Like any long-term relationship, business partners must enter their agreement with ground rules, planning, and clear expectations. If they don’t, the unplanned unsaid things lead to resentment, anger, and frustration – not to mention the toll it takes on the business venture. Here are some things to think about before starting a business with a partner.
You might not need a business partner to build a successful company.
Tread carefully when taking on business partners. Decide if a partnership is critical to success. Does the prospective partner possess financial resources you lack? Does she have connections or skills you need? Could you hire someone as an employee or an independent contractor to do the work instead?
Communication is key.
Every good relationship is built on communication and a business partnership is no different. Don’t start a business with someone you don’t really know, can’t express your opinions and ideas with, and whose expectations you don’t understand. Test-drive a potential partnership with small projects that highlight each of your skills, require cooperation, and helps you learn about each other’s work personality and core values.
Compliment not competition. Your professional skills should work together, but not overlap too much. If you’re detail-oriented you might need a big-picture thinker as a partner. An expert in marketing and sales may wish to partner someone who prefers to helm the financials.
Next time, we’ll discuss some questions to ask yourself about potential partnerships. Curious about starting a business, get a free consultation from FranNet to get matched to the right one.