How to Choose a Business Partner to Invest With

By Kerry CroccoSeptember 24, 2019

Approach your business partnership the same way as you’d a traditional relationship or marriage. Choosing the wrong partner can put your investment in jeopardy and the repercussions could be costly and messy. It is crucial to pick someone who shares the same level of dedication and passion as you do.

Here are six traits to look for in an ideal business partner.

1. Trustworthy

Probably the most important aspect of the partnership is trust. Can you trust this person with your bank account details and hard-earned dollars? If you have even a smidge of doubt about this individual’s trustworthiness, you are better off investing with someone else.

The last thing you want is a partner who you have to worry about and always feel the need to look over their shoulder. A partnership based on trust will likely withstand all the ups and downs of running a business.

2. Has Complementary Skills

You have your own strengths and weaknesses, which is why you need to choose someone who will complement your skills. Don’t pick someone who is your clone. Think about what will happen when you run into an unknown challenge or problem?

If you have poor leadership skills, you want a partner who will steer the ship without any hassle. Everyone should bring something unique and useful to the table for your business to succeed.

business partners
Choose the Right Business Partner

3. Reliable

You want a partner you can count on through thick and thin. Together with trust, reliability is key to your business success right from the start. A reliable partner will approach your business with the same level of ambition, passion, and commitment, as well as challenge you with fresh ideas and skills.

4. Individual Thinker

You do not want a yes-person who is always agreeable as a business partner. Otherwise, how would you know if you are making the right decisions? You want someone who can play the devil's advocate and put you to the test when it comes to decision-making, planning, budgeting, etc. Having a partner who throws out questions and challenges you will help make you make solid, thoughtful decisions.

5. Has a Good Grasp of Money Matters

Having a business partner who knows how to manage money is extremely useful. You should look for a partner who is proficient at negotiating when it comes to money. When starting, you should agree how you will secure funding, how it’ll be used, and how the proceeds will be shared or reinvested.

6. Integrity

You need a partner who is accountable, honest and has a high degree of integrity; someone who will represent your business in a good light. If you pick an ill reputed person, you could lose customers and your business will eventually suffer.

References
https://www.thebalancecareers.com/choose-the-perfect-business-partner-3515781
https://www.crunch.co.uk/knowledge/becoming-self-employed/how-to-choose-the-right-business-partner
https://www.entrepreneur.com/article/273813

About the Author - Kerry Crocco

Marketing Coordinator for Franchise Solutions and Franchise.com; conduct email marketing campaigns, web page management and trade show coordination. Mother of two, wife and Young Living Essential Oils representative.
Categorized Under: