Starting your own business means you’re not only the owner but also the salesperson, marketer, accountant, and production manager. As your business grows, sharing responsibilities with a partner can build your business momentum.
Places to Look for Business Partners
You have more options than you think for finding a partner. Here are some ideas to consider:
- Co-workers – Current or past associates you’ve worked with can be a good source for business partners. You know their work habits and your compatibility, making it easier to hit-the-ground-running in partnership.
- Friends – Here too, you have the advantage of knowing how you’ll interact with your partner, but experts recommend choosing a friend who brings complementary skills to the relationship.
- Networks – Interacting with others who share your interests can point you toward a good partner. Check out professional associations and online groups for your industry or occupation. You can also find business partners at industry seminars or training courses.
- Family – You’ll have similar work ethics and values with a sibling or relative, which can foster a good partnership. Be aware however, that just as with friends, family relationships can be affected if the business struggles.
Finding the Right Business Partner
Look for a partner with different experiences and skills to enhance the business’ capabilities and balance your strengths and weaknesses. When you and your potential partner begin discussing a partnership, deciding to work together becomes easier if you share similar attitudes in these areas:
- Trust – This area is more apparent if you choose a friend or family member as your business partner. With newer partnerships, opening discussing goals, values, and your relationship fosters trust.
- Boundaries – Clear communication helps establish the expectations you have for each other in the partnership.
- Commitment to Success – Find someone who shares your dedication to building the business. This creates equality in the partnership and a supportive relationship.
Our team at Skybridge Capital and Marketing Group offers the financing expertise and insights you need in a lending partnership. Contact us to find the right financing solutions for your business.