The idea of going into business alone is scary. But that might not be a good enough reason to get a business partner on board. Having a business partner can bring a lot of benefits, but it also comes with some pitfalls. Here are 9 factors to consider before you find a business partner.
Your Capability To Run A Business Alone
In most cases, business partners have complementary skills. When you have a partner with a set of good capabilities and positive traits in running a business, you can be sure that your company will run smoothly. However, there are some things that only an owner is capable of doing in the running of a business alone.
Your Business Plan
You should be able to explain your business plan and how you will deal with every circumstance that might arise in the course of running a business. A good business owner knows where their company stands at any given time and understands what has affected the bottom line and why.
Your Skill Set In Research
Knowledge of research is a skill set that can make or break your business. Before you find a business partner, you should have been able to prove this skill through your projects and proposals. Likewise, you will need to be able to carry out market research before taking the capital plunge.
Your Strengths And Weaknesses
In the running of a business, you will have to deal with different kinds of people. In many cases, your ability to manage these personalities could determine how long your business lasts. Therefore, knowing yourself and having a good grounding in this area can be critical before venturing into business on your own, with another individual, or a group.
The Type of Business You’re Setting Up
What you intend to do with your business will determine the kind of partner you need. For example, if you want an automotive spare parts company and don’t know much about cars, finding a knowledgeable partner in this area might be wise. On the other hand, if you’re starting an accountancy firm, you should team up with some successful accountants and get some advice from Poe Group Advisors.
Whether You Truly Have Everything It Takes
Every business owner should be able to answer this question in the affirmative before they get a business partner. Many traits will make you successful, but there are some things that only you can do. For example, if your plan is to start an accountancy firm, you should know everything about accounting and taxation.
Your Level Of Self-Awareness
Before you embark on any business venture, it’s important to be aware of your strengths and weaknesses. You should also know how others will view you based on your behavior in the business context. Online assessment questions can help you determine this before you find a business partner or go it alone.
Whether Your Venture Needs A Fresh Perspective
If you’re planning to set up an online business, your partner doesn’t necessarily need to be on the same level as you. However, if it’s a more traditional business venture, they should bring some new ideas to the table or complement your weak points.
Your Potential Co-Founder’s Priorities
Before you find a business partner, it’s important to know what they want from the relationship. It could be that they only want to do a two-week stint in your company before going back to their full-time job. This will not work if your plan is to put all of yourself into the business long term.
