Finding a business partner can equate to a similar level as finding a spouse. You want to make sure that you can work together and have trust.
Just like marriage, too many entrepreneurs just jump into a business relationship with someone else and soon after, it all falls apart and they get a business “divorce.”
I found a great business partner in Steve Jiang when we founded Nasgo. Where I am weak, Steve is strong, and vice versa. And we are watching Nasgo change the world fast in unbelievable ways. You can check out the Nasgo Blog here.
Are you wanting to start a business but need another person to fill in with part of the responsibilities?
Here are 5 tips on finding the right business partner.
Finding The Right Business Partner Tip #1: Consider People You Have Worked With In The Past
The advantage with this is, you know how the person works.
Be it someone you worked with in a traditional job or someone you have done business with, you will have a better idea of their strengths and weaknesses.
You may just want to sit down and make a list of previous co-workers and start contacting them one by one.
Finding The Right Business Partner Tip #2: Ensure He/She Is Reliable
Reliability is a must in a business partnership. I suggest looking at the person’s timeliness. If they are always late to meetings, do you think they will make a reliable business partner?
Do you want a good way to test this?
Just create a simple questionnaire, ask them to fill it out and deliver it to you by a certain time. The first good sign is that they deliver on time or early. But, you should also look to see how precise they answered the questions.
Finding The Right Business Partner Tip #3: Look For A Person Who Compliments Your Skills
It is always wise to seek out a person who… let’s say… opposites attract.
What I mean is, they will have skills you are weak in. Maybe you are strong in marketing but weak in accounting. You may search for a partner who has an accounting degree. Maybe you are an introvert, you should seek an extrovert.
By doing so, you will have a complimentary business leadership system that is bound to succeed.
Finding The Right Business Partner Tip #4: Seek A Partner From A Different Culture
This is Steve and me…
Steve is from a Chinese culture and I am an American. Together, we bring cultures together to get the best from both sides of the world.
Business approach in China is contrastive of systems in the U.S.A. Not much different, but enough that we can learn and grow from each other.
Plus, we bring followers and fans from each zone, helping us create a diversity that is tremendous.
Finding The Right Business Partner Tip #5: Consider Family Members
Now I say this with a word of caution… If a family member is chosen, it should be on merits and not on an “owe it to the family” thought pattern.
But normally, the great thing about having a family member as a business partner is an alignment of values. Because normally similar values are instilled in members of the same family.
Finding The Right Business Partner Conclusion
Using these 5 tips, I know you can find the right partner. But I want to offer 2 more pieces of advice…
- No matter who, what or why, draw up a contract and have everything in writing. By doing so, both parties have protection and know where they stand.
- Make sure each partner knows his/her role. This is extremely important so that no one is stepping on another person’s toes.
Lastly, I mentioned my partnership with Steve Jiang and the business is blockchain. And if you do not yet have your business on the blockchain, now is the time.
At Nasgo, we are passionate about helping small businesses get on the chain. Come over and visit Nasgo here and see how we can help you.
Nasgo is helping you stay free.
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