Updated: Oct 4, 2022
Entrepreneurs have a reputation for trying to do it all single-handedly. In the early days of starting your business, you may feel like you're wearing several hats; too many. And for this reason, you might consider working with a business partner.
Having the right business partner distribute some of the work you have on your plate gives you a different perspective and fresh ideas. Having an additional skill set and a colleague who feels as passionately about your business idea as you do can only increase drive and passion.
But how do you find AND cultivate a business partner relationship like that? While you might be fortunate enough to meet your future business partner in line for coffee one morning, not everyone finds themselves in such opportune situations. Sometimes, you have to do some legwork and go out of your way to seek a great business partner.
Below, we've listed some tips on where you can find the perfect business partner and also some crucial things you need to consider when you do find them.
Where can I find the right business partner?
Tap into your co-worker pool, both past, and present
Choosing a business partner from your current or previous co-workers means you'll probably already have an idea of how well the two of you work together, which can save you heartache down the road.
Go into business with a friend
Even though some experts advise against it, partnering with a friend is one of the most common ways to find a business partner. Just remember to choose someone whose personality and skill set complements your own.
Take advantage of networking (online or through in-person events)
If you're a member of any online networking group, this may be a great place to find your business partner. Networking groups in general are a great place to find potential business partners, and there are likely to be some in your city that meet in person.
Consider partnering up with a sibling or other family member
Going into business with siblings is similar to going into business with friends – only if the business end of the relationship dives, you can't as easily dissolve the relationship (this could be positive or negative, depending on how you look at it).
Attend a business course or industry-related training
Suppose you're seeking to further your knowledge about your industry, learn how to run a business, and generally better yourself as an entrepreneur. In that case, you may like to attend or have considered some types of business courses. While these give you the obvious benefit of improving your skill and understanding of your field, why not use the opportunity to look for a potential business partner as well?
Things to consider while choosing the right partner
Now that you know about the few places you can look to find a business partner, there are several things to consider before you commit. Here are five considerations that will make your decision to work together that much easier.
1. Find someone who compliments your personality
Finding a business partner is a lot like finding a romantic partner. It would help if you had different personalities and have to be able to get along completely. It's sort of like a marriage. But why does this balance matter in business? For the same reason it matters in a romantic relationship – complementary personalities help balance each other.
2. Choose a partner you can trust
A right partner is basically about finding someone you can trust, and that is not always easy. This is one area where having a past history isn't a negative; siblings, family members, and friends are often the people we trust the most. As trust is such an integral part of the business relationship, friends and family can make excellent business partners for this reason.
If your business partner is someone you have more recently met and perhaps share less history with, be sure to determine as soon as possible if they're trustworthy.
3. Make sure to define the parameters of your 'relationship.'
Remember how I said finding a business partner is a lot like finding a romantic partner? Well, it is, but there's a critical aspect that the two relationships should not have in common. Have an honest conversation with your potential partner about the relationship's status and if there's any possible romantic involvement, especially if the partner is a friend or someone you share history with.
4. Pick a partner who is hungry to succeed
You want a partner who is as passionate about the business as you are, so seek out individuals who share your commitment and drive. Why does this matter? Because if they are spending their own free time attending professional meetups, they are passionate about what they do, and it will reflect in their work. This drive for success will also help establish equality in the relationship.
5. Consider a partner in a different field
The advantages of having a business partner in another field are that they will help bring a different viewpoint and work history to the table. While it may be tempting to look for partners who know your industry as well as you do, a business partner doesn't need to have the same skill set, training, and experience as yours. Not only will this lend your business a fresh perspective, but it can also eliminate squabbles.
Now that you have a general idea of where and how to look for the right business partner, the most important tip we can give is to look for a partner that cares for your business's personal needs. At Moe's group, we have an elite marketing team that can think of your brand's perfect vision. We have over 50 years of experience in the marketing, manufacturing, and sales of high-quality products. You can build your brand with us in a unique manner with custom packaging and formulations, or you could stick your label on one of our quality products that are already in stock, branding it as your own! We can even help you with building your brand-identity, digital marketing, packaging, and distribution. Call us at +1(213) 328-6488 or write to us today.