BusinessHABFarfetch stores: If you want to start a small business or expand an existing one, then you’ll need to find money. One option is to bring on investors. There are many potential investors out there. However, you need to identify which ones will invest in your business and then put together a compelling presentation. When you meet with investors, remember to answer questions with confidence.
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1. Get the Background:
A business partner can be a valuable asset when you’re starting a new company. While some partners form business ideas together from the beginning, others find each other in the process of launching a company. If you’re trying to find a business partner, it may be helpful to review several effective approaches that you can take.
In this article, we explore what a business partner does and the benefits of having one, plus tips for how to find a business partner who’s a good fit—for you and the job.
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2.Ask small business groups.
You might not know where to begin. It’s probably best to start close to home. Meet with other small business owners or stop into your local Chamber of Commerce. Ask if they know of investors for your business.
Farfetch stores
3. Find a local incubator or accelerator.
These organizations help start-ups turn their ideas into a real business, and they provide funding as well. You can find an incubator or accelerator near you by using the National Business Incubation Association’s directory listing.
- Generally, incubators help start-ups or new businesses, while accelerators help already-established businesses grow faster.
- Incubators might not provide investments directly. However, they can help connect you to potential investors.
4. Look at online crowdfunding.
You can reach investors worldwide by using an online crowdfunding site, such as Equity.net. These websites give you access to hundreds of investors who can help you finalize your business plan and grow your business.
How to find a business partner
A business partner is someone with whom you legally share the co-ownership of your company, including any profits or losses. This relationship should be carefully outlined to ensure both parties understand their financial and professional obligations, as you may share your financial resources in addition to skills and expertise.
These five strategies will help you explore the possible avenues for finding the right business partner:
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5. Evaluate your colleagues
Your former and current colleagues could make ideal candidates for a business partnership. Because you have a work history, you already know what this person is like in a professional environment. Consider coworkers who are the most dedicated, innovative and efficient, and with whom you have a positive working relationship. It’s also important to find a business partner with a similar business philosophy.
Farfetch stores
6. Collaborate with friends
Friends can make excellent business partners when your skills, education and experience complement each other. Rather than selecting a close friend with the same expertise as you, look for friends or acquaintances that excel in areas you’re less familiar with. Anyone in your social circle could be a candidate for a business partner.
7. Attend industry events
Industry events—conferences, lectures and trade shows—can present great opportunities for a potential business partnership because they bring together people with the same interests. For example, if you’re starting a business that will offer eco-friendly products, consider attending a sustainability conference. If you’re looking for a partner in the dog industry, consider networking at a pet expo.
You can also go to events focused on professionals in the specialties that you need most. To find a business partner with strong finance skills, you might want to attend a conference focused on the financial sector or one that might naturally have several attendees with a financial background.
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8. Explore online entrepreneur networks
Several websites and online networks exist for people seeking business partners. These virtual communities typically allow you to create your own profile and browse others’.
9. Further your education
Going back to school could help you expand your network and find potential business partners. Taking classes on entrepreneurship, startup engineering or competitive strategy will likely place you with other like-minded individuals. You might find your business partner while working on a project together or during an online course discussion.
Farfetch stores
10. Define your skill sets.
You should select a business partner whose skills and experience are different from your own to expand your resources.
11. Discuss your values and beliefs.
While you can have employees or coworkers whose values differ from your own, it’s generally best to choose a co-founder who agrees with you on core beliefs and business philosophies.
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12. Find a partner with passion.
You’ll face many challenges in the early days of your startup. These are much easier to handle when your partner is just as passionate and enthusiastic about the venture as you.
Farfetch stores
13. Discuss your long-term view.
Find a business partner who has the same five- and 10-year goals so you’re prepared to follow a similar path to success. If you see different endpoints in the long term, you may want to reconsider your partnership.
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14. Conduct due diligence.
Use independent resources to research your potential partner. Consider their professional reputation, job history, financial background and education, as these factors may affect the way they work and public perception. Someone with an excellent record could attract more investors and supporters.
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