Before beginning a business together

Getting started in a new business is an exciting time. You may already have someone who has been by your side while you have gotten started or you may be feeling the need to bring someone along so to make your workload easier.

Choosing a partner for your new business can be tricky. While you may feel obligated to choose a certain person who has been a friend and confidant through the early stages, that person may not be best suited for your business and the goals you have. Here's what to consider before creating a formal partnership.

Think about your compatibility working together

It can be difficult to ask for help when you need it. Sometimes it seems like it would be easier to get it done yourself rather than reach out to your partner. If this is the case, think very carefully about the kind of person you want to bring on board.

Being partners means being able to communicate not only about how you want the business to grow and operate, but it also means being able to reach out to each other about your workload and what you need to keep the business going.

Consider how much initiative your partner has. Delegating becomes even more difficult when you have to tell your partner what to do at every step. You want to make sure you choose a partner who understands the business and the goals well enough to be able to figure out what comes next.

Choose someone who can be honest with you

Choosing a partner is more about compatibility than agreeing on everything. While it may be nice to have someone, who thinks that all of your ideas are amazing, it is far more important to have someone who can see problems from a different perspective and tell you an alternative solution.

Choose someone you trust

Once you form a partnership, you will be as responsible for your partner's actions as you would be for your own. That means that if, for example, your partner decides to apply for credit on behalf of the business, you could be on the hook for anything your partner buys on credit for the business.

Make sure that the partner you choose is someone who will be able to make wise decisions for your business. Even if you do not always agree on those decisions, your partner should be someone who you know will act in the best interest of the business.

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