When operating a business, handling many tasks at once can be challenging. A business partner can make the work more bearable by breaking up potential roadblocks. However, finding the right business partner is essential to make the partnership more compatible. Finding the right partner requires the same objectives and complementary skills, which can be helpful in the long run.
Otherwise, it could cause your company to lose revenue and be out of control. Elie Y. Katz, president and CEO of National Retail Solutions (NRS), details every step retailers need to take to prevent these stressful situations and what will work best for you as a business owner.
“Finding the right partner can be challenging, but don’t worry; it’s not as difficult as you think,” Katz said. “Here, we’ll walk you through selecting the ideal business partner. Suppose you’re worried about how a partnership would function when responsibilities are shared. In that case, you can always consider the possibility that it might be easier to run the company if someone else took on some responsibilities.”
It is ideal for your partner to complement your skill set. If their skills are identical to yours, they might not bring anything new or worthwhile to the table. If you are, let’s say, an entrepreneur but don’t know how to market your business, this is where your business partner can step in. If they are a marketing expert and know how to market a business, this can benefit you and the company.
“Even though you and your partner have different skill sets, working together allows you to contribute more creativity and ideas to the company,” Katz said. “Another possibility is that your business partner may lack some of your skills. Similarly, you will support your partner in the same manner.”
Making Decisions Together
It’s important to make a team decision when starting a business, such as agreeing on the company’s mission and goals. To have a successful partnership, it is always advisable for both sides to discuss this in advance. “This can help in the future to avoid any disputes along the way. Both sides can always revisit the subject to adjust any goals or missions if there are any issues,” Katz said. “When there may be arguments, it is always important to be patient and to actively listen; otherwise, this could lead to even more arguments and the end of the partnership.”
Regarding long-term goals, you may need to ask yourself what you want to see the business in the next five years. Suppose you want to expand the company to different locations, hire more employees, and build more onto the facility. This should all be explained to your partner before agreeing to the partnership, Katz advised. It would be best if you also asked your partner how they wanted to see the company develop over the following five years. In this manner, you can choose what objectives you both may like to build a bigger and brighter future for the business.
After establishing your long-term objectives, you must choose how you want to staff your store. There are several ways to hire personnel, including social media or online job boards.
“Ask your partner if they would be willing to share the labor of posting on these networks. If you want to attract an older audience, it is advisable to advertise jobs on Facebook and Instagram. If you would like to post on job platforms, Glassdoor, Indeed, LinkedIn, and CareerBuilder are the most popular,” Katz said. “Don’t forget to discuss with your partner the characteristics you are looking for in a potential employee, such as experience, attitude, work ethic, etc. From there, make sure when interviewing to look out for body language and how they answer questions. This can determine if they are the ideal candidate for your company.”
Choosing the Right Partner
Now that you know how beneficial a business partner can be, it’s time to find the right one for the job.
First, you need to network with those in the industry to see whether they are aware of anyone looking for a business partner. Ask them about the person and if they would suggest them. “Make sure you only ask people you trust; otherwise, you can get people who aren’t suitable for the job,” Katz said. “It’s crucial to research the individual they are recommending to you by visiting any social media or other accounts to find out more about them.”
Next, you can always post on job websites if you are unsuccessful in finding anyone in the industry. “The best way to find potential employees is through well-known job websites like Indeed and LinkedIn,” Katz said. “They also have job applications included in the job posting to make it easier for employers. Consider what qualifications, experience, and skills you are searching for before posting. When someone applies, conduct a thorough background check to ensure that they are qualified for the position and avoid hiring someone problematic.”
Last but not least, after posting on social media and job-posting websites, you might check to see if any of your relatives or friends know someone who can help you. It is not advisable to enter into a partnership with a friend or family member, and conflict or severing of relations is probable if the partnership fails. It’s crucial to refrain from bringing personal relationships to work.
“To form a long-lasting partnership, anybody you choose as a business partner must share the same ambition, integrity, values, and goals,” Katz said. “Researching the right partner is not easy, but after reading this article, we are sure you will find that partner in no time.”