What to look for in a business partner

Starting a new business can be an incredibly exciting journey, but it can be a lonely venture if you do it all on your own. Finding a business partner that shares your ambition and complements your skills can be a huge help, especially in today’s tough economic landscape. 

But how do you find a business partner that’s right for you? After all, you’ll need someone you can trust if you're going to share the responsibilities of business ownership together. 

With this in mind, here we explore the benefits of finding a business partner, which qualities you’ll want to look out for, and how to begin the partner search. We’ll also guide you to some helpful further guides on how to run and operate your business moving forward. 

First, let’s discuss what the benefits of finding a good business partner include.

Benefits of a good business partner

There are a number of benefits to having a business partner that go beyond simple resource sharing. A well-matched partner can bring a wealth of complementary skills, perspectives, and connections, all of which can increase a business's potential for success.

A partner can offer particularly invaluable support, for instance, during the often stressful early stages of a venture. As well as being able to share the workload, they’ll be able to provide emotional encouragement when inevitable obstacles occur.

And, should they have access to a professional network, this can open doors to new opportunities and increase the company's credibility in the eyes of potential investors. In a strong partnership, the likelihood is that you’ll be able to reach greater heights than either partner could alone.

Qualities of a great business partner

Successful partnerships in business always have common foundations: trust and shared values. Naturally, different businesses will have different values, but there are certain qualities that you’ll want a partner to have regardless of your particular requirements. These qualities include:

They share your business goals, ethics & standards

Both partners should have a clear understanding of the business's goals and be willing to work collaboratively towards achieving them. This also extends to morals and ethics; if you believe strongly that your business should run in a certain way, your partner will need to be on board with this in the short and long term. 

They can be relied on

A reliable business partner is essential for the smooth operation of any business. Anyone you go into business with should be consistent, dependable, and committed to fulfilling their responsibilities. 

You can trust them with every aspect of your business

Trust is the bedrock of any strong business relationship. Your partner should be someone who’s honest and transparent, not only with you but with any external stakeholders or investors where this is required. 

Being able to trust your partner with sensitive information and critical decision-making is crucial for long-term success.

Your vision for the business is aligned

To maintain focus and keep going in the right direction, both you and your partner should have a clear understanding of the company’s vision. While you don’t need to agree on every decision, sharing a wider vision for how you see the business going creates a strong foundation for collaboration moving forward. 

They can offer a unique perspective

A business partner who brings a fresh perspective to the table can be invaluable. People who have a different background or experiences to you can bring new thoughts and ideas, which can be particularly useful when looking to grow your business. 

Finding the right business partner

So, now you know which qualities you’ll need to look for a business partner, it’s time to go out and actually find one that meets your criteria. To help you do this, here are some tried-and-tested strategies to find the perfect partner for you:

Attend industry events

Networking at industry events provides an excellent opportunity to connect with potential business partners who share your interests and goals. These events offer a platform to build relationships, exchange ideas, and explore potential collaborations.

Consider your current colleagues & associates

Often, the best business partners are those you already know and trust. Evaluate your current colleagues and associates to identify individuals who possess complementary skills and share your business aspirations.

Attract a partner by defining your personal brand

A strong personal brand can help attract potential business partners who align with your values and goals. Clearly communicate your vision, expertise, and business objectives to attract like-minded individuals.

Do your due diligence on candidates

Once you've identified potential partners, it's essential to conduct thorough due diligence. Research their professional background, business experience, and reputation. This process helps ensure that you will be compatible as partners and reduces the risk of future conflicts.

What to look for in a business partner: the verdict

Finding the right business partner takes time and effort, but the rewards can be substantial. In some cases, it may just mean the difference between your business taking off, or never leaving the ground.  

Remember, the ideal partner doesn't have to be your mirror image. It’s important to approach your search for a business partner with a healthy balance of open-mindedness and caution. 

By following the strategies outlined above and maintaining this balance, you'll increase your chances of building a successful and long-lasting partnership.

For more valuable advice on running and growing your business, check out the QuickBooks blog.

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