Running a business may require you to look for partners. But how will you know if your prospect is the right one? While there is no secret formula to this, a few of the entrepreneurs we met have some pointers for you.
Share a passion.
It helps if you share a common interest with your partner beyond profit. You might not want to work with someone who is completely your opposite.
Like the owners of First 5 Sports Lounge & Cafe, all of them have the passion for sports that fueled the idea to put up the business.
“All five (5) of us high school buddies were into sports. There was no specific spot to watch sports, hence we came up with the concept,” said Kelvin Armand Go, co-owner at First 5.
The same works for Mika Caram, co-owner of The Daily Grind and Murals Hostel and Cafe.
While she is quite lucky that potential business partners usually approach her, she admitted being keen on picking a partner.
“I don’t just say yes to anyone. I choose partners with the same passion,” said Caram.
Caram’s partners for her coffee shop and hostel also love traveling like her. In fact, the concept of Murals was inspired by their travels abroad.
Good at their craft.
Another thing that Caram looks at before deciding to get a business partner is their expertise.
At Murals, she works with architects who took care of designing the place.
Stratton Press CEO Aaron Dancel echoed Caram’s statement. “My leverage (of a person) is on what they can give,” he said.
Expect your partners to bring in their expertise for the growth of your business. Hence, it is a plus to have someone very good at their craft.
Protect the partnership.
Finding business partners may not come easy. So when you bumped into the right ones, you’ve got to make efforts and protect the partnership.
“Spend time with them (your partners),” said Dancel, adding that you should get to know your partners and try to bond with them even outside the office.
Meantime, Dancel warns that some partnerships may not work out as expected.
“Ultimately, you have to trust your partners,” he said.
The success of your business will rely on the decision you make and that includes your choice for a partner.
Never rush and think about all the possible implications. May this article shed light on your quest for looking that right partner for your business venture.