While you might be content to run your business on your own, there are advantages to partnering up with somebody else.
- You can bring somebody on your side with the financial resources to build your business.
- Your business partner can share your busy workload.
- You might form a business partnership by merging your company with one that already has a solid reputation and customer base.
These are but a few examples as to why you might want to partner with another.
However, you need to be mindful before signing a contract with somebody. You don’t want to partner up with anybody who has the potential to derail the business you have worked so hard to build. So, with this in mind, ask yourself the following questions if you ever do decide to choose a business partner.
#1: What experiences and qualifications do they hold?
Partnering up with somebody who doesn’t have the first idea about running a business isn’t a good idea. You need somebody with prior experience, and preferably, somebody who has training and qualifications behind them to prove their credentials. You might also choose somebody who has experience and training in those areas of your business where your skills are lacking. Somebody possessing a degree in accounting, for example, or somebody with a Masters in Business Analytics Online qualification, would offer your business considerable advantages if you were to partner with them, especially if you didn’t have either credential.
#2: Do they have a passion for my business idea?
Of course, when partnering with somebody else, you do need to consider their ideas too. However, especially when you have already established a business, you do need somebody to get behind whatever it is you are invested in. If they care little for your business ideas, and if they try to sway you over to areas of business where you have little interest or enthusiasm, then you don’t want to partner up with them. You need somebody who is as excited about your business as you are, and somebody who has a genuine interest in your goals and dreams for the future.
#3: Do they have a positive reputation?
You can easily research your potential business partner with a Google search. You can speak to their employees too (if you are merging businesses), and you can talk to any shared connections you might have. If you discover that they have a poor reputation, for whatever reason, then you need to be mindful. By partnering up with them, they might sully your good name, and that could ultimately bring about the downfall of your business. On the other hand, if the person has a good reputation, then not only will you have reason to trust the partnership, but your business should quickly profit when potential customers and clients find out about your joint venture. Of course, the person might have no reputation, be that good or bad. In which case, spend time with them on both a professional and personal level, and only consider partnering with them when trust has been established.
With the wrong person by your side, your business will suffer. With the right person by your side, of course, the opposite will be true. So, think carefully before (figuratively) jumping into bed with anybody, and consider the points we have raised when making a decision.
Thanks for reading.