Having the right business partner can bring great profits to your business.  Having the wrong business partner

FINDING THE RIGHT BUSINESS PARTNER

Whether you are looking for a business partner for your current business venture or you’re looking for another business owner to participate in a joint project you are working on, there are a few things you should take into account before choosing a partner.

 Working with a new person is something you should take very seriously.  Your business’ credibility as well as it’s reputation can be harmed or helped by the choice you make.  Also, personally, choosing the wrong person can bring frustrations, anger, sadness and many other negative consequences to you.  

 Don’t just look at someone’s bottom line (profit and loss statement) and decide to  work with them.   Here are a few questions to ask yourself before working with a new person on a business venture:

• Does this person match your work ethics?
• Does this person match your work habits?  Do they want to talk at 2 a.m. about a new idea when you’re a person who stops working at 6 p.m. and doesn’t start again until 9 a.m. the next morning?
• Is this person easy-going and/or easy to work with?
• Do you have fun working with this person?  No matter how much “business” you do, you need to have some spontaneous, fun moments too.

If possible, approach the person prior to deciding to go into a venture with them.  Maybe send them an e-mail and see how they respond.  Speak to them on the telephone so you can get a feel for who they are.  Are they courteous?
f) And most of all…..Do you trust the person? 

 Joint ventures can be productive, profitable and prosperous if you take the time to do your research and trust your gut instincts when choosing a person to be your business partner.    If you think a joint venture is what you need, go for it.  Just be careful about who you choose to join you in your entrepreneurial world.