If you're thinking about going into business, who you do it with may be just as important as what you do. Many businesses in New Zealand are run by two or more people who own and actively run the firm.
After talking to some who are in successful business partnerships,I've discovered five things to look for in a potential business partner.
How close? Lots of people dream about quitting their jobs and setting up a business with their husband or wife.
But think carefully before you go into business with your spouse. It can be hard to have business conversations with people you care about personally, especially if one of you is to have a more senior role in the business. If your business goes through difficult times or you have a disagreement at work, it can be hard not to take that home.
Complementary skills: Think about what you each bring to the business. Can you find a business partner who brings people skills, while you offer the technical expertise? Is one person providing financial backing while the other puts in more hours? See if you can find a partner who fills in the gaps in your own skill set.
Similar outlook and plan: Find someone to do business with who has similar goals to your own. You need to be able to work together with a shared aim and be able to weather any problems that arise in the meantime. It can be helpful to have similar risk appetites.
Communication: Are you able to talk to your business partner? You need to be able to maintain an open line of communication to deal with any problems before they come up. Think about the ways you communicate and if your styles are compatible.
Trust: Can you trust the person you're going into business with? That's about more than just knowing they will not rip you off - you need to be able to trust them enough to leave decisions up to them to deal with.
