The idea of a business partnership is tempting as it means you can share the workload (and the stress) with someone. You'd want the ideal partnership with the perfect partner who'd agree with you on everything. But that's not going to happen. You may even prefer to do things on your own than to be stuck in a toxic partnership. So, how would you know if the partnership is good or bad?
Here are 4 ways to boost your chances of a positive, productive and profitable partnership:
- Pay Attention to Everything
Avoid assuming the venture will work out. Spend some quality time getting to know your potential business partners before entering a business partnership. Pay attention to any red flags that pop up over the course of your conversation. Take the time to get to know would-be partners and trust your gut. It will save you time and money in the long run.
- Find Your Opposite
A common mistake that partners make is looking for candidates who share the same traits and strengths as yourself. Sharing the same ideals doesn’t always translate to success as the true function of business partnerships is to spend time on areas that utilise your strengths.
A CEO of Spanxx once said, “the secret to entrepreneurial success is to hire your weakness as what you’re not good at is usually what you don’t like.” If you’re going to build a partnership you should ensure each side has unique and valuable assets they can contribute.
- Get On the Same Page As Early As Possible
There have been times when partnerships fail not due to undefined and unclear expectations and guidelines prior to forming the partnership. Handshakes are nice and are a good first step to building a partnership but they are not substitutes for effective documentation for how the business partnership will operate.
- Find Someone Who is a Self-Starter
An key factor to the success of a partnership is self-motivation. There is no substitute for self-motivation no matter what comes your way. Everyone will want a partner with the right market knowledge, skills and connections but these can be honed. What cannot be honed is a sense of urgency that your partner brings to the partnership.
Successful partnerships are based on respect and an understanding that each member will bring something valuable to the table. Just remember to do your research well and look for any warning signs, or you will find yourself in worse shape than you were before.
