Although the original idea for your
business might be all yours that doesn’t guarantee you won’t need a partner to
get that business running and keep it afloat. A solid business partnership can
actually increase the likelihood that your company will find success. That’s
because you’re sharing the responsibilities and expanding your networking
potential.
What makes a productive business
partnership? Consider the following factors:
Set
Your Goals
You should already have a business plan with
a strong vision and measurable goals. When you go looking for a business
partner you want someone who
can share in your vision. You need to be honest about your own limitations.
Are there some skill sets you need to develop for yourself? What can you learn
from a business partner? Suppose you were opening a restaurant and had terrific
chef but they didn’t know anything about desserts. Wouldn’t it make sense to
hire a pastry chef? You want to find a business partner that can build upon your
talents. They also have to be enthusiastic about your vision. You’re not
looking for a “gun for hire” but a genuine partner.
Look
Beyond Your Circle
As you begin your search for a great
business partner, you’ll want to go beyond your immediate social circle. Yes,
you might have a friend or family member who could fit the bill but don’t stop
your search there. Go
to where you might find the most qualified partner. There could be trade
shows, industry events or conferences, where you will find like-minded
individuals who would prove to be an asset to your company. The last thing you
want to do is find a business partner who doesn’t have any experience in your
industry.
Manage
Expectations
After you’ve narrowed down your candidate
list you’ll want to carefully detail the responsibilities for your new partner.
Depending on the circumstances, a business partner could become an equal owner
in the company because of the investments, skills or ideas that they are
bringing to the table.
However, that doesn’t mean they can
automatically dictate how things should be run. That should come from you as
the controlling owner. Of course, you’re hiring a partner because you want the
support so be open to any ideas they might have about management, marketing and
production. If you’re both clear from the outset about what you expect from
each other than there shouldn’t be any surprises down the road.
Make
It Legal
Once agreed upon, all of those
responsibilities should be put
into the form of a legal contract. This contract should spell out things like
compensation and termination of the partnership. Essentially you should cover
all the bases. A handshake is a noble way to do business but won’t matter in a
court of law if something goes wrong. As with every other aspect of your
business, get it in writing and get it signed.
