Are you self-sufficient in business? Or are you so full of duty that you have nothing but to find a business partner? It is true that in two it is better stretched, but not always. We have prepared 10 questions for you to ask if you are going to share your business plans with another person.
Like marriage, business partnerships start with enthusiasm and great expectations, but often end with hatred and court proceedings. It’s important for you to know what you want from your business partner. Do you have a personal experience with it? Perhaps the article we have prepared will make your decision clearer. Business partner decision is one of the most important, it can change your whole life for the better, but also for the worse. So take a deep breath and go for it.
1. What do I need from a business partner?
Work between business partners is divided, as is the amount of tasks that each of them can handle.
You should look at a business partner who brings something else to the table than you. If you are creative, you may need a partner that focuses more on details. Anyway, he should handle everything you can not do.
William M. Moore, founder of Moore, says, “You need someone who complements your abilities and personality.”
2. What is the financial situation of your business partner?
You need to be familiar with the financial situation of your potential business partner. If it is in a serious crisis, it can affect its work or even threaten your joint business plans.
3. What do you expect to involve a partner in terms of time?
You need to know how much you will invest in the business of your time beforehand, but according to these facts you will also share profits. It is always necessary to set everything up in time when it is settled later, always there are disagreements.
4. Is the potential partner’s commitment as strong as yours?
Business should often be friendship aside. It is important to concentrate on business, and if you feel that the potential partner’s commitment is not strong enough to give him enough energy, then you should rather pause.
5. Does a potential partner have a family life that can interfere with business interests?
If you are developing a business or starting to build a business, each partner needs to be 100% committed. If your partner has a family that he or she likes all the time, then consider whether it is appropriate for you to cooperate.
6. How could he / she handle a difficult situation?
Your partner needs to stand behind you, just as you are behind him. If hard times happen, trust is the main thing. If your partner “plunges” in a difficult time, you will remain in the field again against the whole world. Think about whether you can trust him so much.
7. What is the interest of a partner?
If you bring new innovations to your business and focus on progress, higher profits, and easier work, your partner should do the same thing. If he is so frigid in this respect that he does not even care about these questions, then you certainly do not have to vote for a partner.
8. What does your partner have in society?
Business behavior is important, especially if you often deal with clients. The casual attitude must not be tolerated. Find out how social status is and whether he could represent your business to your expectations.
9. Are they willing to give everything in writing?
Forget any contractual obligations and agreements that you close by hand. In business, friendship does not apply, and if you agree, only in writing. Make every important decision to sign it. This is the only way to prevent disaster.
10. Do you really need a partner?
This is perhaps the most important question in itself. When you are alone and you run a business, you are a boss. You do not have to take any respect and you control everything. If you have a business partner, there will always be a conflict of views.
Consider whether it is better to hire employees or anyone to work than to take in a partner’s business. With your partner, you will always share your profits, and though you can solve many problems, so many problems you can bring to your business.
You can breathe out. So how would you fall if a business partner’s question lay on you? How would you choose? Every time you think of a business partner, you can filter it through these ten questions and then decide whether or not you will.