There could be a need
to run a business with one or more people, choosing a business partner can
either be the best or worst decision you ever make. Not knowing who you choose
to do business with well enough can make you have the worst experience ever in
business. Having similar values and understanding one another are stuffs to
consider when choosing someone to do business with. Partnership can result into
bankruptcy, heartbreak and even lawsuit if it takes a bad turn.
Here are some
considerable factors when choosing a business partner.
TRUST: you have to be
sure you trust whoever your partner is with finances and decisions. Any form of
doubt would make you paranoid all through the partnership.
PAST TEST: be sure to
give a potential partner a trial test, know if they are capable of being
trustworthy and if they have the integrity and reputation needed to run a
business with them.
FRIENDSHIP: when
choosing an active partner, make sure it is someone you can talk to and someone
you can correct. Friendship should be separated from business. You could make a
good friend with someone and not be able to run a business with them.
VARIED STRENGTH:
consider someone with strength at things you aint so good at. This would help
balance your work process and make you complement each other.
AGREEMENT: there needs
to be an agreement of what each party’s responsibility is and what is expected
of each partner. Failure to do so can bring about ineffective work process.
CAPITAL: there’s is
also a need for mutual understanding of how the funding and raising of capital
would be and how the profits would be shared.
Consider the following
factors when venturing into a partnership business. This would help avoid
future disappointments and problems with your business and goals.