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Step 1
Ensure you really want to work with and have the personality to work with someone else. When you have a partnership, you will share the responsibilities of the business, but you will also have to be willing to give and take when it comes to making business decisions with your partner.
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Step 2
Write a detailed job description. Approach finding a business partner as you would when hiring an employee by identifying the responsibilities your partner will have in the business.
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Step 3
Identify your weaknesses. By identifying your weaknesses, you will better be able to determine what areas of your business will be weak and, in turn, what strengths you will need in a prospective business partner.
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Step 4
Create a list of characteristics you want in your ideal business partner. Using your list of weaknesses, write down the strengths, in addition to the characteristics, that your ideal business partner will possess.
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Step 5
Network everywhere you go, whether it’s at an event hosted by your local Chamber of Commerce or at a social function. Someone you talk with may be able to introduce you to a potential business partner or might know someone who might be a perfect match for you.
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Step 6
Choose someone whom you respect and who respects you. Mutual respect is critical if you want a successful working partnership.
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Step 7
Don’t rush into a business partnership, even if you think you have found the perfect person. Instead, take the time to get to know your prospective business partner, investigate his background and determine if you really will be compatible working together.
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Step 8
Clearly define the roles you and your partner will have in the business. When both you and your partner know exactly what you’re supposed to do in your business, you won’t have to worry about stepping on each other’s toes and you both will be able to exploit your strengths.
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Step 9
Hire an attorney, who is familiar with forming businesses, once you have found someone with whom you want to partner. Your attorney will be able to write a contract that details the terms of your partnership, and he will also be able to advise you of the best business entity to form for your needs.
