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What skills should you look for in a business partner?

If you’re starting a business with a partner, you may have someone in mind at the beginning. Perhaps they are a friend or a co-worker. Maybe they’re even a family member.

As you go through the process of deciding whom you want to start this company with, one key thing to think about is what skills they’re going to bring to the table. This can help define the future success of your business. So what should you look for?

Seek skills that you do not possess

The key is to compare the skills that you have to those of your potential business partners. You want someone who brings skills that you don’t already have. For instance, maybe you are great with logistics and finances, and you’re able to plan things out and make sure that the business technically runs very well. However, you’re not as good with the people skills and networking. You need somebody who can expand your business and help you connect with others while you make sure that things are running smoothly.

You may also want to consider someone who lacks the skills that you have. Maybe you know someone who is terrific at networking or pitching sales, but they don’t have the technical expertise to create the products or services. They can benefit from you just as much as you can benefit from them. This type of business partnership is one that can be fruitful because it gives a clear division of labor.

Once you find the right business partner, consider all the steps to take to set up your company, from creating a partnership contract to legally registering your business.