Having a business partner can be a gamble. Very few people are comfortable entering into such a big commitment with someone else. Most business people don’t want to be answerable to others, don’t want to rely on others.
However, sometimes having a business partner can be the best decision you make. Here are some ways to can build a successful business partnership.
1. Do Research
Even if you’re going into business with your friend or relative, it’s important to research and investigate a little before you enter into that relationship. That’s because, in most cases, we see a very different side of our personal connections when we’re not engaged in a professional relationship with them.
For example, you might have found a friend’s laid back approach charming in the past, but it may very well end up damaging your business. If you dont’ know your prospective partner personally, it pays to research him or her thoroughly. Familiarize yourself with their persona, skills and past experiences before you make the decision to enter into a professional relationship.
2. Establishing Good Communication
If you’re going to run a business together, you need to learn to communicate with each other. It is very important to set the right tone from the beginning. Discuss your expectations and ambitions about the business openly and honestly. It is important to see if you click, and if there are any kinks you get a chance to work them out early on. But if you simply can’t connect, you’re better off not forming a partnership.
3. Discuss the Goals
You need to make sure that both of you have the best interest of your business in mind. You also need to see if your goals are similar. For example, if you’re more focused on creating a good product and providing excellent customer service, your partner can be more focused on marketing, growth, and promotion. In essence, hIS goals and visions for the future should be in line with yours.
4. Set Guidelines and Boundaries
It’s easy for things do go awry and for you to step on each other’s toes when you’re first establishing your business. It is vital to have a clearly defined set of guidelines at the start up. You can make it a part of your business agreement.
Define each other’s roles, for example you can handle the production and day-to-day operation of the business while your partner can handle the marketing and customer service side of the business. Be careful not to tread into each other’s territory and you’ll do fine.
5. Mind the Finances
If one partner is investing more than the other in a business, there’s a red flag. Like all relationships, business partnerships only thrive when there’s equality. If you’re investing more money than your partner, perhaps your partner should invest more effort. In any case, it’s best to have equal investment into the business to maintain a good working relationship.
By following these suggestions, you’ll be able to pick the right partner and establish a good working relationship with him.