It’s easy to imagine your potential business partner offering you all that you are looking for, but there are both upsides and downsides to having a business partner. If you’re considering partnering up with someone on your business then there are some things that you should know.

1. Having a business partner has it advantages and disadvantages.

One of the main benefits of a partnership is that you’re spreading the risk. There’s benefits impacting what you can do together. Whether it’s bring more money, knowledge or contact to the companies tables.You may know 40 percent of what there is to know about an industry, but a good partner will fill in the blanks.

Then there are all the things that can go wrong with a partnership. For one, you’re splitting the money. If you’re in business for yourself, you answer to yourself. But in a partnership you have to ask, ‘Who makes the decisions? What if you disagree? What if you both want different things?’ It may take more work in a partnership but there may be more reward. It is advised to make a clear (legal if need be) agreement on how the partnership will work before you both agree to the deal. This can ease up any future disagreements.

2.Find a Partner Who Is the Yin to Your Yang.

The key to a good partnership is having a partner whose strengths address your weaknesses. You don’t want two people who are really good at marketing, but no one knows finance. Balance it so the two of you can be the strongest single business. If you’re somebody who likes to work 24/7 and your partner likes to go golfing at noon, that partnership is doomed. You need to agree on work ethic and goals.

3. Agree to make an Agreement

Put as much as you can on paper, but you have to be flexible. One of the key success traits of any business owner, whether in a partnership or not, is flexibility. When you start a business, things are going to change all the time. It’s not like you have to change a document every time, but if one partner is going to be in charge of bringing in the business, and the other partner is expected to carry out the business, all of that should be spelled out up front.That way both partners know where they stand and what is expected of them.

4. There business is your business

You should treat a potential partner as if you’re hiring somebody. Talk to former co-workers or people who have been in business situations with them. Chances are, if they have had a good relationship with them, they will be glad to tell you that. And if it was a bad relationship, they will be even happier to tell you about it. The Internet is wonderful for researching people without them knowing. Check out their LinkedIn page. Maybe you have clients in common. Make sure they are who they say they are.

Note: Corporate giants Ebay.com grew massively when Meg Whitman joined the company in 1996.

Looking for business partner? Advertise your partnership opportunity for FREE with us today.