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How to Choose the Right Partners in Business
Thinking about starting a new business and finding partners to hare in you success? Starting a business is easy but finding the right support team may take some trial and error before you find the combination of support. You may be considering starting a new business with a close friend of whom you think would be a good fit for your new venture. Research shows that going into a business with a friend can have drawbacks and add stress to the relationship. It is much better seeking experts in your area of interest to leverage and contacts you will need to succeed. Look for partners that are honest, reliable, have a good work ethic and great reputation to compliment the business you have in mind.
The best qualities in a partner are the qualities you do not possess yourself. You want someone who can bring more skills to your business such as marketing, distribution, manufacturing, web design, accounting, financial investment and much more. It takes a team to run a business smoothly and everyone has to do their part for any business to be successful online. Look for someone who is honest, dependable, professional and, successful in their business. Bring those contacts and resources into your business as a collaborated effort and you will see your business grow to new heights.
Find a Co-founder with a complimentary skill set: Try to choose someone who makes up for your flaws. If you are someone who hates networking for your business then find someone who loves to network and can bring in leads for products and services. Make a list of all the things you need an expert for such as build a website, marketing, advertising, networking, accounting, analytics and posting. There are many aspects to running a business and finding the right people to do business with will be a good reflection on your behalf. Look for experts with a proven record who have a good work ethic and provide services in a timely manner.
1.) Share a similar Image: Try to visualize where you want your business to end up years from now. If you want a business that can be developed and sold at a later date and your partner has a different vision like living a dotcom life style and hold on the business you want to sell. Realize that you both have different goals in mind for the future and this may not be a good partnership. Be honest about where you want your business to end up and if you’re not on the same page, move on and find business partners with the same vision and expectations that you do.
2.) Have similar expectations about the partnership: Make a plan in advance that you all agree on concerning the time and effort you intend to put in the business. Decide how many hours each person needs to put into the business to keep things fair and balanced. If one person is putting in 40 hours per week and the other person is putting in 20 hours per week that is not a fair situation. Designate certain tasks and times for each individual that will enhance work flow to its full potential.
3.) Share expectations around equity. If this is your first partnership then you may be tempted to split things fifty fifty. Don’t! You can redistribute equity later on the split should reflect an investment and commitment to the business at the current state. If you are bringing in an existing business and all of its clients to the table and your partners are hoping on board then you should expect more equity from the business to reflect the initial investment value. If they are not okay with that then move on and find a partnerships that coincides with your goals.
4.) Share Common Financial Expectations: If you want to reinvest your revenue back into a growing business and your partner has different plans about how money should be delegated, you are going to have a problem. Set clear goals in advance as to the expenses necessary to run your business and how much money needs to be reinvested. Hirer an account or CPA Accountant that you can trust to handle the finical aspects of the business. This will help you set clear financial goals that have your best interest in mind. Monitor and maintain the business financial with good software like Intwet or Quick books. These are two great programs that are easy to use and implement in your business.
5.) Be Friendly but Not Friends: Business partnership can be stressful at times and making a clear business decision can be a challenge at times. It is okay to like someone and the contributions they bring to your business however you may need to make changes that are in the best interest of the business and it is much easier to make those decisions if your business relationships are not personal. Cut ties with individuals that are not fully contributing to your vision and goals.
These are great resources to keep on hand for building your business and brand awareness. Leave me a comment and tell me what you think about this article.