You may decide that you want to become a business owner, but you’re more interested in starting a company with someone else than doing it on your own. You’re looking for a business partner who can support this process and help you develop your brand identity.
As such, finding the right business partner is going to be critical. It could be one of the major things that determines whether or not that business is successful. So what traits should you be looking for?
Start by considering the skills and abilities you naturally have. Look for someone with other skills that complement them. Too often, business partners will have the same skills, and it can leave the business lacking in significant areas.
Dedication to the company
We also want someone who is dedicated to working hard so that you know the two of you will put in the same amount of effort. They need to be someone who agrees with your vision and your goals for the company, ensuring that the two of you are working together.
Trustworthiness and transparency
When it comes to business issues, many of them are related to money. You need someone that you can trust and who is fully transparent regarding how they are using the company’s money, how much they’re being paid, what ownership percentage they have and things of that nature.
Setting up a partnership agreement
Finding the right business partner is the first step, but you also need to set up an official partnership agreement to legally define your relationship and get your business off the ground. Be sure that you know how to take the proper legal steps.