If you’ve seriously considered starting your own business at any point, then you’ve likely thought about all the challenges along the way: From securing startup costs to fund the venture to structuring a sound business model that will please investors, there’s a lot to consider.
Because of the inherent risks of starting a business, many entrepreneurs enter into a business partnership. This has many benefits for both parties. For one, you can pool each others’ resources financially to start out on a stronger foot; but you can also collaborate and learn to lean on one another’s strengths.
Indeed, teamwork is one of the major advantages of a partnership. Historically, some of the biggest companies were birthed out of a partnership: Microsoft, Google, and even Ben & Jerry’s all came together as the result of strong business partnerships.
Paul Allen, co-founder of Microsoft with Bill Gates, claims that Gates kept the company on track conceptually, while Allen focused more on strategy. Jerry Greenfield and Ben Cohen, founders of Ben & Jerry’s, both bond over their humanitarian and environmental pursuits as a company. According to Greenfield, both he and Cohen “believe that business should be using its power to help address social and environmental issues.”
So, how exactly do you go about finding the perfect business partner for your business? The infographic below lays out the process in eight steps: