3 Tips Finding The Right Business Partner For Your Startup
17 Nov 2021
Starting a business is no doubt challenging. Despite the recent surge in startups across the world, we have also seen a fairly large number of these startups pulling out of the market in less than two years. Of course, this does not mean that setting up a business is equivalent to setting yourself up for failure. It is possible to overcome the high barriers of entry in any business startup. Understandably, facing these barriers to entry can be challenging if you were to go at it alone. That is why most entrepreneurs will choose to launch their company with one or several other business partners to lighten the load.
The advantages of starting a business with a couple of business partners are aplenty. From a business context, a business partner has a rather broad definition. It could mean having someone to work alongside you to build your business, or perhaps individuals or companies who contribute in specific areas, such as marketing, payroll etc. While there are definitely plenty of business partners available, the key here is to find good business partners that will contribute to the success of your startup.
If you are on the lookout for business partners but not sure where to start, here are some tips to find, evaluate and eventually work with a prospective business partner.
Make use of your networks
Your connections are the best candidates as potential business partners. After all, you already know these individuals or companies first-hand and are aware of their credibility. Moreover, it saves you time from having scour through online community groups which might not be as reliable as they make themselves out to be. Referrals from trusted colleagues within your new startup or ex-colleagues can also be helpful. Moreover, some companies even offer referral programmes so that both you and your business partner can benefit.
Evaluating your business partner
Once you have found someone or a company that has all the makings of a great prospective business partner, how do you evaluate and determine if they are the right fit? Of course, one of your first considerations should be how your personalities, values and experiences complement each other. Similarly, while you would want someone who shares the same values and beliefs, you do not want a clone either. Ideally, your business partner should be able to fill in the gaps while sharing the same long-term vision for your business.
Making your partnership work
After you have found your ideal business partner, how do you make the partnership work? Essentially, there are numerous advice to ensure that your partnership goes on smoothly. The first step is to define your respective roles. This will ensure that you and your business partner’s time is spent effectively instead of wasting time stepping on each other’s toes. Next, set a trial period to test out how well the partnership might work. Perhaps lay down certain milestones to determine how you and your business partner will eventually work towards that goal. Finally, communication is key. When problems arises, it is best to keep an open and honest communication between you and your business partner. Additionally, mistakes are inevitable. The best way to avoid any negative emotions between both parties is to point out mistakes, discuss on what can be improved and move on.
Keep in mind that your business partner plays an important role in helping your business succeed. Instead of simply grabbing the next individual or company that comes to you for partnership, take time to really evaluate your potential business partners. It would definitely be beneficial to your startup in the long run.
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