Thinking about teaming up with another colleague? Here are 10 questions you need to ask before committing to a new business partner.
Are they reputable? – carefully research the reputation of your new business partner. Be wary of a poor public outlook, for it could severely tarnish your hard work to date.
What is your end goal? – bringing a new business partner on board could potentially risk derailing your end goal in the long run. Be sure they have similar goals in order to avoid conflict.
Where will you collaborate? – a new partnership could also mean a merging of locations. Keep this in mind, especially if there are existing employees that could be affected.
When will the partnership begin? – if you go public with the new partnership, consider the timeline of when that will be revealed so your existing customers can be prepared.
What will the legal implications be? – it’s always a good idea to involve a law firm with new partnerships, to help define any legal implications that could affect you down the road.
Will there be individual financial obligations? – Consider who will be the primary financial advisor, or if you will both share this important role of responsibility equally.
Do you have compatible personalities? – Business partners can look like a great idea on paper, but big personality clashes can also cause huge problems!
Are you willing to give up sole ownership? – Partnering up usually also means giving up sole ownership. Is this something you are willing to do?
Will you equally share responsibilities? – With great plans comes great responsibilities. Be sure your business partner is ready to share all of these with you, no matter how tedious or dynamic.
Ultimately, why you are deciding to commit to a business partner? – at the end of the day, committing to joining up with a new business partner must benefit you, your employees, and all of your future endeavors.