Are you thinking about getting a partner for your business? If you’re thinking about partnership there is a lot to consider. You may be a bit nervous about it because the thought of bringing someone else into your business can be nerve-racking.
However, bringing others into your business is sometimes necessary for it to grow. If getting a partnership is the only way that your business can move forward then the best thing you can do is to select your partner wisely. Selecting your partner wisely does not have to be a difficult process.
All you have to do is make sure that you establish a few guidelines beforehand so that you can know exactly the type of candidate that you are looking for. Here are some tips that can help you.
Partnership Style
One of the things you need to decide on is the partnership style that will best suit your long-term vision. For example, you may want a partner who is active in the business, or you may want a silent partner.
A partner who is active in your business will help you make big decisions. However, if you have your business running like clockwork but you just need some extra capital to expand and to grow then a silent partner may be just what you’re looking for.
Take a close look at what your business needs are and this will help you decide what type of partnership is right for you.
Skills and Expertise
One of the things you need to consider when you are selecting a partner is the skill and expertise of the person you are bringing in. A person who you bring in as a partner should have skills that you don’t have.
You want to make sure that when you put your skills and theirs together you will have a combination that will result in business growth. Whether you are partnering on hotel development, restaurants, car rentals, or any other industry you need a partner with skill and expertise.
This means that you will have to honestly assess your strengths and weaknesses. Once you do this, you will be better able to select the right person to bring in to help you grow your business.
Shared Vision
Before you take anyone as your partner you need to find out about their vision for your company. You need to ensure that their vision is in line with what you want for your company in the future.
This is extremely important as there are several decisions that you will need to make for your business to grow. You will need to set goals and decide how you are going to execute them. When you have a partner with a shared vision it becomes easier for you to decide how to move forward.
If you have someone as your partner who does not share your vision for your business then you will create a very tense situation that will be detrimental to the success of your business.
Personality Is Important
When you are selecting a partner you will need to ensure that they have a personality that you are comfortable with. The personality of your partner is extremely important because you will need to work closely with them.
Are you a laid-back person or do you tend to be a little bit more intense? Finding someone who can complement your personality is vital. They should support your strengths and weaknesses and make you feel comfortable.
It is often said that you should not mix business and personal issues. However, when it comes to business you must find someone with whom you can get along on a personal level.
Networking
When you decide to partner with someone you need to ensure that they have the right network. You want someone who can introduce you to key industry players and bring new clients for your business.
The best thing you can do is find someone who already has a large network and clientele behind them. This means that they will bring in fresh ideas and business as soon as they arrive.
There’s no point in having a partner who will not bring significant assets to your business immediately.
Financial Capability
Financial capability is extremely important when you are selecting a partner for your business. You want to make sure that the person that you partner with has good credit and is financially able to take care of themselves and their family.
While a business partnership is not about personal issues, the personal life of your partner especially financially will impact your business.
You want to make sure that you partner with someone financially stable. Partnering with someone who is not financially healthy in their personal or business life is going to hurt your business.
Considerate Ethics
The ethics of the person you partner with is extremely important. Some people carry out illegal business dealings every day.
Even if they are not illegal they may be a bit shady. You need to think about the integrity and ethics of the person you are going to partner with. It may be fun to cut corners in the beginning to get fast results but when it comes to business this will eventually catch up with you.
The last thing you want is someone who is not above board and who regularly practices shady activities in business.
Respect Is Important
If you have to go into business with someone you want to make sure that they are respectful of your feelings. Make sure there is a mutual level of respect before you get into a partnership with anyone.
A lack of respect between you and your partner will result in you butting heads quite often and this is not good for the flow of your business.
Your partner should respect your ideas even if they don’t agree with them. This is why you need to ensure that your partner’s personality is a good match for you.
A lot of times partners will not agree and this is normal. However, the level of respect that you have for each other, while managing to discuss why you do not agree with each other’s point of view is extremely important for the success of your partnership.
Pay Attention to the Legalities
When you are going into a partnership with someone you need to ensure that you have all the right paperwork ready. No matter how close you may be to the individuals you are partnering with, make sure that there are clear legal documents involved in your partnership.
It is best not to do this alone. Make sure that you employ the services of a good lawyer who can ensure that you have a partnership agreement that is suitable and profitable to both of you.
As mentioned before, even if you feel comfortable with your partner or you know the person well, things can and often do go bad in business and partnerships.
You need to have a strategy in place to determine what will happen if you and your partner decide to go your separate ways. It can be very messy if you did not work out the legalities ahead of time.
Do a Trial Run
One of the things you should consider doing when bringing in a partner for your business is a trial run. A trial run is a good way to see if you and the person you want to partner with are a good match especially if you have to work together daily.
The trial run can be for as long as you want and you can decide on the terms of the trial. The point of testing things out is to ensure that you do not make a mistake and that the partnership is a right fit for both parties involved.
Grow Your Business
Sometimes a partnership is just what you need to take your business to the next level. A partner can bring in expertise that you do not have and help you see the bigger picture.
They can also bring in a network of people that can assist you with growing your business and your clients as well. Additionally, they can also bring in much-needed capital that you need to expand your business.
There’s no doubt that partnership can grow your business quickly. However, there are a lot of things you need to consider before you dive in.
A bad partnership can be detrimental to your business and a good one can make it grow by leaps and bounds. The best thing you can do is to make sure that you take the time to know exactly what you want in a partner. This will help you to recognize the right person for the job when they come along.
