Having your own business is a great personal success, but that success can lead to overwhelming duties. Many business owners decide that they need a business partner to help with decisions and financial support for the company. Finding someone to trust as a business partner can be tough, and at times, it can even seem impossible. I personally struggled to look for the right business partner for my company eMerchantBroker.com, but after living through many of the steps below, I found the right person from which we have both built a successful Merchant Processing business.
Decide if you really need a business partner.
While it seems like a good idea to have someone else around to help make decisions, deal with employees, and call customers, it is not always necessary. If your business is barely treading water and cannot afford to take on another person to pay, then you cannot afford a business partner. If you like to micromanage the world around you and have issues with the way others work, then you do not need a business partner.
Find someone who is your opposite
When you work with a business partner, you need to have someone to offset your weaknesses whether it concerns employees or financial dealings. By having someone who can help close the circle, you can focus on your own strengths. This will help the company run smoother.
Make sure the potential partner is stable
You need to make sure that your potential business partner is not only stable mentally health-wise but also financially. While a strong talker and a great resume are good, having someone who is financially stable and can help the business monetarily if need be is even better. While being debt-free is not a requirement, it does help measure the stability of the potential business partner.
Find someone who loves your business as much as you
You need to have a business partner who is as enthusiastic about your business just as you are. You want to find someone who knows what you offer, as well as the benefits of what you offer. If you hire someone based solely upon their resume, they might not know anything about your company, and might just be looking for a paycheck. Look for someone who loves the company as much as you do, if possible.
Someone whom you can trust
While a person can look good on paper and can seem enthusiastic about your business, you need to make sure that you can trust them with everything from a vending machine order to handling thousands of dollars. If you choose the wrong person, not only is your business reputation at stake but so is your own reputation. Choose wisely, and when in doubt go with your “gut” feeling. If something about the person seems not right, then do not choose them to be your business partner.
Choosing a business partner is not a decision to take lightly
The right business partner can help your business soar, and the wrong business partner can make your business plummet. By taking into account the tips above, you are sure to have an easier time with your decision.
Who wrote this article?
Hey, I’m Blair Thomas and I’m an electronic payments entrepreneur and the co-founder of eMerchantBroker.com, proudly the best-reviewed high-risk merchant account company in the country by Top Credit Card Processors. I enjoy hiking, dining, and discovering new music online. When I’m not working in the electronic payments industry, you can find me producing and writing music. Add me and my company to your circles at Google +