How to Find a Business Partner

Updated: Aug 31

Why do we need business partners? The answer is simple, it's most likely we don't possess all the things we need to succeed. Remember the adage, "No man is an island." This is also true in making our entrepreneurial dream come true. We'd probably need other people to grow and expand our business.


Looking for a business partner requires careful planning and selection. If you choose the wrong person, it'd be troublesome for your business.

How to Find a Business Partner

Tips on finding a business partner:



1


Write down what specific set of knowledge, skills, and experiences you need to fill any gap. You'd definitely want to look for someone who has different expertise than what you have. For example, if you have the talent in baking cakes and pastries but lack some finance or marketing skills, you'd definitely want to look for somebody who's good at it. Complementary skills among partners make business management and leadership much easier.

2


Compatibility matters too. Perhaps, this is also one of the best things about owning a business. You can definitely choose with whom you'd work with.


Finding somebody you're going to be comfortable working with is also of primary importance. It is necessary to assess if your personalities won't clash. In addition, you should be able to determine if his work attitude is somewhat the same as yours.


Related Post: 10 Common Traits of Successful Entrepreneurs



3


Look for somebody who shares the same dream. Your efforts will be driven by your passion, vision and mission. Having a business partner who's always on a different wavelength as you could result to role ambiguities, frequent arguments, and sloppy work performance.


Related Post: Why Is Passion Important For Business Success? Read The Top 5 Reasons.



4


Know where to find potential business partners. With the rise of technology comes ease of communication and networking. You can use it to find the right person. For an instance, professional social media networking sites, like LinkedIn, can be an ocean of highly qualified professionals fit for what you need.



5


Get legal consult after finding your perfect business partner. Since both of you would be risking or contributing something, it's wise to hire a lawyer who could intervene when a dispute arises.


You also need to make a partnership agreement citing important facts such as, but not limited to:

  • your names as partners,

  • business nature and location,

  • length of partnership,

  • capital contribution,

  • roles and responsibilities,

  • salary or profit sharing,

  • termination,

  • your signatures and

  • the date.


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