A healthy business partnership can help entrepreneurs get off the ground and grow their company in a healthy way. Keep reading for six tips on how to find the right business partner and work with them productively.
Tip 1: Consider Your Strengths and Weaknesses
An important question to ask yourself before seeking a business partner is this: What am I good at? Knowing what you’re good at also means knowing where your weaknesses are—and the right partner can compensate for those weaknesses. Keep in mind that, as Forbes.com explains, strengths can come in both the form of skills (i.e., coding) and traits (i.e., creative vision).
Tip 2: Define Roles
Though roles may change over time, it is important to define them clearly up front. This will reduce squabbling and allow you and your business partner to work efficiently.
Tip 3: Define Your Goals and Mission
To work toward a common destination, it is necessary to share the same goals and mission. An operating agreement in writing can help nail this down and serve as a reminder.
Tip 4: Communicate
Communication is essential for any business, whether it’s a fledgling startup or giant corporation. Set up a communication plan with your business partner and stick to it.
Tip 5: Proactively Solve Problems
Running a business can be stressful, and in the rush of trying to get everything done, it is possible for problems to linger, fester, and grow. If you have noticed an issue that needs attention, bring it up to your partner early rather than letting it wait.
Tip 6: Support Your Partner
The entire point of a business partnership is for the members to support each other. If you find yourself harboring resentment or other unpleasant thoughts toward your partner, figure out why, openly communicate your issues, and solve the problem. At the same time, be ready to support your partner by being open to what they have to say, too.
For more guidance on navigating the business world, take a look at Avery James’s other blog posts.