How to find a business partner

The journey that takes you from conceiving your business idea to having a real business up and running is long and winding. There will be a tremendous amount of work and study ahead of you and you will need to develop the full range of business skills that are required. This is even more so when it comes to innovative or tech businesses where having the right team can make a huge difference.

Talking about start-up teams, it's likely that your business will start out with two or three co-founders sharing a common view and discussing the way forward - from validating your concept to developing a sound business plan to raising finance, and so on.

But the big question here is: how to find a business partner/co-founder in the first place?

If you have ever sought one, you will already know that finding the right one(s) is tough, to say the least, even with today’s widely available social media. In fact, adding to the time, patience and perseverance it normally takes, the current social networks and professional platforms don’t seem to cater specifically for this important stage in your business journey.

This is what a new start up, The Founders Junction, is trying to work on by developing an online platform that helps entrepreneurs connect and find their business partner(s) or co-founder(s).

While The Founders Junction are working on the platform, here are some key criteria to look out for when looking for a co-founder:

1. Have a plan to propose. This doesn’t mean a full business plan complete with financial projections (not at this stage at least), but a rough action plan that tells your prospective business partner what your idea is, your goals and objectives, and how you intend to get there. This will help show that you are committed and have done “your homework”. After all, what you want them to know at this point is that you’ve investigated your idea beyond the surface, and you are serious about it.
2. Look for someone with complementary skills to yours. Yes, the proverb says “if you want something done, do it yourself” but this is only true to a certain extent, after which you will need teammates, not only for sharing tasks and passion but also for enriching the skills to onboard in the business.
3. Do your due diligence. This may sound odd but, unless you already know your prospective business partner well, make sure you check their record of achievements or what they have done. Check any recommendations by third-party, independent people confirming their skills, whether these are technical, communication, or other type of skills.
4. Look for someone with the same level of commitment as you. This may seem a bit obvious but when it comes to making money everyone is in. Sadly, though, before getting there, a lot of work will be needed and if your partners are not as dedicated as you, chances are there will be issues in the future. So, you’d better choose your partner or partners wisely.
5. Give them the time they need to decide. If your prospective business partner truly believes in you and your idea, it won’t take them long before they join in (or decline if they don't). The only thing here is: don’t pester prospects hoping your frequent requests or deadlines will result in a positive outcome. There is nothing worse than feeling under pressure, especially when the decision is so important. Give prospective partners the time they need to consider your offer carefully.

Get more tips and advice from The Founders Junction portal.

Copyright 2023. Featured post by Alessandro Bolasco.