If you know that you want to start a business but you’re interested in doing it with a partner, a critical part of this process is simply picking the right person. Making the proper decision can make or break your company and set it up for success or failure.
So what should you look for as you seek out a business partner? Here are three things to consider.
You need someone that you can work with and get along with. There’s an old adage that you don’t want to pick a business partner that you wouldn’t be able to go on vacation with. While you don’t necessarily have to take it that far, remember that you have to work closely with this person every day, and you definitely need to be able to get along.
You also want to seek out someone who has different skills that you don’t possess. The idea here is that you need a well-rounded business. You may be lacking certain skills, but your partner can complement those skills and make sure that the business still can address all areas. If you both have the same skills, there’s just too much overlap and your business still may be lacking something important.
You also just need someone who cares about the business as much as you do. If you get the sense that they don’t have the same goals or aren’t going to work as hard, even if they have excellent skills for the job, they might not be the right person.
Once you find the right business partner, you need to consider how to set up your business, what structure to use, how to create a partnership agreement and much more. Be sure you know what steps to take to protect your company’s future.