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Tips for finding the right business partner
January 11, 2022
If you’re forming a business and you’re not going to be a sole proprietor, where you just create the company on your own, you may decide to work with a business partner. The two of you have to set this up together as co-owners.
Not only do you need to know what legal steps to take to do this, but you also need to know how to find the right business partner. Below are a few things that you should look for in your search:
Someone who is willing to do their fair share of the work
You must have a business partner who is just as invested as you and who puts in the same amount of work. If there is a difference in the amount of work that you do, but you both receive the same income, it can cause a lot of problems down the line.
Someone whose skills and abilities are different than yours
You probably do want to find someone that you get along with and you can work with easily, but you also want them to be a bit different than you. The business is stronger if you have certain skills that they lack and they have certain skills that you lack. If you have the same exact skills and there’s too much overlap, then the business may have some gaps.
Someone who has the same vision that you do
Ultimately, you also need to be working toward the same vision. It doesn’t matter if that vision is being a local shop or expanding to be an international company or something else entirely. You just need to make sure that you’re not too far apart so that you’re working together, not against one another.
When you and your business partner decide that you’re the right fit, then it’s time to look into the legal steps to take to form your company.