Look For A Match
When choosing business partners, look for someone with the skills and capabilities you need to grow your business. The right partner will be invested in your success and have a strong work ethic.
A good partner will also have the financial security to help your business thrive. You don’t want to go into a partnership with someone who has been recently out of work or who is struggling financially.
References
Choosing business partners is a big decision, and it’s important to check references before making a final decision. Reference checks can provide valuable insight into a person’s work history and how they would fit in with the company they work for.
Trial Runs
Before you make a commitment to partner with someone, take the time to do your homework. This may be as simple as asking for a coffee or lunch date to talk shop about your ideas and plans. It can also include a more involved process, such as having them shadow you in your office or on the job for a few weeks or months. Regardless of the approach you take, it will probably pay off in the long run. After all, you’re investing in this person, and the last thing you want is to find out he or she is not a good fit for your business in the end.
Business Plans
Before you choose a business partner, it’s always best to ask them for a business plan. This can help you find out whether they have the knowledge, skills and experience that you need to operate your business successfully.
A business plan is a document that describes your company’s goals, strategies and plans to achieve them. It should also explain your business structure, describe the industry and market you will be entering and include financial projections.