Do you have a bright idea for a new business, but are too busy with your current job? Are you not confident enough about the skills required to manage a startup, or need someone to share the responsibilities? A business partner may help you make your dream come true. But who is an ideal business partner?
A business partner is someone with whom you can establish a two-way street of communication. You should engage in an uninhibited yet respectful exchange of ideas, suggestions, criticism, appreciation, and trust, as you share the burden and the vision. But it’s not easy finding a reliable business partner.
Finding someone reliable, dedicated, smart, and capable of pushing you is not easy. After all, it’s not every day that you meet someone who has the same goals as you do and is ready to step up. Before you go looking for someone, here are the qualities to consider in a partner.
Top qualities in a good business partner:
First, let’s look at the qualities that you should look out for in a potential business partner:
a) Complementary Skillset
Your business partner should provide what you may lack and complement your abilities. That will help diversify the skills used in the company.
Business is all about connections, and your business partner should have enough to them to build a network of investors, audience, and more.
Your partner should be interested in and capable of handling complex responsibilities. For instance, if you crunch numbers, he can generate leads.
An essential quality to look for in a new business partner is a track record of success and proven experience in business or your field of work.
e) Trustworthy and Reliable
If you can’t count on your partner or doubt his honesty or abilities, your business venture will be a house of cards, ready to crumble at any time.
f) Motivated to Succeed
You need to partner with someone who’s neither laid back nor wants a shortcut to success. He should be willing to work hard patiently towards the big goal.
g) Shared Direction
If your business partner doesn’t share your vision of the future or disagrees with your principles and ideas, the partnership is headed for disaster.
h) Objective and Professional
Even if you share a personal relationship, your business partner should act like a thorough professional and not get swayed by emotions.
i) Different Perspective
If your partner is from a different industry or background, he can bring a fresh perspective to the table and help you see things in a different light.
j) Critical and analytical
Even if you are close to each other, your business partner shouldn’t hesitate to hold you accountable, evaluate your ideas clinically, or give you a reality check.
It’s not easy finding these qualities in a single person. So, where should you start looking? Your potential business partner could be hiding anywhere, and you need to scan your circles carefully to find the right person.
How to find a reliable business partner
Here’s how you can tap into your circle of people to find a reliable business partner as a startup in tech or other innovative niches:
a) College/University Alumni
Your former classmates at college or university will probably have the same area of interest as you, especially if your business idea involves the subject that you’ve studied. Who knows? Someone you knew back then might be looking for what you’re offering.
b) Friends and Family
It’s an excellent idea to consider your friends and family members as your business partner. The primary advantage here is that you already know each other and won’t need to do a background check. You just have to be neutral when it comes to decision-making and profit-sharing.
c) Current Co-Worker/Classmate
We all have that one co-worker or classmate with whom we form an excellent team. You’re already aware of each other’s strengths and shortcomings and share experience in the same industry. If you know someone like that, partnering up with him can prove to be beneficial.
d) Former Clients/Associate
Approaching a current client or associate to join hands with you might seem too bold or borderline poaching. But convincing someone you no longer work with or provide your services to is a fair game that you can play. So don’t rule out your former business contacts.
e) Business Brokers
Business brokers are consultants who help to buy and sell businesses. If you’re seriously planning on making big investments, you may succeed in getting connected with the right partner by consulting a business broker. But keep in mind that their services don’t come cheap.
A recruiter helps people find the job of their dreams. If that job is to become a business associate, you may be able to find someone who is looking for you. Recruiters have a vast network and might connect you with someone who’s savvy in your interest area.
g) Attorney/Financial Advisor
If you have an attorney or financial advisor to guide you, you can talk to them and ask if they can get you connected with one of their clients. Surely, they work with other people who might be in the same field as yours or have the skills you’re looking for. So start networking.
Speaking of networking, you might find who you are looking for at a local business meeting or an educational seminar. Keep an eye out for such events as they keep taking place now and then. Here, you’ll find who might have similar objectives as yours.
i) Online Portals
From social networking sites to partner websites, there are many platforms where you will find like-minded people. Talk to them and find the best people who might be able to take your business idea or your existing establishment to a new height.
j) Offline Networking Groups
While online media are great to forge new relationships, don’t ignore the merit of the offline networking groups. Local clubs, startup camps, discussion groups – these might be the perfect place to find someone with great potential but unwilling to work a stranger on the net.
You must develop your networking skills to be able to find the perfect person. But how do you know if the smart and smooth-talking stranger is reliable? You must do a background check. Luckily, that part is made easy by Nuwber where you can look up a person’s name and details.
To find a reliable business partner, you must first consider his qualities and professionalism. A business partner should be trustworthy and responsible, but shouldn’t have to anchor the ship alone. There’s no place for emotions and personal favors in business, even if it’s someone close. Maintain clarity and keep your eyes on the goal together to succeed.