The time is now! You feel it. You’re ready to leave the drudgery of your nine to five job and make it on your own. It’s finally time to start the business you’ve always dreamed of having. Your years of experience have led you to this point, whether your new business is related to the industry that you’re currently working in, or something completely different, you’ve got this!
Confidence is great, but sensibility and practicality in combination with that confidence is even better. Even though you might want to go at it alone, starting a new business is difficult and you can’t be too proud or afraid to ask for help. What’s even better is to go into your new business with a business partner. The ideal business partner isn’t elusive, you just have to know how to find them.
Having an understanding of what makes the ideal business partner is priority. So, what is a business partner? In formal terms, a business partner is a commercial entity with which another commercial entity has some form of alliance. Those “commercial entities” can be you and an investor, or two companies who move into a merger. The foundations of the ideal business partnership require respectful, two-way communication, facilitating an exchange of ideas. This exchange of ideas includes criticism, as well as appreciation. It’s about trust and support, and each partner needs to ensure that they keep their end of the deal and pull their weight (in terms of what was agreed upon from the outset).
How do you find someone who fulfils these qualities? It’s not easy. You know that, which is probably why you’re reading this! Your potential business partner needs to share your goals and vision and should, ideally, complement your weaknesses as you complement theirs. They’ve got to be capable. We’re moving forward with this under the assumption that you’re capable, too, by the way. So, what are the 10 best ways to find a reliable business partner?
1. Your Current Colleagues or Classmates
Look, you already know that the two of you make a great team. You’ve worked together and clinched a few massive clients for your company due to sharing ideas and working together. Both of you always put in the hard work and you always achieve results! The same goes for that classmate that you’re thinking of as you read this. You know that they’re hardworking and full of innovative ideas. In the case of your current colleagues or classmates, you’re already working in the same field, so they’re potentially a great candidate to be your business partner if your new business is in the same field.
2. Friends and Family
Okay, okay, we know. This can be a potential minefield, but it’s often not the case! This is especially true if business arrangements are made very clear from the beginning, and each party knows exactly what’s expected of them. Some of the greatest, most long-lasting businesses were started by best friends or siblings, so there’s no reason to not look this way when searching for a business partner. The added benefit is that you don’t really have to worry about doing a background check since you know them well enough and can, for the most part, judge whether they’d be a good fit for you going forward.
3. There’s Nothing Wrong with a Background Check
With friends and family, this may not be too important, especially since you’ve known them for long enough. With others, even former colleagues or business associates, it’s essential that you do a background check. Nuwber will help you out with that. Before you sign a deal, know exactly who you’re going into business with.
4. Look for a Partner to Complement Your Skills
Hate to break it to you, but no one’s perfect – not even you! Everyone has flaws and are weaker in some areas as compared to others. Since we’ve got that out the way, it means you should look for a business partner to complement you. For example, you have great, innovative, ideas, but you have no idea how to sell them or you’re no good when it comes to the financial side of a business. Look for a business partner who’ll have you covered in that sector, while you concentrate on the ideas.
5. Vibe with your Principles and Ethics
You’ve got a strong moral code and you want your business to reflect that. When business partners don’t share common principles and ethics, this is often really detrimental to a business. Make sure that you share this common ground before going into business together.
6. Engage at Events
When looking for a new business partner, do some networking at events in the industry of your soon-to-be business. These are great places to find people who share your visions and principles.
7. Accountability is Key
You can’t get into business with someone who doesn’t admit to their mistakes and faults. Look for someone who you know has the courage to do so. You’ve got to have that sense of accountability, too!
8. Use Online Networking Opportunities
Social media and other online business forums are a simple way to find potential business partners in your industry! Even if you don’t find a business partner here, you’ll be able to engage in discussions and learn a lot.
9. Use Your Contacts
Your accountant or legal advisor likely knows other who are in your field and share your passion. People talk, so talk to people!
10. Look Out for Red Flags
Sometimes, the background check clears but things appear too good to be true! Follow your gut – if a business deal just doesn’t feel right, don’t go through with it.