You’ve put a lot of time and effort into making your Hong Kong business. It’s something that you gave birth to and are going to nurture so that it can grow. You want to find a partner that can help you do this, and will be as enthusiastic and committed as you are.
It would be best if you consider choosing a business partner to be as important as choosing something like a daycare provider for an actual child. A business partnership is a long-term legally-binding covenant among partners. No doubt you will be spending a lot of time with your business partner and will be planning and implementing a lot of things with them. With all that said, here are five factors to consider when looking for a business partner.
#1 Find Someone whom you can Trust
Trust is the most crucial aspect of any good partnership. That includes business partnerships. You want to be able to trust the other person with your business, ideas, money, and everything else in-between. You trust them not to run their own competing business or run off with your money or the like. It’s best to choose someone that you have known for a while and whom you feel you trust to be an honest and right business partner.
#2 Find Someone who Shares the Same Business Values and Ethics
Next to trust, finding someone who has the same business values and ethics as you is of vital importance. You want to be able to set goals and drive the business to where you want it to be together with your partner. If they are combative or they want different things from you, then it’s going to make it difficult to succeed. Find someone whose beliefs match up with yours.
#3 Find Someone who can Complement your Skill Sets
A right business partner is someone who has skills that support and complement yours. No one can do it all in business. If you’ve got good interpersonal skills, but you are lacking in the finance department, find someone that understands business accounting. The more skills that your partner adds to the business, then the easier it is to plan a business, start it up, and run it.
#4 Find Someone whom you can Communicate with Well
You’re going to be spending a lot of time talking to your business partner about things related to the business. If you don’t, then disputes and arguments are going to fester over time. Something that you could have worked them out quickly and efficiently becomes even harder to deal with. Resentment sets in and before you know it you’re trapped in a downward spiral just because you didn’t want to discuss something when it was minor. That isn’t to say that you need to find a Yes Man who agrees with everything you have to say, but you should find someone that you can discuss problems with and work together on a solution.
#5 Find Someone who can Invest as Much as You
Finding someone who can invest money would be great, but you also want someone who can invest as much time as you. One reason you find a partner in the first place is so that you aren’t stuck doing everything by yourself. Don’t partner up with someone who is going to leave you high and dry and takes your money without putting in any work themselves.
You shouldn’t partner up with someone just to have a partner. Things rarely work out when that happens. Take the time to get to know a prospective partner and find someone that brings something to the table – whether it is their time, money, passion, skills, connections, or anything else your business needs.
Winson Kwok is the co-founder of Corporate Hub. He has a background in entrepreneurship, economics, and business development. He has extensive experience in helping entrepreneurs develop their business and, at the same time, avoid common pitfalls. His personal goal is to bring significant values to entrepreneurs and startups around the world.