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"How To Look For Business Partners: Do’s and Don’ts"

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In our previous article, we have discussed the advantages and disadvantages of having partners in a business. You might have decided that you'll need a partner to maximize your business's potential, but what to do when you don't have a suitable candidate for the job?

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Here are some things you might want to try to find your suitable business partners:

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1. Family First

There are always pros and cons of partnering with a family member. However, partnering with a family member that shares similar values and missions could be very beneficial.

Having similar values can encourage both partners to work harder, take risks, and sacrifice to achieve a mission.

When in doubt, share your business idea with family first, you'll never know what kinds of supports they will give.

2. Find Diversity In Talents

One of the main benefits of having partners is that they can cover you on expertise and skills you are not so proficient in, so it could be the first thing to look for.

For example, if you are weak in sales, find a friend or family with experience in it. Share your ideas and goals, and see if they share the same approach.

3. Financial

Remember than sharing the equity of a business will involve money, and the financial background of your partner is an important factor to look at.

No matter how passionate and skillful a person is, having a financial trouble will disrupt their contribution to the business.

When necessary, you can first help them solve their financial trouble first before embarking on a business venture. However, most of the time, people with bad financial backgrounds such as a known gambling addict, having a tendency to be in bad debts, etc. are a big no.

4. Go Online

There are many dedicated partner finding sites, as well as diverse options of social media where you can find suitable partners. LinkedIn is an obvious choice, so is the dedicated online business partner finding site PartnerUp.

There are also many online business communities where you can share your ideas, get feedbacks, and find potential partners.

5. Your Own Community

If you belong to communities such as church, sports club, or a niche community, it will also be a good place to search for partners.

By being in the same community, you already shared a common interest, and it will usually be easier to extend that interest to a business venture.

Bottom Line

The most important things you will need to consider when looking for business partners are whether you can trust them and whether they share similar values. Remember any partnerships are prone to conflicts and possible breakups, and you wouldn't want to add an additional headache to an already stressful business venture.

Also, remember to be clear when sharing your ideas, values, and goals, as it will be better for them to understand whether they can commit to that idea or goal.

If finding suitable partners are too hard, don't forget that going solo is always an option, and have its own benefits.