Tips for Choosing a Business Partner

Confused why your business has not run optimally? Maybe you need the right partner to collaborate with.

Sometimes, we feel able to do everything ourselves. But often, we need help so that all plans can be carried out to the maximum and on target. And yes, one of them is to look for business partners. Two heads will be better than one, right?

Today, besides doing business with relatives, many choose to do business with friends. Typically, this collaboration starts with a casual chat when hanging out, and then it continues to more detailed chat when the plan to open a business is submitted by one of the parties.

The problem is, looking for business partners is not an easy matter. It takes considerable effort to find those who have the same vision as us and those you can hold on to. Here are five things you need to consider when looking for business friends so that a business plan can run smoothly.

Tips for Choosing a Business Friend

# Make Sure Your Vision and Mission Are the Same

From the start of discussing businesses that want to be built together, you must ensure that all involved’s vision and mission are the same. Like wanting to build a house, it must be clear what type of home you want, how much building area is needed, to the design as expected by all residents of the house. You don’t want to imagine a simple one-story house with a large yard, but your partner wants a three-story house with a garage that has a lot of vehicles.

You must do this vision and mission discussion and complete it as soon as possible so as not to disrupt business management, from the financial, operational to marketing aspects. Because, for example, yes, you and your friends want to do the food business. Surely the management is different between the fast-food delivery-based fast food business and the fine dining restaurant business.

# Choose Friends Who Are Serious and Have Passion for Business

Having a serious business friend and having a passion for business is very important. Those who are serious will consider everything from A to Z and are ready to dedicate themselves to the business you are building while passion will make the business that you live more “alive” or not rigid and can continue to innovate. Both of these can ignite the desire to run the business to the maximum. In the end, you and your friends will also benefit because your business is successful and can continue to grow.

# Choose Friends Who Have Special Skills

Don’t just choose a business partner just because “this is my best friend” or “I want to build a business with my best friend.” There’s nothing wrong with doing business with friends. But don’t let that be the reason. The best business friends are those who have special skills that are different from yours and can perfect your business skillset. For example, those of you who have just graduated from hospitality studies have aspirations to open a bed and breakfast concept lodging hotel. To support a business plan, you certainly need a good marketing and financial strategy. You can invite friends who are capable of marketing matters which are interested in your business ideas.

# Choose Friends Who Want to Commit

Business matters are not just starting, spending capital, undergoing, then success, and profits will come just like that. Between undergoing and succeeding, there is an invisible gap, which is a challenge or a problem. If you get through it, of course, your business will start succeeding. But if not, you must be prepared to face failure. The commitment of you and your friends who do business together becomes important to face the challenges and failures that will surely come. Commitment is also important so that you continue to survive even if you are faced with problems.

# Ensure Capital Contribution from the Beginning

There are many types of cooperation if more than one person builds a business. But, what about the capital? Who is it that deposits business capital? How to share the results later? All of these things must be discussed and confirmed before the business starts. If you need a business friend who also contributes to capital, you have to deliver it from the start.

Want to do business but don’t have enough capital? You – alone and with your friends – can follow in the footsteps of many business people who work for people first to raise capital. With good financial planning and salary management, your business capital can be accumulated relatively quickly.

How have you been able to project who your friends can collaborate with to build a business? Make sure the five things above are safe and owned by your chosen friend. Do not just select yes. Because it deals with business, regret will come with a series of material and psychological losses because it involves friendships.