Home » Partners, In Time: Learning How To Form A Special Business Relationship

Partners, In Time: Learning How To Form A Special Business Relationship

Being a small business is tough, being a small business that has no contacts is tougher. When you are on the hunt for a potential business partner or investor or client, it can require a combination of adept marketing and sheer motivation. When you are so low on the pecking order that you don’t even register in the right circles, it’s difficult. But it’s an inevitable part of the journey, finding someone that fits your mold. Here are some tips to get you on the road to finding the right partner.

Start Your Search

Even if you don’t know where to begin, the fact that you are getting started is enough. When you started your business, you had an idea, and you got on with it, the same applies here. In truth, the best business partners are ones that you will not have to look far and wide for, they will be in local area, and this is because trying to communicate with someone over a long distance is incredibly difficult, from the perspective of logistics and the fact is that it can turn into a “long distance relationship” scenario, that when you meet up you may realise that you don’t click together. Which brings me onto the fact that a business partnership is very much like a marriage. You have to work through issues, and there may be problems, but in business, it is better to be logical about the situation and not let emotions get in the way of a good working relationship.

Understand Your Prospective Partners

If you have met them via a business expo, or a trade show, you may already have a feeling about their working styles, and if they complement your skills with their own working practices. If you have a patter for sales and they are great with admin, you have a fine balancing act. Attracting prospective clients via an expo is a wonderful approach in the modern business world, and using the right techniques to stand out at these types of events will get you more attention. So, either by using marketing banners such as selbys branded marquees or you aim to be more personable with people than the standard person who is just sat behind their table looking sullen, it will attract the right people and deflect the wrong people. Once you have whittled down who are potential candidates, start to “date” them over a period of time, around 6 months, to see if you are a good fit for each other.

Be Honest And Seal The Deal

If you do not voice your expectations from the outset, it can lead to resentments and communication breakdowns further down the line. So set up clear boundaries and duties for each of you and know when to let them take the lead, it’s the only way to establish a winning 50/50 partnership. Once you have found the right person, it’s time to go through the legal fine points, such as who owns what percentage of the company, which is an integral part of maintaining a solid foundation in an equal partnership.

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