5 Questions To Ask Before Getting A Business Partner By Jen Watson

Finding the right business partner can take your business to the next level. A great business partner can bring new knowledge, expertise and skills that help your business flourish. That said, when you’re choosing someone to help run your business, you need to choose carefully.

While a partner can help grow your business, choosing wrong can end up doing more harm than good. To help you make the right choice, below are the 5 most important questions to ask yourself before starting a business with a partner.

Is this person someone you can trust even outside of business matters?

One of the number one traits you should consider when looking for a business partner is trustworthiness. After all, if you can’t trust your business partner to take care of their responsibilities, it’s going to add another layer of difficulty to your job. 

If that’s the case and you feel you have to micromanage your business partner, then that’s not much of a partnership. For this reason, if you feel you can’t trust someone either in a personal or professional context, consider looking elsewhere for a partner. 

Do you both share the same vision and values when it comes to the business?

It’s of the utmost importance that you and your business partner are on the same page. Otherwise, if you are each working toward different goals, your business is going to end up paying for it. 

Furthermore, particularly in the beginning stages of building your business, it’s important to have a unified vision of what you want your business to achieve. If you and your partner have disagreements on what the future of your business should look like, it’s only going to cause conflict and confusion among yourselves and your employees.

In contrast, when you and your partner are able to agree on a vision and values for your company, you will be able to synergize your efforts for faster business success. 

Have you discussed each partner’s preferred communication style and methods for conflict resolution?

A relationship between business partners is a lot like a regular relationship: Communication is key. After all, it’s unlikely that you and your partner are going to agree on every single issue regarding your business. In the case that conflict arises on one of these issues, it’s important to be able to talk things out.

One of the best ways to encourage communication between you and your business partner is to set aside a weekly or daily time where you talk about issues regarding your company. Even if you meet for as little as 10 minutes, creating a habit of communication can be a gamechanger when it comes to running your business.

Have you divvied up responsibilities so everyone knows their role?

When creating a functioning business, everyone should know their role. Who will be doing the marketing? The fulfillment? In the case that someone doesn’t understand what’s expected of them, it can cause confusion and get in the way of day-to-day business activities. 

In contrast, when each partner has a clear role that they fulfill, they don’t have to then use any mental bandwidth to figure out what activity they should do next. Instead they can put all of their energy toward productivity and have the peace of mind knowing that they’re doing what’s expected of them.

Have you discussed how to maintain a healthy relationship outside of the business?

While you don’t have to be best friends with your business partner, you should at least maintain a healthy relationship with them outside of business operations. The healthier your relationship is outside of your business, the better you will be able to function when it’s time to work together professionally. 

To improve your personal relationship with your business partner, try to set aside time for bonding activities. Something as simple as having dinner with one another once a month can be a great way to build rapport.

Conclusion

When you’re searching for a business partner, it’s important to choose carefully. After all, a business partner can make or break your company. For this reason, ask yourself the questions above to determine whether or not someone is the right fit for your business. To learn more about business partnerships, SimplifyLLC has provided the infographic below.