There are many people out there who could potentially be good business partners for you. So, try to keep your mind open to that rather than rushing into business with someone just because you already know them or it seems easy.
Here are some qualities to look for when searching for a partner:
Reliability and commitment
You want someone you can rely on. Someone who will do what they say they will do and not need you to chase them up. Think about how long you want them to be around and involved for. Someone who is known as a brilliant start-up entrepreneur may be great to get you off the ground, but they might soon get bored and want to move on. That’s fine as long as you realize this, as you can then discuss how you would manage their exit and include clauses in your agreement about this.
Skillset and knowledge
You and your best friend might have always talked about setting up a business together. That does not mean they are the right choice for this business venture. Instead, you might need someone who has a different skillset or knowledge from theirs.
Shared values
Values are important to a business and its customers. Maybe someone you met at a local networking event has the contacts and skills you need to make your business a success. But if their values are completely different from yours, then it might not work. For example, if you are keen to minimize the business’s impact on the environment, you probably don’t want to go into business with someone who has no qualms about polluting if it increases profits.
To cement your relationship, be sure to create an appropriate partnership document and do not be afraid to ask for legal guidance to do so.