Finding the right business partner is similar to dating; you may have to try several different options until you meet the right person for you. Unfortunately, there isn’t a Tinder app for business partners.
You have to know what you are looking for and what a partner could contribute to your company. Once you know what qualities you want, you narrow down the selection pool for a partner and find the perfect match.
What to look for in a business partnership
There are some baseline qualities you should look for in a potential business partner, including:
- Complementary strengths – You want to have a partnership where each party brings unique advantages to the table. Having different strengths will ensure your company meets expectations in all areas, not just in sales or operations.
- Similar goals – While your strengths may be different, you should share a similar goal for the company with your partner. You do not want to constantly fight with your partner about the direction of the business, so find someone who shares your vision.
- Shared responsibility – Each partner needs a specific role with defined responsibilities. You do not want a partner who puts all their obligations on you or other staff members, so find someone who wants to take their fair share of duties.
- A professional network – Professional contacts are always helpful for a growing business. If you want to bring on a business partner, consider someone who has a professional network that ultimately helps your company. It makes your partnership and business look more appealing to investors.
- Trust – One of the most critical factors in a partnership is trust. Without trust, your partnership will crumble and damage your company in the process. You need someone you can lean on for support when times are tough. Make sure you find someone you trust.
Finding the right business partner is only the beginning. In New Hampshire, you also need to register your business, select a business plan, establish the business finances, hire staff and much more. Make sure you and your partner properly prepare before opening your company’s doors.