Entrepreneurs often get a reputation for single-handedly trying to take on the business world. But the truth is, this isn’t always the right approach for everyone. For example, in the early days of your business, you might feel like you’re trying to juggle far too many responsibilities, and it can leave you questioning your decision to start your own company.
However, there is a solution. If you don’t want to take on the business world alone, you don’t have to. So why not consider getting yourself a business partner?
Having a partner on board means you can share the workload and give you someone to bounce ideas off of. Not only this, but they’ll bring additional skills and passion to your business.
But how do you go about finding the right business partner? After all, you want someone you can form a great relationship with and someone you trust with your business.
The good news is, there are several places you can look when hoping to find and hire a business partner.
In this guide, Irish Parcels look at the different places you might find a new partner and how to go about hiring them and getting them on board with your business.
Read on to find out more.
Consider your coworkers
An excellent place to start looking for a business partner is your network of coworkers (both past and present), and there are several reasons for this. Firstly, it’s a convenient way to start looking for a partner you already know and have already worked with. Plus you’ll have a good idea of their working style and ethic. You’ll already know if they’re hard-working, reliable, and trustworthy, and you know if they’re punctual and positive – all essential traits in a business partner.
Not to mention this gives you a huge advantage over picking a partner that you’ve never worked with before as you’ll have a good idea of how well the two of you work together, and you know you’ll get along during the working day.
Once you’ve decided which coworker you’d most like to work with, you can approach them about coming on board with your business. As this may require them to leave or take time away from their current job, you need to explain why your proposal is worthwhile and iron out any concerns or queries.
Join forces with a good friend
Though it is often controversial and some experts would advise against it, working with a good friend seems to be one of the most common ways to find a business partner. This is because close friends naturally find it easier to work together, share ideas and be open with each other; this is particularly true if a problem arises as you can trust one another to give honest feedback and talk any issues through to reach an amicable solution.
Not only this, but we are often friends with people that share similar interests to us. Therefore, it is likely that they, too, will be passionate about your business idea. And again, you should already have a good idea of their skill sets and how this complements your own. And to a certain extent, you’ll know what type of worker they are because even if you haven’t worked with them in the past, you’ll have heard them talk about their jobs during your private conversations.
But if you choose to approach a friend about running a business together, you need to make sure that you’re both on the same page and discuss any concerns before going ahead.
Take advantage of your network (and continue to grow it)
Networking is essential in any career, but it’s crucial when you’re a business owner. By tapping into your network, you could find the ideal business partner – someone you might not have considered before.
And the great news is, you can build and utilize your network both online and in person. For example, sites like LinkedIn allow you to connect with like-minded professionals and others in your industry. Alternatively, you could attend in-person industry events and have meaningful conversations with people face-to-face.
By embracing and growing your network, you never know when the perfect opportunity will arise. It’s also a good idea to consider joining groups within your industry, a place where people share updates on their businesses as well as industry news. These groups can often be found online, again through sites like LinkedIn. These are also spaces where people share job opportunities, perhaps are actively searching for a business partner themselves, or they’re just looking for their next exciting career move.
What’s more, by joining relevant groups, you can select those that are specific to your niche, as well as those that are local to the area you live in.
Keep it in the family.
Following on from the above, if a friend doesn’t seem like the right fit, perhaps you should consider keeping the business within your family. Maybe a sibling or close cousin could be a good match. After all, you were raised in the same family, which usually means you have the same (or very similar) values, and if you grew up together, you know them better than anyone.
And much like working with friends, it’s much easier to be open and honest with a close relative. This, of course, can be both positive and negative, but often we find it easier to conclude with family as we have a different understanding and bond, and we can be more honest with them.
Tips to remember when hiring
Finally, before you settle on your new business partner, it’s worth keeping these tips in mind:
- Make sure you discuss any concerns with your new potential partner before going into business together
- Don’t leave anything to chance; if there is even the smallest concern about a person, it might be best to keep searching
- Make sure your potential partner is as passionate about the project/business as you are
- If you don’t know them very well, speak to past colleagues and employers or check out any reviews left about them on professional sites like LinkedIn. Depending on the nature of your business, you might also wish to look at their portfolio if they have one.
- Make sure to take all proper legal procedures to avoid getting stung if things don’t work out with your new partner.
- And ultimately, make sure you’re both happy with the arrangement before getting serious about the business.
Do this, and you’re more likely to find a business partner that is equally as passionate as you are, has a great work ethic, and, most importantly, that you get along and thrive with.