Running a business is hard work and can take a lot of time off of your hands. With that said, finding a business partner can help distribute tasks and free up both of your schedules. However, one wrong pick can bring your dream company crumbling to the ground. Whether you’re bringing your startup aspirations to fruition or have been in business for decades and now need help, it’s important to take time when finding a compatible business partner. To help you get started, we’ve created this list of the top four ways to find the right business partner to bring your company to the next level.
Just like you would find clients, it’s essential to network to find a business partner. Through networking, whether it be in-person at a marketing conference or online through a networking platform, this strategy can put you in touch with like-minded entrepreneurs that are ready to become business owners.
There are plenty of ways you can network to find a business partner. One option is by joining a professional network. Through a professional network, you can speak with industry professionals and learn more about the intricacies of the market you’re in. Along the way, you might come across someone with similar career aspirations as you and want to build a business together. You can start by joining a local Meetup group to look for potential business partners in your area.
2. Consider co-Workers
Co-workers, past and present, are also viable business partner candidates. Whether you currently work with them or have worked with them in the past, a co-worker can be a trusted business partner because you already know them in a professional setting. Knowing how your business partner does business can be a great advantage, and can make the process of getting your business off the ground much easier. Whether you want to enter the growing CBD and weed market and sell CBD vape kits or bring your passion of baking to life by opening a local bakery, tap into your co-worker pool to see if any would like to be your go-to partner.
3. Ask Your Friends or Family
While many business professionals will warn against going into business with a friend or family member, it’s not always a bad idea. If you take the time to seriously consider going into business with someone you have a close relationship, starting a business can be both rewarding and fun.
Before asking someone close to you to be your business partner, it’s important to consider their skills and qualities they can bring to the table. You don’t want your best friend who has a record of poor spending and missed payments to be in charge of your company’s finances. Instead, you want to look for someone who can complement the skills you bring to the table.
For example, if you have a background in marketing and sales, look for a friend or family member with a background in finances and business management. This way, you can have two powerhouses in charge of different tasks without stepping on each other’s toes.
The one risk with going into business with a friend or relative is that your relationship can become strained if the business crumbles. That’s why you want to be extremely mindful before you jump the gun and form your business.
4. Take a Business Course
If you’re new to business, you might not know about all the intricacies that come with opening, operating, and financing a business. With that said, you might want to consider taking a business course, either online or in-person. While in class, get to know your classmates on a deeper level by now only talking about your assignments, but their career aspirations.
Once you get to know each other over the course of the semester, test the waters and see whether any classmate would be interested in going into business with you. Business development courses can be a great way to find a match-made-in-heaven business partner.
For many, owning a business is a lifelong dream. It’s a way to bring your passions to life and serve the greater good. However, running a business can be extremely challenging, especially if you’re going at it alone. To give yourself more breathing room, you may want to consider finding a business partner. With these four ways to finding the right business partner, you’ll have the perfect sidekick to make your dreams a reality.