Time to bring on a business partner but unsure where to start?
If you’re thinking of enhancing your perspective, innovation, and skillset, taking on a business partner might be a good idea.
Establishing that you need a business partner is half the battle, finding the perfect business partner takes time and research.
If you’re wondering what makes the perfect business partner, you’re in the right place. Not only should a business partner share your values, visions, and passion but you should have a shared agreement on desirable and undesirable business standards.
Finding the right person who aligns with your small business is the first step in elevating your business to the next level of success.
We know the incorrect match can be detrimental to your business, (in fact, one of our founders experienced this in a previous business) that’s why My New Venture are here to guide you.
When searching for your perfect business partner, keep these 7 essential qualities in mind, to make complex decisions easier and guide your team to new opportunities.
1. Passion
Passion might be a cliché word when it comes to business but without it, your small business can stagnate and be unsuccessful.
The key to a positive and financially healthy small business is the level of drive and passion the business owners have. Looking for an individual who is passionate about your small business, shares your goals and ambitions and wants to make an impact, are all essential qualities for your new business partner.
This includes sharing similar values, long-term goals, and a desire to progress your business forward. Avoid negative business relationships by doing your due diligence in securing the right partner for you and your small business.
2. Compatibility
Skills and expertise are important and influential in a business partner, however, without compatibility, the working relationship can negatively impact your business.
A business partnership must be based on respect, trust, and communication. A top tip is to not always choose the person you have a lot of common interests and hobbies with but the person that brings an edge to your business.
This way, you can directly overcome any potential obstacles with two minds that think and work differently yet, harmoniously.
3. Industry knowledge
The right partner brings skills and capabilities that might currently be underdeveloped or missing.
Opening your small business to critical contacts and relationships can be the make or break for success and growth. Having a firm understanding of your current industry and market is crucial to saving time, energy, and resources.
When you connect with someone who understands this, you can give yourself more time to focus elsewhere on your business.
Unsure what to look out for? Consider a potential candidate with these attributes:
- Industry experience
- Education
- References
- Personal brand website
4. Strong work ethic
As a business owner, you understand the determination and drive needed to sustain a small business. That’s why it’s essential that your chosen business partner also recognises the hard work it takes to manage and grow a small business. Enthusiasm for the daily operations as well as the milestones, is vital when selecting the perfect business partner. The best way to avoid conflict when choosing your business partner is by breaking down the various business day-to-day activities and expectations, to ensure both you and your new business partner understand what it takes to smoothly run a small business. Efficiency and work ethic are the key ingredients to finding a successful partnership.
5. Creativity
Innovation and creativity are the catalysts for success for all businesses. Finding a fellow innovator in your business partner not only relieves the pressure of constantly thinking of original concepts but lets you bounce new thoughts and ideas off a person who can provide informed and insightful feedback. The best way to differentiate your small business and stand out in your industry is by fostering a working partnership that fuels creativity and resourcefulness.
6. Successful experience
A complementary skill-set means avoiding looking for a person that is identical to or like your skillset.
The most important aspect of finding the perfect business partner is taking the time to consider your own strengths and weaknesses. Having an accurate and impartial awareness of your abilities propels your decision-making when selecting the right business partner.
Whether you struggle with the financial side of your business or are unsure of the best tools for growth, recognising these limitations will help you secure the right person for the job.
7. Reliability
The bigger picture and long-term vision are essential for finding the right business partner. It’s important to realise if an individual is looking for quick success, or if they are invested in the mission of your small business.
Dedication to growth and long-term goals is crucial in a business partner to ensure that when things don’t go to plan, they will still stick around.
A reliable person who is committed to your vision and purpose means not only sharing the same growth mindset, but the same level of commitment to ensuring and nurturing growth and success.
A business partner is an effective way to grow, manage, and boost your brand. A strategic business partner selection should be based on how best to navigate the expansion of your small business without compromising on the important stuff.
On the My New Venture platform, you’ll get access to the guidance and support of business owner testimonials to help you make informed decisions.
