Hiring employees may ease the burden. However, you can cover more ground faster if you hire a partner who will share core responsibilities, such as financing, networking, or managing the day-to-day operations.
Not all partners are equal. The right partner can hinder your operation and save you time and money. It would help if you took the time to consider who you hire carefully.
What makes a great business partner?
Here are five tips for selecting a business partner to help you grow your operation.
Shared vision and values
The alignment of values is one of the most essential traits of a successful business partner. Working together in the same direction will make your business stronger.
It doesn’t necessarily mean you must be the same person or come from the same background. Diverse experiences are usually seen as positive.
You must have the same values, including the best way to guide your business in the future.
Experience and skills that are useful
Partnering with another business can have many benefits but also new risks. You are exposing the inner workings and secrets of your company.
It pays to hire someone who complements or enhances your skills. You may be a big-picture thinker. Look for someone who loves the details. It’s the same for IT, marketing, accounting, or any other areas where you may have gaps.
Also, it’s helpful to outline each partner’s contributions, responsibilities, time commitment, and finances. It’s better not to be surprised when these details are revealed.
Validity and reach
Your partner should have the same qualities as those mentioned above. They should help you grow your network and give your business more legitimacy.
Having a degree with a title, like an MBA or Ph.D., is always lovely. It can be beneficial to join industry associations or other memberships, mainly if you belong to different circles. Joining forces could double your contacts.
The ideal would be to find a partner who can contribute at least the same amount as you. When you can split the costs with someone, financing becomes much more accessible.
You may have to look at other options for your partner’s contribution, such as:
- More time spent on the clock
- You can learn essential skills that you lack
- Accepting a lower share of profits
If you and your partner are happy with the decision, go ahead. Be sure that your partner has a stable financial situation. It is essential for new ventures. You may not see profits for some time, so you need to ensure that your partner can weather the storms and remain focused in those difficult times.
Personal stability is just as important as financial stability. You and your partner will be spending a lot of time together.
Before you formalize your relationship, find out if they face a personal problem that could prevent them from performing their duties.
Spend time with each candidate before making a decision. The longer you spend with each candidate, the less likely there will be surprises down the road.
Waiting is frustrating, especially when trying to implement a new business concept. Picking the wrong partner can lead to even more headaches and missed business opportunities.
How to select a business partner: One last tip
The Internet has allowed partners to work from different locations, sharing resources like rent, utilities, and equipment.
Consider expanding your geographical parameters when searching for partners. This will allow you to find a wider pool of potential business partners. This increases your chances of finding a business partner with the desired characteristics.