Having a business partner is like having a lifelong partner in life. You go through the ups and downs together . You spend most of your time together and you share life’s small victories together .
However, most partnerships end in legal battles and heartbreaks . When starting up your business, as yourself if you really need a business partner, or you can go in alone and employ people.
Should you choose to have a business partner, here are some questions to ask yourself.
1. Do they share your vision for the business?
Do you share the same vision like she does. Does she imagine growing the business to the height that you want? You need a partner as committed as you are to take the business to where you want it to be.
2. What are they bringing to the table?
Business partners need to bring in something different to the business. If you have the talent and the idea, do they have the financial resources. Are they bringing in a set of skills or experience that you don’t have . Business partners need to complement each other for best results
3. What personal baggage does she have
As rude as it sounds, you will soon discover that personal life hinder business growth . She might not be fully committed to the business, if she is always sorting personal issues. You will soon realize that you are carrying the weight of the business alone.
4. How do people think of her?
Is she known as the biggest gossiper in town? Is she the girl in the community who helps people out . Is she involves in charity causes? These qualities of a person will affect how you will get business from people. You will surprised that you are looking for business from people you know. Can they work with her? Do they trust her?
5. How is her financial situation?
We all want a profitable business, but how soon do we want to earn a six figure salary from our businesses? Find out if your partner is paying her mortgage, has a child to support, has loans and other financial obligations. Does she need a salary and how soon into the business.
6. Is she willing to sign a contract
Have a partnership contract to protect both of you, to detail your roles and expectations of each other. Have a business plan and stick to it. Keep in mind, not all business partnerships flourish. Do you have an exit clause. Does she sell the shares to you if she wants to exit?