the same intentions as you. Surely you will meet people who sound like they were taken from a mass production, who do not bet on changes, who are very influenced by old practices, or who simply do not see beyond the immediate results.
It will not be so easy to find that person who is so valuable to you in a professional sense, but they exist and together you can take the company to the next level. Don’t settle for just anyone.
4. Your business partner is someone who puts people first
Whoever finds time and space to listen to what others have to say is a person that you should have on your side. This is good for both you and the company because there will probably be a greater chance of adding new talent, ideas, or contributions from actors who are not necessarily part of your business or even its sphere already.
5. It must be someone humble
Although we already mentioned that someone’s economic condition is not the most important thing, their quality as a person should be a determining factor.
How do they communicate with others? Are they friendly? Do they empathize? Do they speak about their achievements only or do they report them in a pertinent way?
Yes, you want to associate with someone successful, but, above all, with a good human being.
6. Must be willing to go the last mile for the business
Partner with someone who can give you that 101% of what the company needs to stand out from the rest. It is important that whoever accompanies you in all this has a high sense of resilience because not only do you need someone to celebrate with when everything goes well, but you also want to work together with someone resilient who can make firm decisions in the most decisive moments of the company’s life.
7. They constantly improve their knowledge
Make sure that this happens, that whoever your partner is, they should be up to date with what is happening within the industry, otherwise updates regarding the “outside world” will depend solely on you.
Working together with someone who knows what’s going on in the business world will not only be very helpful when necessary improvements have to be made, but you will also be one step ahead when it comes to innovation in the market.
8. They can work under pressure and in a rapidly changing environment
The startup business is like that: it changes rapidly from one day to the next. Experts suggest having someone as an ally who can understand the volatility of the market and based on that, make the best decisions to meet the goals in record time.
9. Must be a disciplined person
Following the same order of ideas as in the previous suggestion, this quality is key to partnering with someone or adding new talent to the company. A person with enough discipline to follow orders, oriented to common goals and respectful must have a special position within the work team.
10. Your ally should be a person to whom you can delegate administrative responsibilities
In this sense, it must be someone very trustworthy, and with extensive knowledge, not only of what is happening on the market, or how the company is transmitting its products to customers, must also know business administration.
Why? Because there will be times when you will not be able to take care of them because you will be spending more time improving your products or services, because you will have to attend events to network or attend the press, or simply because you will be on vacation.
Finding someone with so many qualities and considerations is not easy, but it is not impossible either. Take your time, and see that business decisions of this type cannot be taken lightly or be guided by passions.
Before making any decision, and this should be your golden rule, we suggest you always make everything very clear through a contract to avoid misunderstandings in the future.