5 Tips to Choosing the Right Business Partner

business partnerAre you considering going into business with a business partner?

Most people that start a business partnership together typically have something in common. They might be friends, members of the family or just business associates. Maybe they worked together at some point in time at another company.

With friends or family members you know more about these individuals then you do someone else who is a business associate or co-worker. So how do you really know that you are making the right choice when considering going into a business partnership with someone else?

Having gone through this process myself, several times, I have come up with a list of items or characteristics that I look for in a business partner before I make a decision on partnering up with this individual in business. In this article I am going to share 5 tips on my list when it comes to looking for a business partner.

5 Tips to Choosing the Right Business Partner

Tip #1 – Business Partners Lifestyle

Galen Morgigno Business PartnerWhat is your possible partners lifestyle like? Are they frugal or do they spend frivolously? The frugal individual is more likely to be a better business partner because they are more grounded than someone who is flashy. Beware of individuals that live pay check to pay check.

Tip #2 – Money to Start a Business Partnership

As with every new business there are start up costs involved to get the business going. Typically, with small start up companies the members or owners of the company will fund the start up costs involved. If your future business partner does not have half of the start up costs to start the business then beware! You don’t want to start your new venture off on the wrong foot.

Tip #3 – Sales Oriented

In order for a new business to survive you have to have sales. Depending on your business model there are several ways to create sales these days. For most companies creating sales involves some sort of sales calls, cold calling or follow ups on referrals. When evaluating your potential business partners sales abilities you want to find out if they have a sales background. Do they have any experience in sales? This tip alone can save you from several headaches and lost sales down the road.

Tip #4 – Follow Up and Follow Through

We all have heard this before. If you have ever owned a business or a home based business you understand the concept of following up. Following up can be with any aspect of the business. What you should be looking for in a business partner is does the individual follow up on their word.

Tip #5 – The Trust Factor

This is the big one. Can you trust your business partner? If your business partner is an entrepreneur, has business experience and an extensive business resume then it won’t be so hard to trust this individual versus someone who has no business background. This is a hard decision to make. Sometimes it’s best to go with your first gut instinct about your potential business partner.

Business Partner Final Thoughts

Today's Business PartnerStarting a new business isn’t easy and working with a business partner can be even harder. What happens with the start up of a new company all depends on the dynamics of the individuals getting involved together to form the company.

Before you start a business with someone else stop and ask yourself if you have looked at all the characteristics and background of your future potential business partner. It will be worth the effort in the beginning instead of a headache in the end.

Be a good partner and leave a comment below and share this article on choosing the right business partner with your friends on social media!!

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Galen Morgigno

Entrepreneur, Adventurist, Blogger, Jet Skier and Happening Guy.

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