Perhaps you’ve recently launched a startup and it’s going well so far? Maybe you’ve been in business for a while now and are looking to expand?
In any case, one option that might jump out at you is to enlist the assistance of a new business partner. Bringing in the right partner can see your company grow from strength to strength. Bringing in the wrong partner can hold you back significantly.
Here are two questions to ask before you begin that partnership:
Are they in it for the long term?
While you and your business partner don’t have to be the best of friends, you are going to have to speak with one another on an almost daily basis. Are they truly prepared to put in the hard work each day, or are they using your business as a stop-gap between opportunities?
Are they a follower or a leader?
You’re an assertive person and you have led your team to success so far. You’re looking for a business partner that will compliment you rather than take over. While your motivational skills and drive cannot be questioned, you feel like your company could do with a more organized structure. Does your business partner have the skills to streamline your company and bring your goals to fruition?
There are many factors to consider before bringing a new partner into your company. You want to make sure you are covered legally by having watertight agreements in place. Having someone with experience in this field to guide you will help to avoid potential complications further down the line.