D.N. – Business Owner
Running a business can be a challenge. There are emails to read, conferences to attend, marketing to strategize, books to reconcile, calls to make, and taxes to file, among many other things. A business partner can help ease some of the burden, but where to do business owners start? To help make this process a little more enjoyable, here are three tips for entrepreneurs on finding a business partner.
1. Know Your Strengths
Before you start looking for a business partner, you will want to know what you need in one. To do that, you will need to know what qualities and strengths you bring to the table, then look for someone to help fill in the gaps. It’s important to find a partner that complements both your strengths and weaknesses. Consider looking for someone with different approaches to ideas so you can broaden your company’s knowledge base. For example, you may be really good at finance with a brilliant idea for a lucrative venture but have no clue how to start a business. A good business partner would be someone with experience in starting new companies.
2. Don’t Rush the Process
Common entrepreneur mistakes include setting unrealistic goals and believing you need to go it alone. It’s unrealistic to expect to find a business partner quickly, so plan to take some time for this process. If it takes a little bit of time for you to figure out your own strengths and weaknesses, then it should take even more time to figure out what you need in a partner. Once you’ve determined what you want in a partner, give yourself ample time to talk with people, get to know them, and find out their long-term vision for your venture. Don’t be afraid to take extra time with them; a new business partner is a big decision!
3. Level Your Expectations
Along the same lines as setting unrealistic goals is having unrealistic expectations of your partner. Consider this example: you are looking to start a law firm but know that lawyers have an unusually high aversion to being public speakers and that 58% to 64% are introverts. You’ll want to be sensitive to that when finding a business partner. Are you averse to public speaking or is your partner? This goes hand-in-hand with knowing your strengths and skills. Make sure to set your expectations fairly on both yourself and your partner. This will help avoid conflict down the road.
Finding a business partner can feel as overwhelming as starting a new business, but let these tips guide your process and ease any tension you may have over it. Know what you bring to the company, take your time and be patient, and set your expectations early. This will help make finding a business partner a walk in the park.
G.M. – Business Owner
D.L. – Business Owner