Who Should Be Your Business Partner in a New Venture

Who knows your business vision as well as you do? No one!

But unless you know how to do everything else well and are willing to go fully solo, you’re going to need help, and not just employee/intern/family members. Consider making room for at least one business partner.

He or she could have opposite skills than you, so you can split up duties easily. One person can handle the accounting and someone else handles the marketing.  

People seeking a possible business partner can include other similar assets, including:

  • Someone may feel the same as you, that is, being real excited about its potential. But if you’re active and the business partner isn’t as active, that could signal future problems. 
  • Do you have time to spend all day working on your project plans? Or maybe a business partner is busy during the day but not at night. Potential conflicts could take place if one person only has time to work part-time and the other wants to work full-time, and beyond if possible. 
  • How good are you at re-adjusting plans if/when something happens requiring them to be changed? The start-up phase is full of plenty of occasions in which strategies may need to be tweaked on a regular basis. 
  • Having this characteristic can be valuable and set the tone for how a company will respond to future problems. By choosing to be honest, even if the truth can be painful or un-fun, you can show a lot about the strength of your organization. 
  • ‘Not you’ – this is the term for a business partner who is different in many ways from you. He or she could have completely different thoughts, philosophies and backgrounds. Not only will this provide a different perspective that can be useful but help you in your efforts to work with different types of people.  

Overall, it’s possible for one person to get a business off the ground well, but it’s more fun to have it done by a team.

For more financial strategies, contact Fintrus Commercial Capital.

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