Career Testing
Career Testing
Career Testing
ENTREPRENEURSHIP / OCT. 06, 2014
version 3, draft 3

How to Find Business Partners

Partnerships are becoming more and more prevalent. In fact, partnerships have grown at a near 6% rate since 2008. Economic times are changing, as entrepreneurs begin to partner up with individuals that share the same mind-set and goals.

There are various benefits when entering a partnership:

  1. Once you join a partnership, you create more equity. This allows businesses to grow in terms of finance, technology, advertising, and marketing. 
  2. Partners can bring unique and beneficial skills to your business. If you have a photography company for instance, your skill set may include all the creative aspects of the business. However, a partner that has marketing and accounting experience will allow you to succeed even more. Each of you can focus on your skill-set, making the business stronger as a whole. 
  3. There’s added support in terms of finances, ideas, resources, and time. For example, you may be able to take some time off when you’re in a partnership. Since that individual is just as invested as you, you can feel comfortable taking some time off.

How to Find Business Partners

If you want to find the right business partner, you will need to put in some time and effort. Unless you have someone specific in mind, you’ll need to go on a little hunt.  

Who Do You Know?

Make a list of all the people in your life that would relate to your business. Now, of those friends and family members, focus on the individuals that would add value. Once selected, ask yourself, do those individuals seem as though they’d be compatible with your business goals and mission?

When looking at people you know, start with your professional circle. Is there someone that you do business with that would make a great addition to your vision? Tell some of your closest friends and family members that you’re looking for a partner. They may have someone in mind for you.

 Look Into the Industry

Although finding someone you know is ideal in terms of time and effort, you will more than likely need to venture out into the industry. Have you made any contacts through various organizations or companies?

You can look into trade associations or conventions that bring together large groups of people. This will require you to effectively communicate and promote yourself and your business. Take any business cards that interest you, then see where those leads take you. 

Online World

We have access to so many possibilities regarding the Internet. Sure, some sites match up romantic relationships, but this is possible for business as well. Once you fill out certain requirements, you can be matched up with potential partners. 

There are a number of websites such as FindYourBusinessPartner.com. You can look for business partners and investors. There’s also BusinessPartners.com, which also allows you to connect with clients, potential partners, and investors.

Added Tips When Looking For a Business Partner

Finding a partner is a big deal and a big step. Although it can bring you many benefits, it can also hinder your progress if you’re not careful. Here are some tips when you’re on the hunt:

  1. It’s not just about who you want to work with: We all have people in our life that we love to be around. They’re fun, positive, and cheerful. Who you WANT to work with, is not always who you SHOULD work with. You need to find someone that will fill the gaps in terms of your weaknesses. Being around positive people is important, but it’s not necessarily the best move for your business. Just because someone is positive, does not mean that they’re a good fit in terms of business and success. Figure out who will help you execute your ideas and goals, who will build on your personal weaknesses? 
  2. Leave room for their input: If your vision is set in stone and you’re looking for someone to help with logistical details while you’re focusing on more exciting aspects, you need an assistant, not a partner. If you are going to have a partner, they will be equally invested in your mission. You need to leave room for their ideas and input.
  3. Look for your level: Although you want someone with experience, do not look for someone that is miles ahead of you. If you choose someone who is too far below or above your level of expertise, you run the risk of issues occurring. Basically, you need to be on the same page. Are you both hungry for success? Are you equally motivated? If so, perfect. You need to find someone that will be on your level in terms of attitude and experience.

Although finding a business partner can be stressful, don’t rush the process. You need to find someone that will grow with you and your ideas. You also have to be willing to open up and allow new ideas to flow. Once you find the right fit, you’ll know. Don’t settle, especially if you have worked hard to get to where you currently are. 

 

Image: istock

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