Business partnerships can be very successful, but they can also fail dramatically. It’s quite important for the right business partners to work together. If the partners are not a good fit, it can cause their business to fall apart.
If you’re thinking of starting a business partnership, what should you be looking for in a partner? The following are some considerations worth keeping in mind.
First and foremost, look for someone with skills that complement your own. This will give you more diversification in the skills available to the business. An example of this could be if one business partner is great at product design but has no idea how to sell those products. The other person is good at marketing and sales, but can’t design the products themselves.
Experience and knowledge
Next, try to find someone who is knowledgeable and experienced in your industry. You may also be knowledgeable and experienced yourself, but bringing on someone with these qualities expands that knowledge base for the benefit of the company. This can help you to avoid mistakes and to be more successful moving forward.
Drive and dedication
Finally, make sure you find a business partner who actually cares about the success of the company. They need to be driven and motivated, they need to put in the same amount of effort that you do (unless you have both agreed on alternative expectations from go) and they need to be dedicated to long-term success. Many disputes arise if there is a difference in the level of motivation or effort between partners.
Do you believe you have found the correct business partner? Then you need to know how to draft a partnership agreement in order to start moving forward. Seeking legal guidance is a good way to begin.