There are a lot of components to creating a successful business. If one falls, there’s the possibility of the whole business crumbling down. That’s why it’s incredibly important that a business stays cautious throughout every decision they make. Choosing the right business partner is far from an exception either. Business partners need to have similar ideas, there can’t have conflicting personalities or beliefs.
There are more than enough stories in the business world of businesses just failing all due to partners having bad relationships and just clashing too much. So, how can this be avoided? How can conflicts and potential failure be avoided? Well, it’s not easy. There may always be clashing when it comes to relationships. But one way to tone it down would be to put some of these considerations in mind before bringing on a business partner.
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Friendship
This consideration can be considered one of those double-edged swords. You need to be able to get along with this potential business partner, but you also need to be able to separate friends from business. Getting a friend onboard could damage the friendship beyond repair, and personal problems will only complicate the professional life of the business. But at the same time, you need to be able to like and trust your business partner too. It can be tough to find the right balance.
Trust
You’re going to have to trust your business partner, they’ll be making very important decisions in the business, including money management. Can you trust this person with your own personal bank account? If not, then look for someone else.
Accountability
Are they accountable for their own actions? Do they know and realize when they made a mistake? Do they know to not blame others for their mistake? Accountability often gets overlooked but you need to trust them that they’ll hold on to the end of their bargain and will own up to their decisions. You need to find the right merchant account for your CBD business and this can be tough. But you’ll need to remember these qualities and considerations when searching for the right person.
What are their strengths?
What are some specific qualities that you’re wanting in a business partner? Business partners need to complement each other. Are there qualities you’re missing that you’d like for someone else to have? You need to make sure that you and your partner’s strengths are in different areas. Such as one being good at sales and the other be good at marketing. If you’re wondering why you’re not gaining followers on Instagram then marketing should be their strong suit so they can help you out.
The responsibilities need to be balanced
Both the parties have to agree how they’ll manage responsibilities. They need to stick to them, and try to do what they specialize in as well. Neither person should try to take over the other person’s task. When it comes to partnerships, things need to be even. If they’re not even, resentment and tension will begin to build. Once this happens, it’s only going to go downhill for the business.
Consider having a trial run
Be open to having a trial run, this could be something such as for a week or up to three weeks, it’s highly recommended to not push more than that until you’re certain this could be the right partner. Having a trial run is going to give you a better idea of their personality, whether or not they’re a team player, how they’ll act in difficult situations, and so much more.
Money
How will both of you be paid? Money is a major issue for partnerships and it’s one of the biggest reasons why partnerships fail! You’ll need to have agreements and contracts at the very beginning, as this is going to be the optimal way to settle all of this. You can formulate contracts through a business or corporate lawyer but even hire a consultant to help you out through all of this. While it can be very difficult and even downright confusing to manage, having the right professionals around to help will make all the difference.
Don’t forget about the contract
There needs to be some type of formula that will be put into place for this potential partner. Will there be any valuations? What about a contract? What if they decide to leave eventually while they’re on board as a partner? You’ll need to consider some type of a bye/ sell agreement. This is going to be useful discussing over, plus there are various possibilities for these types of contracts.
