7 Steps to Find the Perfect Business
New Year's resolution for your business? What are the things you want
to accomplish in the coming year?
A partnership is like a marriage in important ways,
like requiring a high level of trust and the fact that not anyone will do.
And, as in marriages, divorce is common; in fact it is more so in
partnerships. Since the divorce rate is running at 40% in Canada, you should
proceed carefully in taking an important business risk.
Bill Gates once said,
“Our success has really been based on partnerships from the very beginning.”
Partnerships are that important, whether your company becomes a
multi-billion-dollar corporation or remains a smaller, yet successful
venture. Choosing the right business partner can make a world of difference,
so you have to do all you can to increase your chances of making a
Keep these tips in mind
for choosing the right business partner if you want your business to grow
and be successful:
1. Know Yourself.
the most important due diligence to be done, involves yourself. "Get your
spouse or your friends to tell you whether you're good partner material."
Go into the
partnership knowing your own strengths and weaknesses, and seek a partner
that compliments these. That way, all bases are covered and you won’t leave
2. Date Before You Marry.
We are all creatures of
habit. How we act in one situation is how we tend to act in all
others. Get to know your business partner outside of work, and take your
time getting to know them. Do they cheat at golf? This could be a sign that
they may cheat in business, as well. Do they help friends in need? If
so, they may be the ideal partner to lead customer service.
3. Define Goals.
It is important to make
sure that you and your partner have the same goals, beyond the money aspect.
Yes, getting rich is almost always part of the equation, and that is great.
But you also need to have a common mission that you both are excited about.
Determine what gets you both pumped up about the future.
What competing priorities are there in each
other’s lives that could impact the level of commitment towards the common
goal? Someone that will work nights and weekends day in and day out may
experience conflict with a partner that shuts his work down at 5pm to have
dinner with her/ his family. The partner may feel that the other partner is
not carrying his or her own weight. However, the difference does not
necessarily have to be a situation that adversely affects the partnership.
Although beneficial to have high levels of commitment, partners do not need
to share the same work schedule to affect a successful partnership. At a
minimum, the partners need to communicate what their level of commitment is
for the venture so that there is mutual understanding and no animosity.
5. Take a Trial Run.
form a partnership that automatically dissolves after a certain amount of
time or if certain expectations are not met. Hire a lawyer to define
parameters that both partners need to adhere to. Marriages have prenuptial
agreements, and business partnerships can, too.
6. Get References.
references from past clients, vendors and, ideally, from some past business
partners. Give them a call and feel them out, to see what their attitude is
toward the person you are considering.
This area is usually the most critical factor that affects the partner
relationship. Often partnerships are formed around an innovation, idea or
concept and in the rush to bring that spark of excitement to fruition people
forget to stop and figure out what their philosophies about work are.
their own set of values, but some are more self-aware than others. What are
your top values and just how committed are you to those values? Everyone
typically agrees that certain values are important, but if you had to narrow
down your list of top values to one, which value would you choose? Is it
only the money? How you treat clients? How important are deadlines? Are you
pro-active and interested in learning on the job/expanding your horizons?
share common values and live by them to engender mutual respect.
finding that second person to help build your business idea into the next
household name is no easy task. A good business partner shares your vision
and enthusiasm, bringing expertise in the areas in which you are
inexperienced. Choosing the right business partner is not only crucial to
the future success of the company, but is important to your personal life,
as well. Like other entrepreneurs, you wanted to go into business in order
to be happier. Choose the wrong business partner and your life can turn into
a stress-inducing nightmare. Team up with the right one and your company may
experience growth worthy of the cover of a magazine
© Regelle Partners Inc. 2014