Have you ever thought how awesome it would be to start up a business with your best friend? Or to go into partnership with your spouse? While these arrangements can work well, it is very important to analyse those relationships thoroughly before embarking on any business relationship. Here are some things to consider:
- 1.Can you communicate well? You need to ensure that you can talk openly and honestly with your potential partner. Any communication issues that exist outside the business relationship will be massively magnified when you are working side by side. When (not if!) issues arise, you will both need the ability to have frank conversations without egos being bruised.
- 2.Do your values clash? You may have different personal values to your potential business partner, and for many of those values, this may not be an issue. But it is important to ascertain core values from the outset, as those values will influence your actions and decisions. If your business partner has a value that is in complete opposition to yours, you both need to decide if that will be a deal breaker.
- 3.Do your goals align? If your partner’s goal is to work part time and create some extra ‘pocket money’, while your goal is to create a company that will eventually be listed on the stock exchange, you may want to have a re-think. Although your goals may not be as extremely different as this example, it is still imperative that you have identical (or very similar) goals for your business venture. You goals should (and will) determine the direction you take and the decisions you make. If those goals are not the same for both of you, it will make your ability to progress very difficult, if not impossible.
- 4.Do your skill sets and personalities complement one another? If you are both ‘creative’ and avoid spending time on details, you will immediately have gaps in your operations and processes. If you both hate sales, you will soon come to a stalemate. As time progresses, and your business builds, you can add various skill sets to your team. But to start with, it is wise to choose a partner who can balance your weaknesses, and vice versa.