Last editedApr 20222 min read
Running any kind of business is hard work, and that’s just one reason why you might want to find a business partner. As your business grows, the load carried by the person at the top – namely you – can become too heavy. Trying to do too much can lead to things being done in an inefficient manner. If you find a business partner, on the other hand, you’ll be able to draw on the input and expertise of another party while sharing the load. This only applies if you choose the right person, so it’s vital you understand how to find a business partner.
1. Establish trust and a good working relationship
When you find a business partner, you have to be certain you choose someone you can trust and get on with. Trust may seem obvious, but it takes time to establish, and that means choosing a business partner you’ve already had dealings with. A good working and personal relationship is important because entering into a business partnership means spending lots of time together, often under a degree of stress. Unless you’re good friends, stress of this kind could wreck the partnership.
2. Look in your social circle
In some cases you’ll want to find a business partner with a highly specific set of skills. However, sometimes the most important thing is to find a business partner with shared ideas and values. Often the easiest place to find someone like this is in your immediate social circle. Your friends and family are the people you know better than anyone else – people you can be certain you can trust and work with. The risk involved is that if the business fails, it could end the friendship.
If nobody you know socially fits the bill when you try to find a business partner, think about your professional associates. Employees will already know the business and have a grasp of your future plans. Alternatively, you may have been impressed with the approach and skill set of someone you’ve done business with in the past and feel they would dovetail nicely with your approach.
There are also formal networking events organised across the UK by the Federation of Small Businesses. The advantage of events like this – which are also organised by local Chambers of Commerce – is that everyone attending is often interested in partnering with other businesses. Always bear in mind that every contact you make will help create further contacts, widening the pool of talent.
4. Complementary skills
When you try to find a business partner, look for someone who’ll bring skills you might lack. You may have a firm grasp of the technical side of your business, for example, but a poor understanding of marketing and sales. A business partner with skill and experience in this area could be the perfect fit, and when you find a business partner who can handle aspects of the work you struggle with, your focus on what you are able to do well will instantly improve.
5. Look beyond your own industry
You are far more likely to find a business partner with differing skills and experience if you look beyond your own industry. If you can cope easily with most aspects of your business but struggle with organising the finances, then someone with expertise in accounting could be the ideal business partner, for example.
We can help
If you’re interested in finding out more about finding a reliable business partner, then get in touch with our financial experts. Discover how GoCardless can help you with ad hoc payments or recurring payments.