CHOOSING A BUSINESS PARTNER: FACTORS TO CONSIDER.


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.