Wondering if you should look for a business partner?
Listen to this mini-episode and learn about what you should do before starting a partnership.
Examples with business partners
It is natural in some situations to start your company with partners or co-founders.
For example, if you have been working on a project with other people, you might decide to create a company together after finding potential customers.
If you are looking for investors for your startup, some of them like to invest in a team rather than a solo-preneur, mainly if the team members have a track record for creating successful companies.
Committing to a business relationship
Before looking for a business partner, make sure that you are clear about why you need one.
You often hear that getting a business partner is like getting married. It is indeed a commitment that you have to think about, with clear arguments in favor of the partnership and what it will bring to your business.
In addition to clarifying why you need a partner, make sure that your partnership can survive the roller coaster life that you will go through with your business.
Your first activity
Before looking for a partner, validate your idea.
Focus your time on clarifying the paid offer that your first clients will be happy to pay for.
This is something that you will still have to do, with or without a partner.
Save time and start testing your idea now. You never know how long it will take to find the right business partner.
Having a clear project and potential customers will also be more attractive than a vague idea, to convince people to partner with you.
Once you validate your idea and get feedback from your first clients, you will also have a clear roadmap on what to do next. For example, you might realize that to grow your company, your next step is to hire employees or contractors.
Know the challenges behind your Why
If you still think that you need a partner versus hiring people on a project basis, list on paper the reasons why you need this partnership:
- Are you dealing with the impostor syndrome: you wonder who you think you are to start your own business?
- Are there skills you feel you don’t have to build a successful company?
- Is it because you can’t find the time to work on your business?
Listing your reasons could help you decide if you starting a business partnership is the only solution to solve your struggles.
Some of your challenges could be handled differently, by hiring external resources such as a virtual assistant, project manager, a contractor or a coach.
6 Questions to ask yourself
If you decide to work with a business partner, here are questions to review before signing for a long term partnership:
- List what you look for in your partner and answer why this person would be a good match for your business
- Are you both aligned in terms of vision for the company?
- How did this person handle tough situations in the past?
- What motivates this person in partnering with you on your business?
- Are you both comfortable with the terms and conditions of the partnership?
- Could you work together on a project first and see how things go?
Action item for this week
List on paper:
- Why you need a partner.
- The pros and cons of working with a partner.
- For each reason why you need a partner, list what you could do instead, as an alternative to finding a partner.
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