How challenging is to find a business partner when running a startup?

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Every young investor knows that starting a business is one of the most difficult things they have to face in their life. But when you have to do it alone, you may consider that the challenges you face will never find a solution. The best strategy when starting a business is to find a partner. They will help you with resources and they will take some of the hats you are wearing in your business. A business partner will take some of your work and will help you with new ideas. But how can you find a partner who shares the same ideology when it comes to businesses? It is important the person who will become your business partner to be reliable and to have knowledge in the domain you will work.

A partner is a critical factor for the success of a business. They will work side by side with you to make the firm effective. The strength is in numbers when it comes to running a company, because if all of you have the same vision, then you can form a team that works with the same goal.

Your network can be your source

When you want to find a partner for helping you start a business you should first consider the persons from your network. Businesspersons state that your connections are the best candidates for this position, so before starting to search somewhere else, you should check the persons you know. Your network is a rich list from which you can choose, they are people who have the same passions and interests as you do, and you may even know each other.

You should share with your network the fact that you are searching a partner for your business, Offer them details about your start up, and if they are not interested, at least they can share the news with their network, or they can offer you recommendations. The referrals you get from the people you know are the most valuable ones, and you should consider them when you select the partner.

It is important to evaluate the candidates

When you have a list with a few candidates in mind you should try to find more about them, to understand who would be the best partner for you. You should check the experience, background and personality of the persons who can be your partners. In addition, you should ask them to share with you the values they have, because you have to make sure that you have the same vision on how to do business.

You are not looking for a clone, but it is important for your partner to share your style and culture. Every business has gaps, and their role is to fill them. One of you will have the ideas and the other should check if you have the numbers to make them real. Choose a partner you have something to learn from, because this is the type of influence, you want to for your business.

Work together to have a successful partnership

When you find the right person or company to back up your ideas, you will have to work together to have a successful partnership. Here are guidelines on how to act in order to have a good relationship with your business partner.

  • Every one of you should know their roles. When you are looking for a partner, you should make sure that you inform them what their role will be from the beginning. If every one of you knows what role you have, then your partnership will be effective. This will help you save money and time.
  • Establish a probation period for your partnership. You cannot guess if your partnership will be successful or not, so one solution is to establish a probation period for it. Discuss with your partner and test the effectiveness of the work you do together. There will be milestones, but at least you will understand if you have to work harder to get over them or you will have to look for another partner. Set up some goals when you first establish the partnership, and at the decided term, check if you meet them.
  • Be honest and communicate. The best strategy to have a successful business is to be able to communicate openly with your partner. Tell them from the beginning the ups and downs of your business. For example, XIO states that they would invest the XIO Group fund only if they would have complete information about the business they plan to acquire. If you want to have a large company, as a partner, then you should do the same, you should tell them what the situation of your firm is. Sometimes the best strategy is to sell your idea to a brand and to continue to work together at improving it.  

Use the opportunities you can access

When it comes to finding a partner, it is important to stay open to suggestions. One option is to attend a course related to the sector you are working in and to keep an eye out for the persons who are interested in starting a business. If you want to have your ideas backed up by an expert in the industry, then this is one of the best strategies you can use. Only the persons who are interested in investing in a company will attend this type of course and every person enrolled in the class is a potential partner.

Another option is to get into business with one of your family members. There are family members who can work together, and start a business. They have the same interests and desire of work, so it is understandable that the partnership is effective. It all depends on the type of persons your family members are. If you both have the same work ethic then there are great chances your partnership to be successful. Alternatively, your friends can be your partners, because you have the same educational background and interests. Clear communication is the key when doing business with a friend or family member.