Whenever you decide to start up your own company, you always want to think about choosing the right business partner. First, you must recognize that it can’t just be anyone as there are many qualities that the ideal business partner should have; qualities that not all people have, at least initially. So, you have to be sure that the person you select as your co-founder is someone that perfectly fits the bill. Here are some things you should consider when choosing the right business partner.
Do they complement you?
When you’re making this decision, you want to find someone who complements you and your skill level. You simply cannot be skilled in every aspect, so it is important to find someone who can not only match your skill set, but also brings a whole new array of abilities to suit. You want to be able to keep that balance of strengths, for example, it would do you no good if both of you are great at marketing, but you struggle with closing sales. It’s important to have someone with a different set of abilities to allow for growth for the both of you.
A new perspective
It is also important to find someone who will bring new perspectives to the table. You want to have someone to give you the chance to look at things differently than you might on your own. This benefit allows you and your partner to grow as you gage ideas with each other and think about new ways to implement strategies. This also prevents you from having tunnel vision on where you may think you want things headed. Having that outside perspective only brings more balance and makes decision-making much smoother.
Do we share the same values?
Your business partner will be the person you work side by side with for a significant amount of time. With that in mind, while you do want someone who can bring a new perspective to the table, you also want someone who you can share similar core values with, such as work ethic, the direction of the company, sharing profits, etc. These are things you both should have a similar feeling about to avoid any major conflicts as your business begins to progress. Make sure when you are making this decision, you lay out your values and what you are looking for in a partner so that there is an agreement on these things from the get-go.
Make sure you have a trial run
Finding the right business partner is similar to looking for the right car. You want to find something, or in this case someone, who helps you get to the destination you have in mind. With that thought just like when buying a car, you need to do a test drive. Try working with a prospective partner for a set period before you finalize anything, this allows you to see if that person can bring everything you are looking for.
Consider your reputation
You have to take into consideration that it is your reputation on the line at the end of the day and your partner, whoever they may be, will be a reflection on you. Keep that in mind when making this decision. You don’t want to choose the wrong person who brings a negative look to your company and what you are trying to represent because when it is all said and done, it will evidently fall on your shoulders.