How to Look for a Business Partner

Discussion in 'Growing and Managing a Business' started by stepheny, Feb 18, 2010.

  1. stepheny

    stepheny
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    Hi

    Unfortunately, the majority of new businesses fail. To up the odds of succeeding and to increase cash flow investment for the business startup, many people choose to seek out a business partner. Business partners are a good idea not only because you have someone to bounce ideas off of but because two of you can get twice as much work done. If you're looking for a business partner then read on. Here are some good tips on how to look for a business partner.

    Step 1 : Realizing who you're looking for is the first step in trying to find a business partner. There are some important issues to take into consideration. First and foremost, one must think about what skills they don't have and which they would be looking for in a business partner.

    Step 2 : Make a list of those skills that you don't possess. Writing them down will give you a solid understanding of just exactly who you'll be looking for and what strengths are required.

    Step 3 : Ask your family and friends if they know of anyone who fits the bill once you've identified the type of person you're looking for. The saying "It's a small world," certainly may apply to your business partner needs so it's important not to discount anyone that your friends or business contacts may recommend.

    Step 4 ; Network: Go to business events in your local area or in one of the major cities near you. You never know whom you're going to meet.

    Step 5 ; Reconnoiteur: If steps 3 and 4 fail to yield business partner prospects, look on-line for your ideal partner.

    Keep sharing and reading
    Thanks
     
  2. Business Forms

    Business Forms
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    hello... my friend good job... Finding the right business partner isn’t easy... I have been an entrepreneur for about 8 years and I have been through my fair share of business partners.... And although I have been blessed with having some great partners, I have also had a few that didn’t work out....The business partners that didn’t work out weren’t necessarily bad guys and they didn’t do anything wrong... but for one reason or another things just didn’t work out.... again thx for the posting :)
     
  3. mggc

    mggc
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    Having a business partner is like having a relationship. :)

    Trust is the main ingredient on making it work out. You must have someone you can trust and that someone should also be able to fully trust you. Someone you can exchange ideas and someone open minded. This of course is always vice versa.

    You need to have an open communication and have to share all the work that needs to be done. You both need to have your full concentration when it comes to your business.

    And when you find that one true business partner, never let go. :D
     
  4. ASAmoto

    ASAmoto
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    A good business parter will do great help to your business. A good business partner shares your vision and enthusiasm, bringing expertise in the areas in which you are inexperienced. He can bring skills and experience to the business.
     
  5. stevebarnard

    stevebarnard
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    Hi Stepheny,

    I agree, thanks for sharing this valuable information. Partnership requires mutual understanding and balanced working ability. The most common cause of bad partnerships is “distrust”. Transparent and informed dealings create stronger collaborative environment.
     
  6. Hansh

    Hansh
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    Research Your Business Partner Prospects

    Research Your Business Partner Prospects
    #
    Step 1

    Don't jump into any agreement with a random business partner prospect. The first step is to get acquainted with the person you are thinking about having as a business partner, which can be done through repeated phone conversations, in-person meetings, business luncheons, and general business meetings with your prospect.
    #
    Step 2

    Check into the background of all your business partner prospects by searching for them on the Internet and finding out any information you can about them.
    #
    Step 3

    Delve further into your partner prospects by doing background checks, and if desired, by pulling their credit report. You don't want to pick just anyone for your partner so you want to make sure you are getting the best!
    #
    Step 4

    Once you have narrowed down your original business partner prospect list, have more business meetings, luncheons, and phone conversations with the business partner you are now seriously considering to make sure they are the right fit for your needs and wants in a business partner.
    #
    Step 5

    Use your "gut feeling" and intuition to make sure that everything is a go. If it seems right, and the other person is on-board and has the exact goals as you do, then you have successfully found your business partner!
     
  7. maple

    maple
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    I think it's key to search out your off-line friends that may be interested in a venture rather than looking online. It's alot easier to get documents signed and everything in writing in that case.

    Alot of people overlook the tax implications of cross-border partnerships as well, sometimes these are huge hassles once a business is profitable.
     
  8. KCLaw

    KCLaw
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    Finding a business partner isn't easy to do so you need to think the qualification and background of that person. Because business partner is a form of which both parties are commit not to allies with the third party. A partner may refer to a supplier, customer, agent or reseller, and a vendor with complementary offerings like one is selling hardware and the partner is selling software. Partner is different from partnership, while backer is the person who supports to be in that business, the person or company who bring you to your targeted businesses.
     
  9. eddane

    eddane
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    I dont really understand your post - are you really looking for a business partner on an online forum!?!

    Ed
     
  10. warrichpk

    warrichpk
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    if u looking patner pm me i give u more great ideas
     
  11. Fergal

    Fergal
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    If you have good ideas, why don't you post them here in this thread?
     

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