You may find that your business is starting to grow faster than you realized. It may be time to start taking some of the weight of your enterprise off your back, and splitting your work with a business partner can make your life a lot easier.
Knowing what makes a good partnership versus an amazing partnership can be hard to judge, but you can’t afford to select your next business partner casually. Here are the two biggest things to look for in your business partnerships:
1. Look for a partner that respects your time
Running a business takes a lot out of you. You may be working extra hours and taking on many business meetings. You could lose major business opportunities if your partner often interrupts your work.
Your partner should know how to run your business when you work behind closed doors, and they should be independent enough that they don’t require a lot of hand-holding. They should also be reliable and show up when expected.
2. Find someone who shares your goals
Seeing eye-to-eye can make your business run smoothly. You should know that your business is safe in the hands of your partner when dealing with other matters. If you and your business partner don’t share the same ethics, morals and vision for the future, that’s likely to erode the trust between you and your working relationship.
If you’re ready to form a partnership with someone else, or you want to bring a partner into your existing business, make sure that you carefully consider the other party’s “fit.” Then, make certain that you have a clear, comprehensive partnership agreement that covers all of the potential possibilities for the future.