Important Questions to ask Your Future Business Partner
Starting your own business may be your lifelong dream. It’s the culmination of hard work, meticulous planning and tremendous sacrifice. The real fun and challenge is just beginning. If you’re starting this business with a partner, it’s important that you see eye and that you have the same goals and objectives. As business partners, you can create a successful company when you communicate well and are both committed. As you get started, there are a few key questions you can ask to ensure a smooth ride together.
Do You Need a Partner?
Before you go too far in the process, consider whether it’s in your best interest to start a business with someone else. If you simply need help with critical tasks in your business, you don’t have to give them a stake in the organization; you can simply give them a job. However, if you’re bringing little cash to the table, and your potential partner can help bolster your financial backing, being business partners might be the best decision.
How Much Time Does Your Partner Have?
Starting and running a business is generally not a typical five days a week, eight hours a day endeavor. Ask your partner if he or she can dedicated the required time each day and week to your business. If the other person is hesitant to answer, or if he or she is averse to long days or nights, you may want to reconsider the partnership. You need someone who shares your work ethic and sense of urgency.
What’s Their Family Life Like?
As business partners, you will be engaged in difficult decisions, tireless work and stressful situations. Of course, your partners is entitled to a personal life outside of work, but make sure you understand what’s going on in his or her family. Does your partner have unique circumstances at home that would divert their focus away from your business? Can they put in the necessary time and effort while at work without worrying about difficult family issues?
How Does Your Partner Handle Stress?
Just about any job has its share of stress, but when you’re starting a business from the ground up, that anxiety can be magnified. You will surely experience high and lows, and you may have to make quick decisions that affect other people’s lives. Can your partner cope with disappointment? Can he or she fire people? Can he or she respond to an angry customer or investor?
Business partners must work in tandem to make a business thrive. Get off on the right foot with your partner.