How to become a desirable business partner
Still, starting a business partnership can come with its own risks. According to The Balance, 70 percent of business collaborations end. While it is important to find a business partner who is an experienced entrepreneur, has strengths that you don’t possess and shares your business vision, you should also focus on how you can be a valuable colleague. In any work relationship, it is necessary that you build a foundation of trust and mutual respect. That’s why in this post we’ll delve into how you can make yourself a promising business partner that other entrepreneurs will want to join forces with.
The attributes you should have as a business partner
1. Be committed – A healthy, productive small business partnership is not a one-way street! To make the relationship work, both parties should be dedicated to the future of the business. It should be evident to your business partner that you’re willing to do whatever it takes to make your business a success. Whether that means volunteering to take-on certain responsibilities, or putting in extra work during off-hours, it is vital to show your business partner that you’re devoted to achieving your mutual goals.
2. Be trustworthy – If you and your partner can’t trust each other unconditionally, then it will likely affect your customers, employees and overall business. Being honest with your partner about finances, intentions and other sensitive business information is imperative. If you hide anything business-related from your partner, expect them to reconsider your venture. By being trustworthy, you and your partner will be more confident in the success of your business.
3. Split the work – When both parties feel the other pulls their weight equally, you will be less stressed. If you start to slack, your partner will likely grow resentful. Be organized, and meet with your partner frequently to ensure that all areas of your business are being covered. This will help you come up with a fair plan, where you and your partner have equal amounts of responsibility.
4. Work through problems – It’s unrealistic to think that you will always agree with your business partner. In any small business partnership, you’ll have differing opinions on how you should run your business. Learn to compromise, and find solutions that you can both agree on. This is especially important if you have equal share of the business.
As important as it is to find a business partner, it is equally necessary to ensure that you’re prepared to be a strong collaborator. Be self-reflective, and consider which skills and attributes you can improve prior to starting a small business. It will likely help you in the long-run, and your business partner will appreciate your enthusiasm!
Editor’s Note: This post was updated for accuracy and comprehensiveness in July 2017.