Tips for finding a good business partner

Tips for finding a good business partner

In the world of entrepreneurs, a business partner is essential not just because they can help in the economic aspect but also the burden of the company can be handled between them. However, choosing the right partner is a challenging path, and there are many reasons and details to consider before making the final decision. Today we will discuss some tips for finding the right business partner and the challenges around this. 

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What is a business partner?

They are individuals that form a legal relationship under a written agreement. This can also be done between companies, not only individuals that are starting entrepreneurship. One Of the main reasons to find a partner is to invest in the business, gaining a part of the profits, but also they will face any obstacle or losses. Sometimes the partners work actively in the industry, but other partners can have limited participation. All will depend exclusively on the agreement and every detail that each part stated. 

Types of Business Partnership

  • General Partnership: this is a full-time partnership, where partners work in every day-to-day operation and try to be involved in any business aspect. But this also means that each partner has liability over debts and lawsuits.
  • Limited Partnership: here, we have one or more partners that assume the full management of the business and the operations. The company also has limited partners that don’t participate in the processes and don’t have liabilities over legal aspects. 
  • Limited Liability Partnership: here, we have extended legal protection from liability to all the partners. Naturally, this partnership is created among professionals of the same area, such as architects, accountants, or lawyers. Here each partner is protected from liability from the actions of other partners. 

In the business world, partners are just like a romantic relationship. You need to put effort into facing every challenge with the partner. Also, when several people work under the same team, not all can agree on every aspect, so to have a good relationship with them, there are many things to work on.

Tips for finding a business partner

Finding the right partner is a difficult task, but with the correct tips, maybe you can find them

  • Co-workers (past and present): the co-worker’s pool is a great place to find a business partner. After all, any of them will understand the area and even have a good relationship with you. Choosing a past or a present co-worker has its perks. First, you know them and how they work, plus their abilities and chemistry with them. 
  • Friends: partnering with friends is not the most recommended thing. Many advise against this. But it turns out that if both parties are entirely sure of how strong the friendship is, the partnership can be the best course of action. However, maybe your BFF is not the best candidate. Think more about that friend that has always been with you but don’t fight for your attention. That is the perfect one. 
  • Networking: networking groups (who are now working online) are a great place to find a business partner. Think about it you can even find a person with your same business idea, but like you need a partner. Plus, one of the greatest things of networking is to find people that understand the area and the entrepreneur world. 
  • Family: here is pretty much the same case with friends, it’s not highly recommended making business with family, but sometimes they can be the best partners, mostly because they want your success. So maybe family members can be non-active partners, just helping you to have a good base for the business. 
  • Course training: constant capacitation is critical to be successful, but also there you can find the best business partners. In these courses are people that know the area and maybe want to go solo with a business but like you need a partner, so be confident and find the best one. 

Besides these tips, there are some things that you must look in a partner:

  • Find someone with a personality like yours. This doesn’t mean someone exactly like you, but having the same interests can be helpful. 
  • Trust is so essential in every relationship, including business partners. 
  • Definition of the relationship is vital. This includes boundaries, parameters, and some rules. 
  • Hunger for success, each party must have the same desire for success. That way, the business can start the right path. 

A business partner will become an essential person in your life for many reasons, but choosing one is a huge challenge, so consider these tips and be successful with the business. Keep in touch with the Magazine for more advice for entrepreneurs. 

Characteristics of a good business partner.

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Estefany Vasquez