If you don’t want to run your company alone, one of the most important steps in forming your new business is finding the right business partner. The person you choose has a big impact on your life and the success or failure of your company. This is not an area where you afford to make a mistake.
So, what should you look for in a business partner? Even though every company is unique, a few things you want to search out include:
- Someone who is reliable and does what they’re supposed to do.
- Someone you can trust, who you know will put you and the company first.
- Someone who is creative and can take initiative, so they’re more than just an employee.
- Someone who has specific skills that you lack, but that you know the business needs.
- Someone you actually feel compatible with, that you can see working closely with for years to come.
- Someone who also has a passion for the company and who wants to see it flourish.
- Someone who is willing to take on the same amount of risk that you are, not more or less.
- Someone who is willing to talk about roles, duties, compensation, dispute resolution and other such topics upfront.
- Someone who gives you confidence and who also believes in you.
- Someone who is resilient and who will be able to work hard when things get tough, as you know they will.
When you find the right person, then it’s time to move forward by considering a partnership agreement and the legal steps you have to take to officially get this new business off of the ground.