Starting a new business is going to be one hell of an adventure and there’s no doubt that it’s going to be a challenging road to success so it’s vital that you’re choosing the right business partner to join you if you decide to have a partner.
Business ventures can be done solo but takes a tremendous amount of dedication, time, money, and self-learning to be able to handle every aspects of your business. Hence, people may decide to do a joint venture with a partner to help lessen the load and work together to cut down on time and cost. There’s no doubt that choosing the right business partner isn’t easy, and just because they’re enthusiastic about the project doesn’t mean they’re going to be the right ones to work with.
Below are some tips on how to spot the right business partner and how to truly gauge their commitment when venturing your new business together.
You and your partner should be on the same page when it comes to the vision for the company and long term goals as well as work ethics that you two expect out of each other. Before you even consider having them a partner, be sure to discuss these questions and come to an agreement and understanding so you two will know exactly what you expect from each other from the get-go.
These are simple questions to set the foundations to any business venture and should be discussed in the beginning to gauge your partners interest with your own. With a clear understanding of the questions above it should help eliminate any questions you have as far as expectations and goals towards the company and should help you better understand what the both of you are working for, hence, a better understanding in yourself if you want to continue with your partner or not.
Starting a new business with a partner has its pros and cons but the most important aspect in any joint venture is your partners ability to contribute to new ideas as well as their ability to motivate, push, and challenge you throughout the whole venture. A real partner should be doing half the thinking with you and not sitting around waiting for orders to come in. This is where the minion term comes in because you’re simply doing all the brain work while your buddy waits idly in the back until you have something for him to do.
Now some people are comfortable with that, but ask anyone who’s ever done a start up and they’ll tell you that the initial business planning, strategizing, and brain-storming is no doubt the most exhausting part of any business. With that being said, don’t just sit and plan everything out on your own. When in a joint venture, you need to make sure that your partner is also giving ideas as well as following up and initiating on their own without you having to ask. This alone will set your business up for success as well as comfort knowing that your partner is in it as much as you are. After all, if you’re fine with someone waiting around to do what you’re told then simply hire him out on contract pay so all profits will go to you.
So you have a partner and not a minion, great! You’ve done the initial brain storming and planning so now you’re ready to take action in getting everything up and running. The next thing to look towards is making sure that your partner is able to pull their own weight when it comes time to getting shit done. Many new entrepreneurs have the tendency to idle after a certain amount of time has passed and like taking up a new hobby, people are generally very enthusiastic when starting a new business but can cut back due to laziness and/or time commitment. Some of us has had “partners” that simply didn’t deliver on what they’ve promised and was either:
A) Unresponsive, hard to get a hold of, or never gives updates
B) Lazy & never completed their portion
C) Didn’t feel comfortable with what they’re doing
D) Too busy with their personal lives and job / got too much shit going on that they’re distracted and not fully committed
Or E) Any combination or all of the above
You can bet that we cut those people before they wasted our time and you should too if you start to experience one of those above. The last thing you would want is for you to do all the work and for others to bank off of it by not putting as much into it as you are. And if that’s the case and you’re fine with it then you should start looking into lowering your partners share to compensate for the amount of work you’re pulling in compared to them. You’re choosing the right business partner here, not letting them choose you.
When it comes to choosing the right business partner, don’t jump on board with someone just because they’re just as excited as you are to start a new business. You need to make sure that you understand what the both of you are working towards and how much commitment the both of you will put in otherwise you’ll easily see how annoyed and troublesome it will be months into the venture. Starting a new business is no joke and takes a lot more time than you will think so be sure that you jump on board with the right person.