By: Diana Smith
Are you planning to start a shared business? Do you already have one, but want to expand it by partnering up? Do you need advice on how to choose a partner?
If you ask yourself these questions, you’re in the right place. Keep on reading to find out the answers to the questions above.
Now, the first thing to think about here is what should the partnership look like. Businesspeople and consultants all over the world agree on this one: it should be a lot like marriage. Without the obvious part.
Here are some of the most important lessons gathered from successful entrepreneurs.
The situation is similar to a romantic relationship because nothing ever happens overnight, especially if you rush it. First of all, you need to look for a person who shares the same interests as you, and who you will be able to work with well. Either try finding a person who’s basically your clone, so you can do the same job with the same abilities and goals, OR let the famous saying opposites attract lead you. This can be even more productive since it often happens that you have amazing ideas, but lack the knowledge and experience someone else has, and vice versa.
Don’t rush it, take your time to get to know the potential partner, and give yourselves the opportunity to try working together to see how it will all look once you start.
Be frank and direct
Like in any solid relationship, honesty and trust are essential. You can’t work with someone you think has a hidden agenda, or with a person that doesn’t trust you. Also, express your thoughts and opinions. It’s bad for any relationship to push everything under the carpet since it will come out eventually, and it’s not going to be pleasant. Only if you are honest and direct from the first day, can you expect productive cooperation.
For a strong business partnership, it’s also essential to always know where you’re going. That’s why you and your partner need to have regular meetings where you will plan and develop your business goals. It’s also smart to think in advance, so you should express all the ideas, suggestions, and proposals as soon as possible. This way, you will have enough time to solve any possible disagreements.
Be a pal
Now, this isn’t a must in every partnership, but being a good person can never hurt. A relationship will definitely be stronger and more interesting if you feel open with each other. Occasional friendly, helpful gestures can mean a lot to people because it’s in human nature to respond positively to someone who cares. For example, if you’re about to have a business meeting, use Encore Corporate Cars service and send a car for your partner. It’s a little gesture, but can show that you respect the other party.
Know when it’s enough
There is potential bad news, of course. Sometimes it can happen that you and your partner decide to end the cooperation and go separate ways. There are many reasons for this, from consecutive failures in business to different future visions. What’s important is not to end it with an unpleasant argument and fuss. Instead, try to agree to disagree, and end it with respect, wishing the best of luck to one another.
As you can see, partnership is essentially like any other relationship. In order for it to work and be a successful one, remember to be smart, set realistic goals that both of you will be able to achieve, and be cooperative and honest.