You have been working for five years, in this time you have set out a plan to help you become a Motherland Mogul. The plan is getting into the business. You have gone as far as saving up for a couple of years to finance your to be start-up.
Recently, you have been toying around with various business ideas, the idea that encompasses both your passion and need to make some extra cash on the side wins.
You have looked at the various ways you can implement this business idea and realised you need a partner to do so. This could be because you are a good accountant but for the business to be a success you need a partner who will be the face of the business.
Or you are the sassy lady who is good at communication and drawing in the customers, and a manager is needed to make sure all that money you are raking in is properly managed. So currently the idea and the money are in place the only thing that remains undone is getting a business partner on board.
What are the things that you should consider to ensure you end up with the right person as a partner in your business?
Sharing the Vision of the business.
At the beginning, the business is usually just an idea. If implemented correctly, it could impact your lives and those of your clients tremendously in a positive way.
The person or people you choose to work with as partners in the business must own the vision of the business as much as you do. If your partner does not agree with you on the levels to which you want to take the business. They will always have negative vibes on the job that will result in your business losing money.
A partner is part of management, and if they are pessimistic with regards to the business, the employees will notice and get demoralised. The vision is the business. It’s what positions you strategically against competitors.
It is thus a prerequisite that before you decide to partner with someone on a business, be in sync on where you see the business going to in three months’ time or in five years’ time.
Honesty and Transparency
Honesty is a virtue that is a must-have in business. Individuals who are shrewd and unscrupulous ruin your business. You could have been saving for a really long time to start off this business or you got a loan from your bank to get it running.
Therefore, you cannot afford to lose the money or destroy your business name. It is therefore necessary to vet the person you intend to partner with. Inquire into the person’s character from others who have worked with them prior to you considering to partner with them.
If the feedback is positive you have a partner. If not, find your business train another station to disembark, as this one is a definite NO!
Hard work and Resilience
Start-ups are a mountain to climb on their own. The faint-hearted cannot survive this climb. Setting up a business from scratch is not a walk in the park. A partner will share in the business profits. This means they have to put in the work and the time needed to get the business to the top in your chosen field.
There are qualities that you will compensate for each other but working hard and smart is not one of them. One could be unquestionably talented but if they never take time to create and get their skills or work to the market no one will ever know of their talent.
Moreover, if you partner with a lazy person you will shoulder the whole burden of the business which beats the logic of having a partner in the first place.
Resilience is also key in your partner. Quitters run at the first sight of trouble. With new businesses, you will meet challenges that you never anticipated at the start of your journey. This will not mean that you quit.
Overcoming this challenges is exactly what you will need to do to solidify your position in the market.