When you are looking to go into business with someone you want to make sure that you take the time to really look at all the details about them before diving in. You will have to interact with this person regularly and you will be financially associated and invested with them so you want to ensure that you make the best choice!
When you are looking for a business partner there are a few crucial factors to consider. Here are some of the best tips for getting started.
Check Their Credentials
You always want to make sure that they have the proper education and background based on the vision of your business plan.
If you are going into the lending business, do they have experience in financing loans? If it’s a childcare business, do they have experience with children? It’s beneficial to make sure that your potential partner has direct experience with the line of business you’re going into.
Otherwise, you run the risk of being stuck with someone that is not at all qualified and ends up being a liability. The kind of liability that will affect your credibility and drag you down.
Make Sure You Have The Same Creative Vision
It’s important to assess what kind of thinkers and creators the people you are talking to are. What is their perspective on the greater vision of the business as a whole? A large part of the reason this comes into play is because their overall vision is going to have an effect on their work style.
If someone has a very modest vision which lacks in depth, the chances of them being incredibly aspirational or working day and night to achieve that vision are probably slim. Of course, if this is your work style and creative vision too then perhaps this would work great for you!
On the other hand, if you are looking to create something groundbreaking and innovative that no one has ever done before and you hope to be the leader of your niche, then you probably want someone that holds that same vision.
Make Sure You Have The Same Financial Vision
If you and your potential partner have conflicting attitudes about money then this could be one of the worst possible recipes for disaster in a business plan.
Your financial vision must be totally in sync and you must be willing and ready to hear their opinions on a regular basis because you respect and value them.
Otherwise, you run the risk of being extremely frustrated and wanting out just as fast as you wanted them in. Do yourself a favor and ask the difficult questions in the beginning rather than find out the hard way in the end.