Almost any failed business relationship can be attributable to issues with lack of communication, or with the partners being out of sync in the first place. Finding the right partner is all about locating someone who has the same vision as you, and who is willing to periodically verify that the vision is still the same for both of you.
Here are some tips for finding the ideal business partner to help you achieve your objectives.
Qualities to look for
When you’re searching for a business partner, some of the qualities you should be looking for are things like passion, adaptability, and honesty. The ideal candidate is someone who is passionate about the vision you share, and who is willing to commit himself/herself to it fully. Your ideal partner should also be very adaptable, because in business things can change literally within minutes, and in order to survive all those changes, it’s necessary to be adaptable. Finally, you want an honest person whom you can completely trust, and whose integrity stacks up well compared to your own.
Where to look
The best places to look for business partners are at networking events which are focused on startups, and at co-working spaces, incubators, and accelerators. You may also find a great potential partner on the recommendation of a friend or business acquaintance from your personal network. This in fact, might be the best way to come across a potential partner, because that person has already impressed someone whom you know and trust.
When to look
The timing for taking on a business partner can be just as important as the candidates themselves. One of the best times to seek a business partner is when you’re in the fundraising process, or possibly just before that time. Investors are always interested in seeing a strong team on a startup business, and this is the right time to present a unified front to potential investors. They will also want to know that you have the ability and the technical expertise to promote your business vision, and having a partner who shares this vision with you can be critical to securing the funding you need to kick off your new enterprise.
Looking for a business partner?
Sometimes the most important kind of business partner you have is your financial partner.
If you are in need of funding to take your business to the next level, contact us at Mossberg Strategic Capital, so we can discuss some funding options which may benefit your company.