How to Get Partners in Business Ventures

Business partners should have complementary skill sets.

It's impossible for one person to be able to do everything involved in starting and growing a business. It's much easier to have a partner who can discuss business direction and strategies with you. A partner can provide a reality check in addition to skills you don't have, investment capital and contacts. It isn't necessary that your partner be a friend; in fact, it may be better if you've never had a relationship.

Instructions

1. Determine your needs. Your partner should provide expertise you do not have. Your partner should also be willing to devote the time necessary to be a valuable and active partner, not just a partner in name only.

2. Identify the value proposition presented by a partnership with you and your company. Customize your presentation to potential partners according to what they will find valuable by partnering with you.

3. Establish a list of people and companies that are already working with you in some capacity. If they are suppliers to your business, they may have a vested interest in creating a strategic partnership. Customers may see great value in your company and want to get involved.

4. Post your query for potential partners on reputable online networking sites such as LinkedIn.com, PartnerUp.com and other such sites you think might be appropriate for the type of partner you seek.

5. Attend local business networking events, particularly those for your own industry or industries that are similar to your own. Approach the leader of the networking group and describe the type of partner you seek. The leader should be able to introduce you to potential partners or to other members who may be able to help you.

Tips & Warnings

• Try working together with your potential partner for six months to a year before finalizing any legal agreements. It is better to learn that your personalities do not mesh before you formally establish the partnership.

• Do not leave the legal details to chance. It's easy to put off legally defining the roles in a partnership, but difficult to repair damage if your partner turns out to be a crook or a flake. Legally, if a partner leaves a partnership for any reason, the business is dissolved. Ownership of intellectual property, business name, logos, equipment, and responsibility for financial and legal liabilities should be spelled out in detail in your partnership agreement.

References

• Inc.com: How do I find a business partner?
• 1000ventures.com: Strategic Partnerships: How to Build Business Partnerships