Running your own business is challenging enough, and you don’t want the added burden of having to worry about your business partner. When choosing a business partner you should keep in mind that this decision can make or break your business. Here are a few things to look for and some things to avoid:
What to Look For:
Synergy: Everyone has their strengths and of course their weaknesses. You want to make certain that your partner’s strengths offset your weaknesses and vice versa so that 1 + 1 = 3. For example, one partner may be good at bringing in business and the other at managing the operations of the business. Together the two of you should thrive.
Work Ethic: You want someone who is willing to go all in as opposed to testing the waters and holding back. Your partner should also be willing to go the extra mile to get things done, and have a sense of personal accountability.
Experience: Ideally, your partner should have experience in your industry. Also, experience as a successful business owner is a plus.
What to Avoid:
Financial, Tax or Legal Problems: If your partner has financial problems, then this may be a sign that they will mismanage your business too. Additionally, you don’t want to have their problems become your problems.
Instability: This can mean someone who is currently experiencing personal problems, such as marital problems or family health issues. It’s better to have your potential partner work out their problems first so that they can fully focus on the business.
You will most likely spend enormous amounts of time with your business partner, and both of you will share in the success or failure of your business. Choose your partner wisely.