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Starting a business with somebody else as your partner seems like a good idea on paper, but your choice of business partner holds a great deal of weight. It’s not always clear and obvious whether an acquaintance, friend, co-worker, or even a relative would make a good business partner, but this is not a choice that you can afford to make lightly. Your choice of a business partner is going to affect your company and your livelihood and at least in the early stages, you’re going to be spending a lot of time with them so it’s important that you get on, too. Here are some useful tips to consider when choosing a business partner.
Consider a Trial Period:
While this option might not be available to everybody, consider spending some time working together in the business before making a full commitment. This allows you to get a better idea of what it would be like to work with this person as your partner and determine if they are the right fit for not only working with you but for your business overall. Don’t just consider how good they are at their job but think about how well you and your team get on with them and if they are a good fit for the company culture.
Before deciding whether or not to choose somebody as your business partner it’s worth doing a little digging into their past. The last thing that you want is to end up partnering with somebody who seemed perfect only to find out that they were hiding something quite significant from you. Nuwber is a good way to get access to any online public records about any person by simply searching for their name or phone number. You can find out if your potential new business partner is hiding anything serious from you like past criminal records that you’d want to know about before bringing them on board.
Look for Matching Values:
It’s all good and well to choose a partner who’s hard-working and experienced but if they don’t share the same values as you, then you are going to end up clashing especially when it comes to making key decisions about the business. The last thing that you need is a partner with who you often struggle to see eye to eye, so have an honest chat with them about their values before deciding whether or not to bring them on. Working with them in other settings is also a good way to see whether or not their values match up to yours. Remember that you don’t have to always agree on everything or do everything the same way, but you want to find somebody who’s on the same page as you when it comes to the important stuff.
Choose Somebody With Skills You Lack:
A good business partnership is made up of two or more people who balance each other out when it comes to skills. Look for a partner who has a skill-set that complements yours. Perhaps you’re good at the financial side of running the business or looking after the employees and human resources tasks; in this case, you might benefit from a partner who can take over the online presence and marketing side of things.
Your choice in a partner will affect every aspect of your business, so choose wisely.