As a woman business owner, you’ll be faced with a myriad of unique challenges. Whether it’s procuring a business loan, hiring employees, optimizing customer service, or handling other issues along the way, it’s pivotal that you have someone to help you find solutions. Due to this, many business owners decide to join forces with a partner. Having a business partner can be beneficial for many reasons – you can share ideas, split responsibilities, and work together to build a successful company.
Still, having a business partner can also present disadvantages if you don’t take your time to choose the right person. In fact, as many as 50 percent of partnerships fail within the first two to three years. They fail for numerous reasons, such as differing opinions on major business decisions, to one partner putting in more work than another. Because of the high rate of partnership dissolutions, you should put a lot of thought into whom you select as your business partner, so that you can lessen the chances of that partnership not working out.
In this article, we’ll provide you with tips on how to determine if an individual is the right business partner for you!
Choose a Business Partner that Has…
1. Different Strengths than You
When considering someone as a future business partner, you should determine what their biggest strengths are, and how they are similar or different from yours. You might think that finding someone with the same strengths as you will be beneficial, but it should be the opposite. Select someone who has skills or qualities that you lack, so that they can contribute them to your business. For instance, if you are adept at money management but struggle with marketing, look for someone who has a creative mind and has exhibited an ability to successfully execute marketing campaigns. Or, if you dread networking, choose a partner who has a lot of connections and enjoys forming new partnerships. By affiliating with an entrepreneur who has different skills than you, you’ll strengthen your business in the long run!
2. A Strong Work Ethic
By selecting a business partner, you should be receiving additional support. If you choose a business partner that doesn’t put the work in or slacks on their designated duties, this will be a detriment to your operations. Instead, you should choose someone who’s passionate about your business and is willing to put in the work that is necessary to make it succeed. This way, you won’t get burned out, or resent them for their lack of effort.
3. Applicable Experience
Your business partner should have previous experience in your industry. Without it, they likely won’t be able to successfully help you run your business. For instance, if you own a retail company, this individual should have knowledge of industry trends. Or, if your business is in the restaurant industry, they should have previous experience owning or managing a food services establishment. By having this applicable experience, they can be a strong resource, and will be prepared to handle common challenges.
4. A Proven Track Record of Being Trustworthy
One of the most pivotal qualities that a business partner should have is being trustworthy. Your business partner must be someone that you can confide in about business matters and will handle situations with integrity. If you can’t trust your business partner, it’s very unlikely that your partnership will last.
5. A Shared Vision
Having a business partner means that you’ll need to be united. If you choose someone who has different goals for your business, you’ll likely be combative, or will part ways eventually. When you meet with potential business partners, ask them about what their business ambitions are. If you have the same vision, chances are that you’ll be able to work together to make them a reality.
As a woman business owner, you could elevate your business with the help of a trusted business partner. Having another experienced, intelligent entrepreneur on your team will enhance your business, and allow you to delegate some of your workload. Before you start your search for a business partner, consider the five qualities mentioned in this post, so that you can select the best person for the job!