You get the ideas, imply, and start working in that. Starting a business might be a tough and stressed job but once you get established successfully. Your idea and stratifies takes the business whole new level. You are now at the position in which you realize that without having a business partner you can’t run all the things on your own. So, the second thing which is tough is to find the right guy who has the same thoughts and strength to take the business whole new level. Everyone thinks that they can run all the things on their own but to make more successful businesses need to combine their skill and strength.
Although entering in business partnership the first thing you need to keep in mind is that partners should not have different ideas and thoughts about how to run a business or aren’t able to do work effectively, then it can be the reason for failing in business.
Before making the business partnership these following questions must be asked to your partner or should have checked:
- Both must have the same vision for the company?
Yes, the first question is do you have the same thought and ideas for the organization on which your company growth depends. It is important to question to ask your partner. Compatibility must be a presence in between both partners which is required for the company’s goodwill too and helps to grow in a competitive market.
- Know your strength and weakness of both?
Well, the next thing you must to do is to find strength and weakness. One of the best things by having a business partner is that each partner can contribute the different- different strengths and skillsets into the business. Maybe you are an expert in sales and marketing but you are not an expert in business operation then your partner will save you here because he is an expert in that. Both partners need each other support and skill will help the business growth.
- Willing to Equally contribution to the organization?
May be or maybe not true but all the business partnerships are not started by contributing 50% of the capital. But most of the business owners determine the equality based on the contribution of the money at its formation. The first thing to do is to make proper documentation of each and every contribution, so there will be no disagreement in the future.
- How much time are you willing to give to the organization?
At the beginning of the business., it requires a lot of time and attention of you and your partner because, in a business, it is so important to spend much time on the organization is just as important as capital.
- How will you manage the conflicts, issues or trying circumstances?
However, it is clear that both partners have equal authority unless you precondition otherwise in between your partnership agreement. If your partner doesn’t have enough courage or the potential to handle the hard situation well, it could take the business to the danger.
- Do both agree to put it in write condition?
For the best thing and wants to save yourself from any threat to the partnership in the future, make sure all the terms and conditions should be in written and outline all the critical areas of the organization. It can help both of you to avoid all the conflicts and misunderstanding in between.
- What are your values?
It can be possible that your values are not the same as your partner, what matters the most is that they must have coordinate with each other. If you want to know about someone’s value ask them how they deal with stress and conflicts. This will help you to know about the persons that how he work under pressure or how they deal with potential obstacles in the future.
- Reveal your expectations related to organization?
While making an offer for a business partner it is necessary to know about your business partner’s expectation. Get to know their interests related to what kind of role he/she wants to take on, or how do they want to involve. The last thing but not the last is how long they willing to work with the company.
- Is your partner a trustworthy person?
Trust is the most common and important factor for any kind of relationship, it is not like that the only business partnership required it. It must have to ensure in between partners to avoid any potential problem.
- Create exit strategies?
No matter how good your idea or planned or how good is your partnership relation, anything can happen unexpectedly which causes your partner to want to exit. So, create an exit plan to avoid any circumstances and to avoid any effect of this to the business.
Ask these above mention questions from your partner or discuss with your partner which is selected by you to deal with problems and issues in the future.