Hiring the Right Business Partner – Your Top 3 Considerations
So you want to start a business, but don’t want to do it alone. You know you have the business acumen to run this venture, but you’re also considering getting a business partner on board to help you out. Well, you’ve certainly come at a point when you need to make a huge decision. After all, getting a business partner is in essence like getting married, so you want to make sure that you pick the right person.
This is what you don’t want to do: hire a family member just because you are blood relatives and/or hire the first person who shows interest. Several start-up entrepreneurs go this route, only to regret making this hasty decision.
And these are what you want to check out before you get a person to partner with you:
1. The Business Partner Should Share Your Visions and Dreams for Your Venture
From the get-go, you and your business partner should have the same goals for the company. He or she must also understand what it takes to achieve those goals. A prospective partner may understand the monetary requirements to launch the venture, but would he or she be willing to work long hours to get everything up and ready? Are you on the same page when it comes to critical decision points or can you sense some conflict coming up even from the beginning? With some investigation and gut feel, you can assess whether you’d work out a professional business relationship with this person for the long haul.
2. The Business Partner Should Balance Your Strengths and Weaknesses
Let’s say you’re a great marketer – you can relate well with people, you are charismatic and you have great convincing powers. But admittedly, you are poor with the logistical and analytical side of the business. You need a business partner who can fill in where you lack so that you the venture launches and runs full force. You need a partner, who can complement your weaknesses with his or her strengths, so that together, the venture runs with check and balance.
3. You Should be Able to Communicate Well and Openly With Your Business Partner
There will come in your professional relationship when you and your partner would need to make some hard decisions. But before you even come to that point, you must already be able to communicate well with your partner. Perhaps, before getting this person on board, you can hire him for his services and see whether your communication styles click with each other. With solid and open communication, both of you will be able to work out on solutions together, offer support and understanding from the trivial issues to the huge, life-changing ones.
Getting a start-up business off the ground is a tall order, both for and your business partner, so set realistic expectations on your partner’s performance and your business’ progress. If you’ve decided to get another person on board with this, you must investigate and study your prospects very well. Entering a business relationship is a two-way street and it’s best that you hire the right person, even if it would take some time, rather than hire in haste and suffer the consequences sooner or later.