Thee are many people starting a new business who are wondering, “Do I Need A Business Partner?” While many of these people are skilled and able to do the job of running a new business, there may be things they do not know.
As a start up consultant, this is probably in the top 5 for most popular questions.
You should only consider partnering up with someone if you know, without a doubt, that you complement each other well.
Business Partners Make Up for Each Other’s Weaknesses
If the business owner is an elderly person, having a younger business partner may be critical to help with understanding new technology. If you are a younger person who is just starting out, you may need a business partner who is wiser to help in making the best decisions for your company.
Business owners who may need a business partner tend to be smaller, stem from the owner’s personal interest and their workload can be carried out with one person. This article will help you decide if you need a business partner?
Are You Good With Technology?
As a new business owner, you should be well equipped with social media, handling new technology that might be important for running your business effectively. Knowing how to use spreadsheets for company data is important for company records.
While you can hire others to perform these functions, you must also have the financial resources to do them all well. A business partner with great technological skills will give a new insight in operating your business.
Are You Resourceful?
A great company has a very resourceful person in charge. A business partner will bring a new perception for business practices. He may know of resources that you are unaware of to help with running and promoting your business.
Finance for New Business Owners
You must have the financial resources to begin a start-up and keep it going. If you are financially in distress, but have the ideas of how to begin a great company, then you may need a silent financial business partner.
This partner leaves the ideas of running the business to you and only provides financial backing as needed.
Are You Able to Hire and Fire Any Personnel as Needed?
It takes a special boss to realize if someone has the right skills for hiring or if they have failed in the company and need to be fired. A person must be able to carefully observe the behaviors and work ethics of their employees.
A business partner may be needed to do the hiring and firing of employees which keeps the company running smoothly.
Communication is Key
When you ask yourself, “Do I Need A Business Partner?” consider if you are the hard worker who is poor at communicating with others. A great business must have a knowledgeable leader who is able to effectively communicate what is expected from employees.
If you are not capable of communicating with vendors, community leaders, or your employers, you may consider getting a business partner who has these skills.
Do You Have the Leadership Skills to Run The Company?
A business partner brings another set of leadership skills that can either help or hinder you. Working together as a team is ultimately a goal. Having a business partner who works well with you and is a major contributing factor can be someone worth bringing into your company to take it to another level of success.
A business partner also brings an extra set of working hands for smaller company owners.
Can You Visualize Short Term And Long Term Goals For Your Company?
What value does that business partner bring to the company? What kind of experience and background does he have that will help you achieving your goals of having a successful company?
Does your business partner bring a unique skill set that will help you turn your dreams into a reality? Will a business partner understand the short term and long term goals for your company and help you achieve them?
Conclusion | Getting a Business Partner
Before getting a business partner, you may want to go through a discovery phase. This gives you time to learn more about your new prospective business partner. He must be able to add value, raise capitol, bring innovative and productive ideas and understand the strengths and weaknesses of your business.
Above all else, do your research on your partner before actually choosing a business partner, and make sure that you work well together as a team.
Our business coaching services can do all of this, and more, should you require the aid.