Factors to consider when looking for a business partner

Finding a good business partner is not always easy – we often choose people who are close to us in our personal lives. However, what makes people good friends is not what makes them good business partners.

Many business owners find it difficult to find business partners who really get things flowing. If this is the case for you, read on!

Below, we share the key factors to consider when looking for a business partner.

You should find a business partner with passion

Businesses face ups and downs, which is why it is necessary to have vision beyond profits (and even the business itself): a passion for what you do.

But it is not enough that your business partner be passionate. It is also important that their passion and vision align with yours. With a common goal, you can build a business with purpose.

For this reason, make sure that you are aligned and motivated to walk in the same direction no matter what.

Your business partner should have the same vision as you

While passion and purpose are important, it is essential to have the same vision. Including, what do you expect from your business? What impact do you want to make? Who will be your customers and what solutions do you offer?

Although simple, these questions can take time to answer together. Remember that the alignment of expectations is essential to avoid future frustrations. 

Obs: using Ikigay could be a great idea for this step! 

Find a business partner with experience

Passion and alignment of expectations work together, but only tend to work fully when they are joined with experience.

Experience from previous jobs is essential in teaching you what can go right and what can go wrong – which will save you from wasting money and resources.

This is the time to analyze previous experiences of your business partner, to understand if you also have backgrounds that complement each other.

Note: your previous experience does not have to be identical, but complementary. In this way, you two can go even further together.

A business partner should be honest

Honesty is one of the most important soft skills required to build solid business relationships. 

Sometimes, things change along the way between partners. Often, individual ambitions can speak louder than the initial purpose.  

So when it comes to choosing a business partner, ensure that open and honest communication is present so you can weather future storms.

Last but not least: Methodology 

We all have different ways of working.  So, make sure you and your partner are aligned on the methodology of how you will deliver your engagements.  What are you willing to do vs. not do? What is the right methodology for your target market? How does your way of work differentiate you from the competition?

For these reasons, you should talk to your future business partner, understand which way he or she likes to work, and finally come to an agreement on how you will work together.

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