There are many good reasons to enter a business partnership with someone. Yet, like any relationship between two people, there is a fair chance that things will not work out.
While it is unlikely that the pheromones and hormones that can cloud people’s judgment when choosing romantic partners are an issue, assessing potential business partners can still be challenging.
Here are a few questions you can use to help you decide if this is the right one for you:
Why do you want a business partner?
What do you lack? Could you get it some other way? Maybe you could find an employee to complete your knowledge gaps. Perhaps you could take a course to learn. If it is money you need, maybe consider a loan.
Why do you want this particular partner?
There are around eight billion people in the world. What if there was someone even more suitable than the one in front of you? Is this person “the one,” or are they just convenient? Take time to weigh how your talents and temperaments complement each other.
What are you willing to give up?
One of the attractions of running a business is being your own boss. Yet you won’t be if you take on a partner – not completely, at least. If you hated having to explain your actions to your old employer, consider if it will be any easier doing so every time a partner asks you something.
Sharing responsibilities also means sharing profits. If taking on a cohort allows you to double your profits or more, then fine. Otherwise, you need to accept you may not get as much back from your investment as before.
Once you find the right partner, consider legal help to put your relationship into writing. A partnership agreement gives you security if your choice does not work out.