Having a business partner has a massive impact on a company’s revenue and progress. It is crucial to find a reliable business partner who can motivate you and have the same spirit to uplift the operations.
Before you begin searching for a business partner, you need to think through the pros and cons of bringing a partner on board. Listed below are 10 ways using which you can find a reliable business partner for yourself.
1.Post Requirement on A Reliable Network
Often, if you put your proposal on the wrong platform, you will attract the wrong leads, individuals who would be non-serious or not suitable to your requirements. Ideally, if you’re looking to connect with like minded professionals, you should explore LinkedIn. By doing so, you would be to explore their profiles and see if they fit the criteria that you have in mind for your partner.
If you want to widen your research, you can also advertise your requirement on social media platforms. This will increase the number of potential responses and find the best potential partner for yourself. However, you must also explore the legalities involved in forming a partnership so you are well aware of the costs and the processes that you have to go through in forming the partnership legally.
2.Find the Required Skill Set
As you start filtering out potential candidates, look for pertinent skills required for excelling in this job. Ask for their qualifications and related experiences. Assess if he/she can put the same efforts as you will be putting in to run the business successfully. Observe if they have abilities to share the responsibilities of being a business partner.
If you see that they have the skills required for the job, proceed further. Assess their management skills, time management skills, and other skills which are essential for running the business. They should also be well aware of the modern-day software and apps such as Microsoft, Adobe, Slack, etc.
3.Past Experiences and Backgrounds
Past job experiences tell a lot about a person’s behavior and character. Dig into the previous jobs, and how they handled those. If they have any relatable past experience, this can help them provide valuable contributions towards growing the business. Look for their awards and certificates along with their resumes. Ask for the reason why they left their previous jobs. If you observe any testimonials from their peers or managing directors, that’s a plus!
4.Search for Long-term Commitments
Being a business partner requires a lot of energy and enthusiasm. Ask them if they can commit to your company for a long term since they have to take an equal share of the responsibilities. If they are able to be there for your company on a full-time basis and give their best into it, they are then the perfect fit for the job. Ask if they can balance the workload along with their personal life. Ask them questions where you can assess their credibility for long-term work.
5.Research on the Person
Besides digging into their career, research on the person yourself. Platforms such as Nuwber can help you find their personal details. Take a look at their background, including public reports such as criminal records and finances. Nuwber allows you to search for a person using their name, address, and phone number.
6.Find the Candidate Within Your Social Network
You can also look around yourself to find a reliable business partner. It could be your friend, family member, or anyone you know from previous jobs that you may have worked. Your best friend could also be a perfect choice for this job, but it might risk your friendship if things go south and you have to terminate the partnership.
If you are working currently somewhere, you can search among your colleagues. Sometimes the people you know by their work, credibility, and dedication can turn out to be amazing business partners. Make a list of potential candidates and jot down potential names.
7.Are they Trustworthy?
This is extremely important since trust is the building block of business. Handling management, finances, and administration will require a tremendous amount of trust being placed on your business partner. If your future business partner is your friend as discussed above, then it’s a plus since you would know that they are trustworthy and honest with you.
But, if you select a person by interviewing them once, this might not tell you if they’re trustworthy or not. Screen them at least 2-3 times to assess trustworthiness.
8.Go for Passionate Partners
When you are passionate about something, you are more dedicated towards the work. Go for passion and dedication. If a person is teaming up with you for the sole reason of paying their expenses, they will not turn out to be great business partners in the future. While you are interviewing, look for the fact and assess if they really want to take up this responsibility. If they love doing their job, they can make a spectacular contribution to your company.
9.Are they Focused and Goal-Oriented?
Goals keep you motivated throughout your life. Ask them where they see themselves five years later or maybe after ten years. See if they have sorted their life through from the goals they tell you. Inquire from them about their prospects for the future.
Do they want to take this position to another level? For example, if a person says something like, “I always wanted to be a managing director. This opportunity has given me a way to start my journey.” This person could be a potential business partner. Lastly, ask them about their expectations from this job.
10.Share your Ideas and Vision
At last, make sure to tell them and discuss your ideas and vision. Include points such as, what is your vision for this business. Or, how do you see it growing in the next one or two years. Also, tell them about your expectations from the business. Or what you believe would their responsibilities and duties be. It would be best if you were clear about the challenges that they might face during the journey of being a business partner.
This will give them a moment to rethink about this position before saying ‘yes’. Plus, it will save you from hiring someone who is not capable of performing well in their respective job role. Discuss about your project and lay down your objectives and goals and see if they share the same vision.