A business partner can be a great asset by helping you lighten the heavy load of responsibility and grow faster than going solo. Here’s how to find a partner.
Qualities That Lead to Success
Opening an independent business or buying a franchise is a big decision, both personally and professionally. The idea to partner up may be appealing, since it will allow you to share the rewards of owning and operating a business, as well as the risks and financial responsibilities. A partner can also fill in some of your gaps in knowledge, experience, and skillset, creating more well-rounded leadership. Going about how to find a partner for business requires some key considerations about the essential qualities you’re looking for.
Trust and shared values are essential to any successful partnership. You and your partner will be more likely to agree on your priorities and the direction you want your business to take when sharing some common ground. You’ll be better at communicating, making compromises, and resolving potential disagreements.
You and a partner should also share a clear vision for your new business and what your roles entail. Define that vision and what steps you’ll take to make it a reality. Invest evenly in the success of your business so you’ll have equal amounts of risk and reward. Your partner is more likely to work as hard as you if they have skin in the game.
A partner with a compatible personality and a different yet complementary skillset is also a valuable find. Balancing strengths and weaknesses can create an unstoppable duo.
Where to Find a Business Partner
When exploring how to find a partner for business, knowing where to look is half the battle. There are a variety of places to locate businesspeople like yourself who are also wanting to expand their professional horizons with an entrepreneurial partner.
Current and former co-workers have familiar approaches to communication and execution of business plans. Consider asking people whose work ethics and output you gel with if they might have interest in becoming your business partner.
Network with people who share your interests by attending start-up events and other industry conferences. Build relationships with those who have similar aspirations and with whom you have good rapport. You’ll be speaking a common language.
You can also seek an angel investor or investment group to be your financial partner. Such partners offer money, plus expertise, experience, and access to pertinent contacts to help you get your business off the ground. National and local directories can guide you to an appropriate partnership.
Cons to Consider and How to Avoid Issues
As beneficial as a good partnership can be, there can also be pitfalls and ways to avoid them. There are a few cons to keep in mind when deciding on a partnership.
Reliance on a partner can be stressful. You’re counting on another person to help make your business a success and this can lead to conflict. Some clarity up front can ease this tension. Defining roles and responsibilities will set expectations.
Try not to keep score. Sometimes you’ll do more work than your partner. Sometimes they’ll be the one picking up your slack. The key is balance. Work as a team, acknowledge and value each partner’s contributions.
Family, friends, and spouses do not always make the best business partners. Roles can be ill-defined, with lines blurred between what’s business and what’s personal. Poorly drawn boundaries can lead to hurt feelings and permanently damaged relationships.
Safeguard against all these downsides by drawing up some simple legal documents. A partnership agreement will define how conflicts will be handled and how and when a partnership may be dissolved. Form a common legal entity called a general partnership. This document grants ownership, assets, profits, and liabilities to two or more people. With this type of arrangement, you are legally liable for the actions of your partner so choosing wisely is crucial.
Partnering with Home Franchise Concepts: The Smart Choice
Instead of taking your chances with an independent business partnership, partner with a franchise that is renowned for supporting its owners down the path to success. Home Franchise Concepts’ (HFC) family of proven home service industry franchise brands offers you opportunities for lucrative earnings potential in a recession-resistant market with a clear franchise agreement that lays out mutually beneficial roles and responsibilities.
A strong national brand, HFC’s resources are dedicated to franchise owners’ success. We provide people from all walks of life the chance to own their own businesses. Our world class support includes training, marketing, technology, operational support, as well as partner and community relationships. Our executive team has decades of experience and is a constant source of support, stability, and leadership. Submit a contact form to learn more about how to partner with the HFC family of brands as a franchise business owner.