Entering into a business partnership is like entering into a marriage, you better be committed. You and your business partner will be spending a lot of time with one another and making important decisions together. A partnership is a long-term commitment so be sure to pick the right person.
Choose Someone Who Shares your Values and Vision
This is very important, if the person you’re going into business with whose values and vision don’t align with yours, your business and partnership is doomed from the start.
Find a Partner Who has Skills and Experience to Offer
Be sure to choose a business partner who has certain skills or experience to contribute to the business. These skills should supplement your own. As individuals we can’t be the master of everything so find a partner who has a skill or experience in a area you lack. Maybe you’re really good with managing finance and doing accounting but lack people skills, then you’d want to find business partner whose good with people.
Choose a Business Partner Who is Committed
You don’t want to go into business with someone who has one foot in and the other foot out the door ready to bail whenever there’s a sign of struggle. Make sure the partner you choose understands the emotional “roller coaster effects” of starting a business, there will be high moments and low moments. The last thing you want is your business partner to hit the road because they’ve become discouraged by a low moment in the business.
Be Sure They Understand the Value of Money
When choosing a business partner it’s never a bad idea to look at how they’re doing financially in their personal life. If they have a bunch of debt and spend every dollar they make you’ll want to reconsider and choose a different partner. In business, cash is the life of the business, it’s what keeps the business alive, pays the expenses and puts a pay check in your pocket. If your business partner doesn’t understand the value of money they could potentially put your business bankrupt.
Someone You Respect and is Respected by Others
The individual you choose to go into business with should be a person you respect and someone who is respected by others. If you respect that person it’s because they’re a good person and their values align with yours. If that person is respected in your community then others will want to do business with that person.