The world is full of potential business partners. So how do you narrow down your search if you’re taking on a partner?
Many people just turn to someone they already know. While this may seem easy, it is still important to consider the same things you would if you were conducting a wider search. Here are some important questions to ask.
What do they have that you don’t?
Think about an orchestra. They are in effect a partnership of musicians. They can do much more together than they could alone. Their different skills complement each other.
The same applies to a business partnership. You need to find someone who can fill in your skill gaps to take the business to another level.
In some cases, this will be as basic as finding someone with the money to help you expand. Maybe that is all you need from them. Or perhaps you need someone to help you reach the people who need your product and then explain to them how it meets their needs.
That said, there may be occasions where partners have very similar skill sets. Even then, there are likely still slight differences that help them to achieve more together than they could alone.
Can you trust them?
Trust will be crucial to your relationship, so if you are unsure whether you can trust someone, it is better to pass on them and look for someone you know you can trust.
Will we have a common vision?
While different ideas can help you grow, you need some kind of common vision as to how you want the partnership to proceed. Think about what is important to each of you and see if your visions and values are compatible.
Taking on a partner will require giving up some control. Be sure you understand all the legal implications of a partnership and create a partnership agreement to underline your relationship and provide for the possibility that things don’t work out.