As an entrepreneur, you’re probably used to doing things on your own. But running a business on your own is not easy and can swiftly lead to burnout. That’s why finding a reliable business partner before you launch your business is wise.
But if you’ve already started your business and are wearing one too many hats, it’s not too late to find a business partner to carry load.
Having a business partner not only takes a weight off your shoulders, it gives you someone to bounce ideas off of, and someone whose skillset can be leveraged to grow your business.
For obvious reasons, this is not a decision to make lightly. You’ll be sharing profits, ideas, passions…Finding someone you can trust is of the upmost importance.
There are a number of ways you can go about doing this, but the suggestions in this post are where established business owners have found their business partners and where you could find yours too.
Consider a co-worker
Whether from a past job or current job, considering a co-worker to be your business partner is a great option. How so? Well, you have (had) the advantage of working closely with them. You know their strengths and weaknesses; you know how hard they work and if they show up on time or are always late.
Maybe you even had the opportunity to work on a project together and got to see how well you work together. So, start your search at your current or former place of business.
Consider a close friend
Partnering with a close friend is an obvious choice. Best friends tend to be the best business partners. You trust them and enjoy their company, both of which are crucial elements in a business partner. But partnering with a friend does come with some drawbacks. It’s possible that if your business venture doesn’t work out, you could lose your friendship.
That’s why if you decide to go into business with a friend, you set boundaries (especially if you have romantic feelings towards the person), have clear communication and clearly defined responsibilities that fit your unique skill-sets. By establishing these things from the start, you can avoid losing your friend should your business go south.
Consider networking online or through in-person events
If you don’t want to work with a co-worker or friend, consider finding your partner online or at networking events. This is a great place to find a business partner because you already know something crucial about the people who attend: they’re hungry for success and eager to get to work.
Check online to see if there are any in-person events in your area or virtual events.
Consider a sibling or other family member
Like a close friend, choosing a sibling of other family member can be a great option as well. Not only is there familial trust, there’s familial loyalty too that can take years to achieve in other relationships. You tend to know your siblings/other family members inside and out, having grown up with them. You often witness first-hand how they handle stress, failure and success. You also know what they’re strengths and weaknesses.
But the same drawbacks that come with working with friends, are the same drawbacks that come with working with siblings or other family member. Treat the partnership as a professional partnership and you’ll avoid a lot of headaches and disappointment.
Getting a business partner can be the best decision you ever make. But it’s not something to go about lightly. Even if your business partner ends up being you friend or sibling, take it seriously. If you treat it professionally, your partnership is bound to succeed.
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