Starting a new business can be daunting. So can choosing a business partner. Particularly if you’re a budding entrepreneur who’s not created their own organisation before. It can also be lonely, especially when you first start your business. It’s easy to think that you’re alone and that you need to do everything yourself. So perhaps a business partner can help?
However, this isn’t the case, and there are many options to help you to grow your company and share the workload. You can not only hire staff for your company or work with experienced outsourced service providers but also take on a business partner. An experienced business partner can bring many benefits to your new company, including the advantage of their knowledge and skills.
To avoid any issues, it’s crucial that you choose your business partner or partners, carefully. Sometimes choosing a business partner can lead to pitfalls. So read on, and explore what you need to look for in a potential partner for your start-up, and how you can find it.
A Successful Business Leader
When you’re searching for a new business partner, it’s essential that you don’t take anything at face value, and that you find someone who is genuinely skilled at running a successful business. To find out the truth about their success, you need to dig into every claim they make and every business they run, to make sure that you’re getting the complete picture.
You can check out their company accounts, and their position as a director, using Reporting Accounts who have an extensive database of company credit reports that can be accessed for free. This will enable you to learn more about their success and business practices. You can also verify that they are legitimate and able to support you to bring about the business success you’re aspiring to achieve with your start-up.
A Trustworthy Individual
When you check their business accounts, directorships and other information, you should be on the look-out for anything that doesn’t ring true. Even small lies or ommissions could be a sign that your potential business partner is not trustworthy.
If you’re trusting them with your start-up, reputation and more, then you need to make sure that you can rely on them completely. Anything that doesn’t ring true, or turns out to be incorrect, could foretell your future relationship with them and the lies they might continue to tell you. These small lies could eventually blossom into fraud or worse, so it’s vital that you take the time to examine every aspect of their CV and challenge them on any irregularities that you notice.
Someone You Can Connect With
It’s essential that you remember throughout the process that your personal opinion and connection to your new business partner is equally as important as their experience. If you don’t feel that you can build a successful, valuable professional relationship with your potential business partner, then you should move on and find someone else. Use their emails to get an initial impression and decide if they’re worth investing more time in hosting a meeting with and getting to know better.
Everyone writes emails and messages differently, so they are a great way to assess someone and identify a valuable business partner. Read their emails critically and look for any red flags, such as snappishness, a lack of understanding about basic business practices or unprofessionalism.
A successful entrepreneur can enhance your organisation, but if they don’t understand or have an interest in your niche, then they won’t be able or willing to support you to the degree you need. As such, you should look beyond entrepreneurial experience and try to find a business partner who has not only led successful organisations but has also got experience in your market.
If you’re struggling to find a suitable candidate with the industry experience you need, then try using your professional network. Social media platforms such as LinkedIn, as well as networking events, can help you to meet your industry peers and get recommendations on potential business partners to find the perfect person to support you.
New ideas and innovation are essential to the success of any organisation, so you need to find a business partner who is creative and flexible. Someone who just wants to do what they’ve always done won’t last long in the fast-paced corporate world, so you need to find someone who has excellent ideas and is able to execute them successfully.
Talk to your potential business partner about their ideas, and any previous innovations that they’ve implemented in their other businesses. By learning what they plan to do when they join you, as well as their experience, you can get a picture of their creativity and what they can bring to your start-up organisation.
Choosing a business partner for your new venture can be tough, but you must take the time to find the right person for the role. You want to ensure they’d show great leadership in tough times, amongst various other things aforementioned. Use these tips to help you to find the perfect business partner who will support you not only in growing your start-up but in all of your future endeavours.
Have you had experience working and choosing a business partner? If so, what was it like?