We recently discussed how, if you are starting a business partnership, you should use a partnership agreement. This can help you avoid disputes and conflicts. It also protects your rights as a business owner and can help to define your role at the company.
But before you can make that agreement, you have to find the right business partner. So what should you be looking for? Here are a few things to keep in mind.
Someone with different skills
Start by considering the skills that you lack, as finding someone who possesses them could be significantly helpful to the company. Maybe you have great people skills but lack technical expertise. Look for someone who has diversified skills from yours, rather than someone whose abilities largely overlap.
Someone who shares the same vision
It’s also wise to talk to the prospective business partner about what their vision is for the company. What are their goals? Are they willing to put in the same amount of effort as you? If you both have the same vision, it helps you to work together effectively.
Someone you can get along with
Finally, don’t underestimate the importance of being able to get along with your business partner. They may have all of the right skills and abilities, but if you can’t stand working together, the relationship is not likely to last for long. It’s often best to find someone that you would enjoy spending time with outside of work, if possible.
Business partnerships can be complex, and disputes do sometimes arise. Be sure you know about all of your legal options at these times.
