How do you find your business partner?

UnhappyCustomer

so I don’t have a business but I would love to start my own (shared) project. However, due to different constraints, I’m unable to do it on my own at the minute so I thought it would be great to have a business partner and in fairness, all the great businesses have had their good pair.

Now, if I’m going to put my effort, money, time and energy in this, I need to be able to find someone who can rely on, we get along, have skills that complement each other bla bla bla… to achieve the goal and carry a project.

did somebody find themselves in this situation? How did you find a good business partner?

Furze99

Maybe talk about your ideas with other people?

baxterooneydoody

Experience has led me to believe if you can't do it yourself, don't do it. Go your own way if you can

Tell me how

https://www.boards.ie/discussion/2058366195/how-do-you-find-your-business-partner

There is no simple answer to this question.

What are you looking for a financial partner as in an investor? Or are you looking for someone to actually provide input in terms of knowledge/skills/effort? Or both?

You need to be extremely clear as to what exactly your expectations are and how you would document that so that it is clearly understood and there are clear procedures in place for how to deal with the situation if things aren't going as hoped.

You should presume the worst, or close to it, to a certain degree. If you don't know the individual, or someone who you trust who can vouch for them, you are taking a massive chance, you could end up giving up a lot of equity and then doing all the work anyway, or having to sell the business, or something to give them the return in their investment that they are looking for.

You should maybe start by doing a business plan and talking to local development offices about how to progress it. They will be able to give guidance on how to identify people who may be in a position to help but if you are looking for someone to take half the load and to commit to 50% of the effort (mental/physical/financial) then you may need to 'advertise' it as an opportunity.

But, be very very careful and at the very least have legal advice that you trust highly to sign off on anything to ensure you don't put in all the investment and lost a lot of the return.

UnhappyCustomer

https://www.boards.ie/discussion/comment/122543649#Comment_122543649

Can you explain more about the experience that makes you think in that way?

https://www.boards.ie/discussion/comment/122543684#Comment_122543684

This is a very interesting comment. I think you are right, I need to be more precise and it wouldn’t harm to sit down and write down exactly what I’m looking for. On the other hand, whilst I understand you say I must presume the worst, I don’t like that mentality. That’s like starting a relationship thinking that your partner is going to cheat on you, if you think that way, you will set the relationship for failure.

Also, my mindset is not a set up a cash grab or something quick to make myself rich quickly. Money is not the primary goal. I suppose that’s why it might be difficult to find somebody but I don’t even know where to start

dave3t

Finding a good business partner can indeed be challenging, but many people have navigated this journey successfully. Here are some steps to help you in your search:

1. Define Your Needs: Identify what skills and qualities you’re looking for in a partner. Consider factors like expertise, work ethic, values, and vision for the project.
2. Network: Attend industry events, workshops, and networking meetups. Engaging with like-minded individuals can help you meet potential partners. Online platforms like LinkedIn can also be useful.
3. Leverage Existing Connections: Talk to friends, family, or colleagues about your project. They might know someone who would be a good fit.
4. Collaborate on Smaller Projects: Before committing to a partnership, consider working on smaller projects together. This allows you to gauge compatibility and work styles.
5. Communicate Openly: Once you find a potential partner, have honest discussions about goals, expectations, and contributions. Clear communication is key to a successful partnership.
6. Create a Partnership Agreement: Once you’ve found the right person, outline roles, responsibilities, and profit-sharing in a formal agreement to avoid misunderstandings later.

Many entrepreneurs have been in your shoes, and with the right approach, you can find a partner who complements your skills and shares your vision. Good luck!