When starting or growing your business you are always in the search for new people. Whether they are investors or partners it is always important. In short neither are very different, the only difference being that investors have money on the line where partners don’t generally have finances invested in the mix.
So, what are some of the most important qualities to look for when you are searching for your business partners?
The most important thing is financial stability. Obviously, an investor will be stable in every aspect of financing but your partners need to be stable as well. If your partner isn’t financially stable, then the stresses of their personal life could bleed into your professional relationship. They could even make the mistake of steal from the company or selling valuable information that could hurt your business.
Good ethics is a must to be successful. This is a must and cannot be negotiated as trust is important amongst partners. A partner with bad ethics could get your business in trouble legally and financially and can even take your clients with them to make up their own company.
Without respect, nothing works. That holds especially true when picking a business partner. If you can’t respect them on a professional level and you find they don’t respect you at the same level then it is a partnership doomed to fail in one way or another.
Credibility and Resources
Don’t look for just any partner that has the skills needed and is financially stable. Another important, and must have, quality is their credibility and their resources. Those that are credible will have a large network of professional people to turn to and their resources could involve things such as client lists and possible employees.
Skills and Experience
There is no such thing as a perfect business owner. Because of this, it is ideal to find partners that excel at the skills you yourself are lacking. It is also important that your partner has the experience to match their skills.
Values are important, they should also be nonnegotiable. Having a partner with the same values will help to ensure your business has little resistance and a ton of success.
Minimal Personal Baggage
Everybody has personal baggage, but it is ideal to find one that doesn’t have so much that it is constantly brought up. It’s also bad if you’ve heard about the baggage before even meeting. Having too much personal baggage could also lead to unreliability in that individual.
Partners are always necessary when starting a business. They are the support system needed to augment your own weaknesses. With them, your chances to succeed are much higher than if you trek the journey alone. With this knowledge, you must always seek new partners and listen to those that direct you to potential partners. A team of partners removes your own stress and makes your life profitable.