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.
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.
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.
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.