How to determine the right business partner

| Mar 5, 2021 | business planning

You are ready to launch your own business. After some serious thought, research and relationship building, you decide to take a calculated plunge into forming, guiding and growing your company. Entrepreneurs typically are comfortable with higher levels of risk because they understand the risk required to build a company.

You need to decide on a number of things such as what type of business entity suits your company, what markets to focus on and, if you decide not to go it alone, what type of business partner best fits into your plans. What attributes are necessary in an effective business partner, ready to bring additional ideas and strengths?

A passionate, trustworthy relationship builder

Bringing aboard a business partner is one of the most important facets in business planning. You want someone who has a similar vision, but also has different strengths and expertise that provide solid synergy between the two of you. Yes, differences will exist, but embrace them and avoid conflict.

Here are some of the crucial traits to look for in choosing a business partner:

  • A shared, energetic and passionate vision: You will work long hours and make certain sacrifices. You want someone alongside you who has that dedication and business knowledge.
  • A strong builder of business relationships: Ideally, your partner already has formed numerous connections within the business world. Those connections such as angel investors, marketers and supply chain leaders provide a solid springboard for your company.
  • Experienced: A like-minded and experienced partner with deep knowledge of the business world provides answers and perseveres despite obstacles.
  • A risk-taker: Granted, starting a new business is a risk. You want a partner who is not risk-averse, but also understands the value of caution.
  • A flair for creativity: How do you burst out from the pack? A creative partner brings ingenuity and solid ideas in areas such as product development and marketing.
  • Honest and reliable: Put out these feelers right away. Have plenty of discussions with any prospective business partner. Get to know him or her, and this can help you reach a certain comfort level.

You know that you are rolling the dice, taking a big, big chance in starting a business. Bringing on the right business partner is critical. You should be comfortable in this decision. Then your business is ready to make in-roads in the market.