Business relationships may lead to tragedy. Sometimes, even longtime friends have fought in the name of a business. And even family members that are partners in business also end up becoming mortal enemies. This is why it is very, very important to make sure that before entering a joint venture, you know what you want for a partner.
Choosing a joint venture partner is both personal and non-personal issue. Personal in the sense that you can relate to your partner freely and non-personal in the sense it is purely on the field of business. These make it very difficult to decide who will be best suited as a partner. Nonetheless, if you need a partner to help you succeed and grow, you have to take a risk. Though it may be difficult, you still have to choose a partner for the joint venture you are planning to form. Here are the tips that can help you find a joint venture partner best, if not perfect for you.
Know who you are. This may not make sense since your goal would probably to find a partner who gives you extra financial resources or probably who can have access to a wider clientele. But knowing who you are will exactly make it easier for you to know what you need for a partner, on the personal side. Since a good relationship and trust are very important in a joint venture, you have to find a partner who suits your personality.
Now, this may not be a big issue for you in the beginning since you and your co-venturer’s aim is to establish immediately. The fact is, good business success starts on the relationship of both parties. This may be a shot to the moon but it pays when you find one perfect for you.
Know what your business lacks. Identify the things where you need to grow which can be supplied when you enter a joint venture. This will enable you to find better co-venturer since you exactly know what you are looking for.
Find a potential partner. Finding a potential partner can both be done online or in a traditional way (phone calls and referrals). Do not waste your time talking to the people who are not really the one you need. Instead, concentrate on the persons that will answer the question, why do you want to the joint venture?
Check and verify. Once you find a co-venturer, it is just the beginning. Screening plays an important role to make sure that your future partner is what you need. He will tell you the truth, that’s for sure, but in the business world, it pays to verify the veracity of the things he says.
Compatibility issues. It is reiterated that you need to find a joint venture partner that will answer your business’s need and your personal preference. Bottom line: compatibility is important.
Agreements. limitations, participation, organizational structure, income allocation, share, compensation, disputes, and everything that you need to disclose must be agreed upon by both parties.
In business, you find a partner who can offset what you lack and vice versa. This will effectively yield a good result. Though it is still a long way up, it is best to start your search here.