How to Know if Your New Business Partner Is Right for You

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Going into the business world alone can be quite a difficult task. It is for that reason that many people will look to bring on a partner. While the profits will be split with another person, you are bringing on someone who can help with the work and even utilize their strengths to make the business that much better.

Should you grab anyone from the street however to help you out? There are a few things that you need to consider and look into to ensure that you are getting the best partner possible. Here is how you can tell if your new partner is right for you.

A Clean Record

The first thing that you want to look at with your business partner is that they are clean and free from any databases. Do you want to be bringing in someone who is a convicted felon or has a criminal record? The answer to that is most likely no. So how can you go about finding out if your business partner has a record.

The first thing that you can do is to ask them questions in a contract. Make them sign that they have not been convicted of any crimes. If they have said no to all of those questions, it is now time to take it to the next step. Have your partner provide a criminal record check issued by a police department. This way you can see if they have had any issues with the law. The experts at https://www.dmvrecords.us.org/ also recommend searching them up in a driver database as it will show if they have been convicted of any hit and runs or DUIs. The last thing you want is to bring on someone who has a history of crime.

By taking the time to scan their records and ensure that they have not been involved in any criminal activity, you are putting your business on the right path towards success. If you do bring someone who has been involved with a crime onboard, it can damage your whole company’s reputation.

Trust

With a business partner, you are going to be sharing a bank account. You want to find someone that you know will not dip into it and steal from you. If at any point you doubt their integrity, it is a sign that you should be getting another business partner. Without a layer of trust between you two, you will not be able to do business properly.

Trust

A Good Relationship

The next thing to look at is if you get along with the person. Skills and experience do not mean a thing if you cannot stand working with the person on a daily basis. A lot of successful business partnerships are ones where the leaders have been friends and have worked together. While some partnerships have collapsed, they found success before going their separate ways. If you cannot see yourself enjoying your time with them, maybe you shouldn’t bring them along as a partner.

The next thing to look at in regard to a personal relationship is their lifestyle. You don’t want to be bringing someone in who is going to have a ton of extra baggage. When you are at work, you don’t want someone’s personal life to come in and dominate the environment. Check to see that you are bringing in someone that you know will separate their work and personal life and will not fill the workplace up with drama.

Experience and Skills

One of the most important things that you want to look for in a business partner is their ability to actually conduct business. Look at their credentials and their education. Did they acquire a degree from a reputable university or college? You don’t want to bring someone in who is going to be dead weight.

One of the ways to check for this is to give your partner a trial run within the company. Give them the time to demonstrate their skills and see what they have to offer. Check to see if they have strengths that differ from yours. If you are bringing in someone who does the exact same thing as you, it might not be worth splitting the profits.

Experience also plays a big factor in determining if your partner is going to be right for you and your business. All the education in the world means nothing if the person has not had time to apply it and use it. Check to see where they have worked beforehand and in an interview ask them questions about hands-on experience. A good partner will be able to be strong in areas that you are weak in, and will help you out every step of the way.

A Passion and Drive

Since you have started this business, you feel a large amount of passion and drive towards watching it succeed. Whoever you choose to be your partner should also have this same passion. If they do not, you are most likely carrying someone along for the ride. If things succeed, you now have someone who is taking money from you, if things don’t seem to be working out with the company, they will quickly leave and go elsewhere.

This also will help with dividing responsibilities within the company. Someone who has the same passion as you will look for opportunities to work and will have no problem staying later in order to correct issues. If you have to pull your partner’s teeth in order to get them to work, it is most likely not a good fit for you.

These are all things that you should look for when finding a new partner. If your current partner lacks some of these things, it might be a sign that they are not good for you and your company. While you might be in a rush to find someone to fill the gap, be patient, as the last thing you want to do is fill the position with someone who doesn’t want to be there. A good partner will help take your business to the next level.

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