Finding a business partner

Starting a business is a difficult task. Opening the business on your own is very difficult. Many find good friends or family to do business with; others may opt to look for local talent who specialize in a particular industry. The old saying of “two heads are better than one” would definitely apply in a scenario such as this depending on the type of business you want to start. Capital requirements may be easier to collect with two people tapping different sources. Productivity would double and less stress would be involved. Looking for a business partner in a local area is easy utilizing a few technological tricks.

A Business directory like OpenDi Australia on the Internet is probably your best source to find someone to go into business with. Depending on how big your city is, many different sites exist in which you can contact peoples to find a good business partner. Interviewing these people should be a long process as you would want to get to know every aspect of this person’s life. Directories such as the Yellowpages.com, CityStar, bizjournals.com, and even the chamber of commerce are great sites to look at for networking. Social applications such as Facebook and Twitter are good places to put the word out as well. By letting people know your intentions, you can gain feedback from other people who may be interested in doing what you want to do as well.

Hiring a recruiter or head hunter is another avenue you may want to explore if previous attempts of finding a business partner have failed. They would work for a fee to find a person or people with the characteristics you set for them. Taking out an as on careerbuilder.com or monster.com costs close to $1K and may not yield to excellent results. Craigslist.com is another site to find a business partner. It may be in your best interest to interview the person yourself. Starting a business requires dedication and you want to find someone who you gel with and can stand for 10 hours a day every day. What often looks good on paper doesn’t always look good in person. Talk to banks, private investors, friends and family. Prepare a balance sheet and profit and loss statement for the business. Estimating three years in the future is a good guide to go by. By preparing a business plan to show potential business partners, it shows that you are serious and that you have solid plan in mind.

Many business oriented professionals looking for a business partner want them to take a risk and invest some of their capital as well. By requiring your prospective partner to invest, shows that they are dedicated to the project and will do the work needed for the business to succeed. The problem with this at the same time is that many people available as a business partner are out of work and lack monies to invest in a start up business. By allowing them to work with you on a “pro bono” basis, you can gain the manpower you need while giving them opportunity to excel to a paid position once revenue streams have been established.