Entrepreneurs like to run their business singlehandedly but once the business becomes fully operational; many Entrepreneurs find it very difficult to handle all the workloads of the business. This is where the term “business partners” comes to our mind. Due to the excessive workload, many Entrepreneurs want to work with a business partner. Having a business partner not only distributes some of the work but also gives you new and innovative ideas for the business.
Finding the right business partner is not easy. You have to meet with lots of people and discuss your business and find the right person for your business. You can look for a business partner from your previous and present co-workers; ask your friends or family member to become your business partner, consult with business brokers, ask present and former business clients, and see who are interested to become your business partner.
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8 Ways To Find Business Partners In The USA
1. Make a List of Potential Business Partners
2. Consult with the Industry Mentors
3. Consult with Business Brokers
4. Consult with Co-workers
5. Partner Matching Websites
6. Entrepreneurial Community of the City
7. Ask Friends or Family Member
8. Former Clients
Make A List Of Potential Business Partners
If you have decided to have business partners for your business then first research your business industry and make a list of potential business partners. You should identify industry people related to your business who might align with your vision and goals. There are thousands of venture capitalists across the country so you have to find 30 to 40 people who might be interested in your business. So with this process, you will have the opportunity to talk with 50 to 60 potential business partners and get their opinion to find the best recommendation. So, contact the professionals of your network, share your business, and what you are expecting from your business partners. You can gather information about potential business partners from the below sources:
1. Industry associations
3. Government statistics
4. D&B financial and business services
5. The local chamber of commerce
6. Business development agencies
7. Online business databases
Consult With The Industry Mentors
You can consult with the mentors related to your business and find a future business partner. Many experts think that it’s a great way to find a business partner for a startup business. So if you don’t have any industry mentors then you should consider connecting with a few before you start looking for a business partner. Mentors have the skill to judge any business with their years of experience and give the best suggestion for the business. They will easily understand the needs of your business, you as a founder, and are able to offer guidance to help you find the right business partner. Usually, the mentors are successful entrepreneurs or investment experts, or leading influencers in your business industry. So they might be able to help you understand what type of skilled professional is best for your business and might introduce you to some people who are interested in your business.
Consult With Business Brokers
Usually, business brokers help people buy and sell private businesses. It means business brokers are always in touch with entrepreneurs who are transitioning from one venture to another. So it’s wiser to consult with business brokers in your area as they can put you in touch with another person in your area who might be interested to become your business partner. Business brokers always have a list of people who are seeking to buy a new small business as co-owner. You can check the International Business Brokers Association, Inc. to find a trusted and professional business broker. You can also find a local business owner by searching on Google with your city or state and business type.
Consult With Co-Workers
This is another great way to find a business partner. You can contact the former co-workers from your 9 to 5 days and see if anyone has any interest in your business. In fact, former co-workers are one of the best places to find a business partner. You will have some advantages when you are looking for a business partner from your former co-workers. For example, you already have an idea about their skill, knowledge, and experience so there is less risk of the partnership might go belly-up. Moreover, it is the easiest way to find a business partner who has the knowledge, skill, and previous experience of working in the same industry as your business is. Make a list of former co-workers who are compatible with you personality-wise and then share your business proposal to see who is interested.
Partner Matching Websites
Nowadays, you can find everything online. If you are living in a small city with less business activity and unable to find an appropriate business partner then you can take help from partner matching websites. There are many partners matching websites available that will allow you to input your location and business interests and pick from a nationwide list of co-founders or business partners in your area. Some of the popular partner matching websites are –
Entrepreneurial Community Of The City
If you are looking for a business partner from your local community then it is best to get involved with the other entrepreneurs around you. You can join the regional tech and startup groups on Facebook, Linkedin, and other platforms and attend the events whenever possible. You can also organize events under the banner of your business and by doing so you might meet with people who are interested in your business. You can ask for advice, share your business idea, and hear their opinion to find out the right person for your business. Maintain continuous communication with the potential business partner to make a strong relationship so that they will value your business proposal of becoming a partner.
Ask Friends Or Family Member
When you are running your own business, you will get the most support from your friends and family members. But when you are considering making your friend or a family member your business partner then there are a few things that you have to take care of. You might have a great understanding with your friends or family member but despite that, you have to establish clear goals, roles, accountability, and compensation regarding the partnership. Once everything is settled make them official on paper. This is what Terry Dockery of the Business Psychology Company says about partnering with friends or family members –
“Ambiguity is the enemy, and it guarantees later conflicts; there are a hundred ways to make a buck, but you only have one family, and really good friends are hard to find.”
Well, many experts might not suggest you lure a current or a former client to leave his job and join your business but in reality, it is also a great way to find a business partner. What you can do is; don’t ask them directly to join as a partner on your business but share your business concept, its future to them and see how they react. If any of your clients show interest in your business then you can ask them to join your business as a partner. But remember, when you are approaching the clients you should avoid the current clients and choose former clients for a potential business partner. This way you can end the client relationship on a positive note.
Magalie D. is a Diploma holder in Public Administration & Management from McGill University of Canada. She shares management tips here in MGTBlog when she has nothing to do and gets some free time after working in a multinational company at Toronto.