If you’re looking for a business partner, one common piece of advice you may hear is that you should find someone with whom you have shared interests. In some cases, people will say to choose a business partner that you could go on vacation with. You need to be comfortable together and enjoy spending time together because that’s the only way you’re going to be able to effectively work at the company long-term.
All of that may be true, but it is also important to note that it’s good for your business partner to have complementary skills. They shouldn’t be exactly like you, or your business may be lacking in some critical areas.
The division of roles
For instance, you may be a product designer, and you’re very good at what you do. However, you have no idea how to market your products, connect with potential customers, network with other business owners and things of this nature. It could help you to have a business partner who has excellent people skills. Even if they know less about the actual design of the products, they can help you take your business to the next level.
This is part of the reason why it’s important to draft a partnership agreement. It can clearly define the division of roles and responsibilities at the business. This way, you both know what to expect, and you understand how these roles are going to work together. That partnership agreement may also address things like financial investments, expected hours of work, the division of company profits, your general vision for where you want to take the company in the future, and much more.
Establishing a business partnership can be complex, and it’s important you know exactly what legal steps to take while doing so.