As a business grows or gets complex, choosing a business partner is most times considered. Some other reasons that may warrant choosing a business partner can be,
1. Business expansion into new regions or territories.
2. Reducing the workload.
3. Bringing in new skilled personnel to complement skills you don’t have.
4. It can be done to oust a competitor or have a competitive advantage and more.
Whatever the reason, there are some things to consider before finding and choosing a business partner. This write-up would be divided into things to consider before choosing a partner and where to get a suitable business partner.
THINGS TO CONSIDER BEFORE CHOOSING A BUSINESS PARTNER
The question on most persons’ mind is, how do I know this is the right partner? Below are some things to consider to aid your decision making.
1. Choose A Partner You Can Trust and Has Integrity: This is the first thing to consider when looking for a partner.
2. Find Someone That Compliments You (personality, skill, financially, etc.): The truth is you can’t have all the skillset or personality, you should consider a partner that compliments or augments you.
3. Make Sure All Agreements Made Are Put into Writing and Stated
4. Pick Someone Who Is More Passionate to Succeed: Your potential business partner should have the hunger to succeed and commitment like you.
5. Would You Be Sharing Both Profits and Loss: Choose a partner that would also make a tangible financial contribution to the partnership, protect your financial exposure in case the partnership goes awry.
6. Choose A Business Partner from Another Field/Profession: Ordinarily, you might want to choose someone in the same discipline as yourself. However, it would be in your organization and your interest to choose from another discipline, as this brings in new ideas and/or other perspectives to the table.
7. Choose a Partner That is Financially Stable and Doesn’t Have Much Personal Baggage.
WHERE TO GET A SUITABLE BUSINESS PARTNER
Aside from outlining the parameters or things to consider when choosing a business partner. The next question is, where or how do I get a business partner?
1. Friends and family.
2. Social media/medium.
3. By using a recruiting/consulting firm.
4. Through your network, both online and offline.
5. Attending business training or courses.
Conclusively, when choosing a business partner, I urge you to have an exit strategy in case things go south.
READ MORE: 3 Ways To Improve Cashflow: The Stock Control Approach
REFERENCE: Sage, The Balance Careers, Bplans
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