In many ways, starting a business partnership can give your new company significant advantages. The company may have a greater chance of long-term success when two business partners work cohesively rather than when one person tries to handle everything alone.
However, that success depends on finding the right business partner. Working with the wrong person could quickly cause the company to fail due to endless conflicts or disagreements. Below are a few qualities to look for.
Complementary skills
First, consider the skills and abilities you have, and look for a business partner who brings different strengths. For instance, you may excel at networking, advertising and communicating with customers. In that case, you need a business partner with more technical skills in product development or design rather than someone who also has strong people skills.
Similar dedication
You also want to ensure your new business partner is as dedicated to the venture as you are. Partners sometimes run into conflicts when one person feels like they are doing 80% of the work but still only receiving 50% of the compensation. Be clear about roles, responsibilities and expectations.
Compatible personalities
Finally, remember that you will work closely with your business partner on a day-to-day basis. You need someone you can get along with and whose personality is relatively compatible with yours. A helpful piece of advice is to choose a business partner you could happily go on vacation with. While working together is much different than taking a trip, it’s a good way to gauge whether you can collaborate for long periods.
Once you find the right business partner, begin exploring the necessary legal steps to register and launch your new business.