Before committing to a business partnership, entrepreneurs should be fully aware of what such a relationship involves and whether the person they are considering is a good fit. Of course, the first question you should ask yourself is whether you require a business partner in the first place. If your response to this is definitely in the affirmative, the answers to these questions will help you determine the right person for the position.
Does the Potential Partner Complement Your Weaknesses and Strengths?
Even before you take a close look at a possible business partner, consider your personality traits, skill set, and style of management. Ideally, your partner should provide skills and talents that can make up for some of your shortcomings. However, this does not mean you need to be opposites; after all, you need to have something in common to be able to work well together.
What Time Commitment Is Your Potential Partner Willing to Make?
Make sure that your vision of the roles you will both play matches that of the person you are considering. Maybe you are planning to go all-in and devote every waking hour towards making the company a success. For your relationship to work, your business partner has to have the same resolve.
What Is Your Potential Partner’s Financial Status?
Keep in mind that most startups do not see a profit for a considerable amount of time. Before you commit to a business partner, find out if their financial standing is secure enough so that they can handle the uncertainties of the initial stages of a new business.
Does Your Potential Partner Handle Stress Well?
Find out how well the person you are considering can handle the inevitable pressures of a growing business. A business partner needs to confront difficulties, not relegate them to the back burner.
Is Your Potential Partner Willing to Commit to a Written Contract?
Before you establish a long-term relationship with a business partner, have the details of your arrangement written down on paper and signed by both parties. You are merging your business efforts, and you should detail the parameters you have agreed upon in a legally binding contract.
For more advice on committing to a business partner, contact Ideal Financial Group.