Did you know that 1 out of 5 new businesses closes within their first couple of years?
You’ve probably heard of this statistic before, and maybe on many occasions as we too have mentioned it often in our articles on what it takes to survive the startup phase for a business. However, we don’t want you to be put off starting your own business, so in this article, we have a couple of insights that can guide you with your next enterprise venture.
Right Team & Right Partner
While there are plenty of reasons why new businesses struggle to survive, having the right team is a huge factor. Your team is your staff and your external partners and advisors. If you’re considering starting your own business, finding the right startup business partner should be a top priority.
Business Partner Qualities
Do you know which qualities your business partner should have? Keep reading for five things every business owner should look for.
Good Communication Skills Are a Must
Starting a business is no simple feat, which means you and your partner will run into many bumps along the road.
Instead of getting caught off guard, you and your partner should be able to tackle these problems directly in a productive manner. Disagreements will happen, but having the ability to express your ideas and concerns in a mature way will help you find the best solution.
Their Talents Should Complement Yours
One of the most important tips for finding business partners is to search for someone whose best qualities complement your own. If your strong suit is developing a branding strategy, crunching numbers, and negotiating with vendors, you could benefit from having a partner who can handle the creative jobs.
Take some time to identify your weaknesses then try your best to find someone who can help make you more well-rounded.
Passion Will Help You Tackle Startup Setbacks
Many startup cofounders can be enticed by being their own boss and making lots of money, but some people don’t realize that there could be long dry spells where you’re fighting to make a profit. This is why your partner needs to be just as passionate and invested in your business as you are so they can find the motivation to persevere through the challenges.
The More Experience the Better
While it’s true that young and fresh minds are often full of innovative ideas, a lack of business experience in your field can be a recipe for disaster. Finding the ideal level of experience is a personal preference based on your own experience. If you feel confident in the field, you can afford to take on a partner who you can teach along the way or vice versa.
Try to Avoid Working With Family or Friends
We’ve all been warned not to mix business with pleasure, but too many businesses close or suffer from partnerships turning sour. Hiring a friend or family member sounds good in theory if your relationship is harmonious. But people can change when the relationship becomes strained from financial stress.
This is why you have to be extra cautious when it comes to working with people you know. Your personal relationships and business can get ruined.
Finding the Right Business Partner Is Crucial for Success
Now that you know the top 5 qualities of a business partner, we also mentioned you need the right team, and while this is a given, it’s not always the core focus of management.
When you select the right staff and look after them, they, in turn, look after your business. Onboarding is more challenging with the pandemic but you can use technology to help your business through it. Employee motivation is key to achieving optimum productivity so your business gets through slumps in sales and excels in good trading conditions.
We mentioned communication skills earlier, and they are also required to gauge the sentiment of your staff.
Your business can defy the odds and not become a statistic of failure like so many startups. Pave your way toward long-term success with a strong team on your side and the right business partners.
Are you ready to read more on how to start a successful business? Startup and small business articles.