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What makes a good business partner?

On Behalf of | Apr 12, 2023 | Business Formation & Planning

Have you considered forming a business partnership? A business partnership could give you many opportunities that your business has previously not had.

However, anyone can be your business partner, but that doesn’t mean anyone should be. You should be careful who you pick to run your business alongside you. Here’s what you should look for:

Communication is key

Possibly, the single greatest thing to have with a business partner is good communication. It’s frequently said that communication is essential for any kind of long-term relationship, especially with a business partner who may handle finances and client relationships. It benefits you and your business partner to be constantly informed and transparent.

One way people ensure that communication is smooth with their business partners is by planning out regular meetings or reports. This ensures that no one is in the dark, metaphorically speaking, when a transaction or interaction is made. Once one person is left out of the loop, then a business can swiftly fall apart.

They are a vital asset

Many people start business partnerships because their partner provides something that the business previously lacked. Essentially, the business partner you may be looking for should improve the business like never before.

One example of a partner who is a vital asset is someone who has previously run a business. If this is the first time you’re running a business, then having someone who has experience running a business and insider knowledge, which may be able to guide you through the roughest parts. 

Another thing your partner may be able to bring to the table is their knowledge. You may only have a finite amount of knowledge on social media and advertising, for example. Your business partner may be able to provide their knowledge and create an advertising team that would boost your business’s notoriety. 

Getting started

Once you’ve found the right person to help run your business, you don’t want to immediately agree to a partnership only to regret it months later. To ensure your business is safe from conflict, you may need to learn about your legal options