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Starting up your own business today is not an easy task. There is so much to think about, including cash flow, start up costs and employment figures, but that is only after you come up with a viable business idea to begin with and get the right structure in place. For example, you may choose to operate your business alone or you may choose to take on a business partner. Choosing a business partner is something that you must consider after the initial start up if you find that you need a little help.

Going into business with a partner can offer you the support you need in order to make the business work. However, if you have chosen the wrong business partner then it can lead to a lot of stress, arguments and even a failing business. As such, it is imperative that you take the time to choose the right business partner and the ten tips outlined below will help you.

Essential Tips

1. Assess yourself first – You need to know what you are looking for in the right business partner, but the only way you can realize that is to assess your own skill set and shortcomings. If you know what you need to introduce to the business to take it onwards and upwards, then this process will be a lot less painful for you in the long term.

2. Choose a business partner with different skills to those you possess – To run a successful business you need several skills. These skills must relate to your business itself and also be relevant to entrepreneurship. For example, you may find that your strengths are knowledge of market trends and your product or service. On the other hand, you may lack labor or money management skills. As such, you should actually look for a business partner who has the skills you lack. This creates a good team rather than one that will clash.

3. Avoid choosing a business partner because you like them – Of course, this tip does not imply that you should only choose a business partner who you cannot stand the sight of. Instead, it means that you should not pick someone that you get on with well just because you like them. If they do not have the relevant skills you need, then you would still be doing the majority of the work and not getting any of the benefits of the partnership. Adding value to the business is far more important than your personal opinion of a potential partner.

4. Evaluate business connections – Does your potential business partner have any contacts within the business? Could he or she enhance your business just by making a few calls? If not, does your business partner have the potential to make contacts that could be valuable to your business in a short period of time? The answer to at least one of these questions should be yes when it comes to choosing the right business partner.

5. Discuss your vision for the business – If you are in the process of choosing the right business partner then you should discuss exactly what you both have in mind for the direction the business is to take. If you have differing visions and clashing opinions, you should choose another business partner because it simply will not work. You must be on the same page right from the start.

6. Always remain in control – If two business partners run a business and disagree on a course of action then you have a stalemate. Neither of you can take the business in the direction that you wish to go in so it will ultimately suffer. One of you should always have the final say. If there are an uneven number of partners, three for example, then the majority can rule. If not then someone needs to have the controlling interest so the business can move forward.

7. Always complete a background check – When looking at a potential business partner’s previous business history, be sure to check out all of the relevant details including qualifications and past employers via references. You do have to get permission to check the latter, but if an applicant will not let you then be sure to move onto the next potential partner.

8. Always be yourself – Any process of choosing a potential business partner is as much of a test for you as it is for those entrepreneurs you meet with. If you are not yourself, then you cannot enter into a partnership in good faith.

9. Seek legal advice – Any business partnership should be legally set in stone. As such, you should always seek legal advice to ensure that you have your best interests covered should anything go wrong a little further down the line. This step should come after you have chosen your business partner, but before you start working together.

10. Take your time – Rushing into a partnership is perhaps the worst possible course of action. Take your time to choose the right business partner and your business will benefit. Fail to do so and you will create problems for yourself. Those problems are absolutely needless so do not rush into it.

Search our Partner Wanted message boards or post a Partner Wanted ad, and find a business partner today!