The first step toward creating a successful business is to choose the right business partner. A wrong choice at this juncture can put the entire enterprise in jeopardy. Starting a business is always difficult, and the survival rate for new businesses is not nearly as high as you likely wish that it was. Having the right partner gives you an edge and helps set you up for future success. It can also help you avoid some difficult legal situations in the future.
So, how do you find this type of partner? Here are a few things to look for:
- Someone who offers a unique skill, preferably something that you do not have on your own. You and your business partner should both complement one another so that the business is strongest when you work together.
- Someone who offers financial stability and who will contribute to the business the same way that you will. While it may not be perfectly equal, be wary of a partner who expects you to take all of the financial risks.
- Someone who shares your vision and your spirit. You do not want someone who isn’t engaged and excited about the company, for instance, or someone who has a very different vision of what the company can become. You need to work together on this.
- Someone who respects you and the values what you bring to the table. An unhealthy relationship can turn toxic as the company grows.
Once you find this person, make sure you understand all of the legal steps you will need to take to launch your new company.