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Find business partners.. how to choose them

Discussion in 'The Unscripted Entrepreneurial Mind' started by JohnFuture, Jun 15, 2018.

  1. JohnFuture
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    JohnFuture Contributor

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    Hi guys,

    Powerful forum and its members! I have 3 questions.

    I am setting up an IT related business, but stopped at the stage where I have to create a team. There are many places where I could meet them - workshops, online forums, online advertisement, conferences etc.

    1. How will I know if the person is reliable with the same/similar mindset and vision as me? (otherwise later, that would be a waste of time, if the wrong one)

    2. How could I get that person on board if I can't promise any income straight away(since it's just startup). I feel many with the knowledge will let me down because of this. Correct me if I am wrong.

    I am not an expert in every department of the business, but I do know that I need someone in marketing, software, hardware etc. in the future once the business upscales. I have some knowledge to start from in every field but knowing the value of the time, I am concerned about outsourcing.

    3. Should I find team members straight away, thus I can focus on planning and execution or shall I do it all by my self in every business department?

    Much appreciated.
     
    Bert B likes this.
  2. Bert B
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    Bert B Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    Looking forward to reading some answers to these questions also. Although I am from a different industry, these questions are vital...

    Thanks for asking!
    Welcome to the forum.
     
  3. JohnFuture
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    JohnFuture Contributor

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    What are your thoughts on this and what industry are you in?
     
  4. AndrewNC
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    AndrewNC Limitless Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass LEGENDARY CONTRIBUTOR

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    For my current venture, I was on the other side of the fence. He was seeking out someone in the online marketing realm who also knows the vegan niche.

    We met in October at a Meetup group teaching us how to raise capital.

    I introduced him over lunch to a potential investor. That didn't work out.

    He kept asking if I knew anyone to fill the social media marketing role for months on end and I introduced him to a few people who didn't pan out.

    What got me on board was a consulting contract paid out over 3 months with a contract for equity in the company if we reach certain milestones.

    This way if it doesn't work out. We can part ways nicely. If it does, the agreement is in place to protect interested in a legal sense.

    Go out there and meet people in person telling them exactly who you are looking for and ask for introductions.

    "I am looking for a marketing person for my software company. I would like to bring them on as a partner. Who do you know who might be interested."

    Utilize peoples networks because instead of asking one person. Each of them might know 40 and eventually it'll pan out.

    Feel free to pm me or reply if you'd like more specifics on my experience.
     
  5. Andy Black
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    Andy Black Any colour, as long as it's red. Staff Member Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    I’m building a team of freelancers. Currently I have no need or aspirations to take on employees.

    I also focused on making sales first and getting clients to pay for my freelancers.

    Curious why you’re looking for partners and not freelancers?

    Hoping you’ve already nailed getting clients/customers.


    As Andrew said, let people know what you’re after. Also, just keep an eye out for what people do.

    Personally I wouldn’t say I was looking for a partner, I’d just look for someone to do the work I wanted done.

    Then I’d engage them with a small piece of work.

    “The first purchase is a test.”

    Give people pieces of work and see how it goes.



    Oh, and another great piece of advice I was given about finding people to do work was:

    “The person who’ll run with the ball is the person who catches it.”

    Eagerness beats technical skills in many cases.


    I’m trying to think who’s built a team of IT folks. @Jon L @GIlman ?

    Who are the guys in here who’ve created consultancies or agencies?
     
    LittleWolfie, Bert B and minivanman like this.
  6. WJK
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    WJK Gold Contributor Speedway Pass

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    I haven't done well with partners in business as a rule for these last many years.
    I like independent contractors so I can maintain control of my life. My best way of finding them is to talk to a lot of people. Getting the word out usually gets me the best results. Most are one-trick-ponies, and they can be hired on a case-by-case basis as needed. That arrangement allows me to change direction without a lot of "separation drama."
    Now that I've said that, when I was young, a couple of people took me on as their partner in different situations. We did well together on those ventures. They did the leading and the mentoring. I did the heavy lifting. I'm very grateful for their time and teaching. I still use the skills they taught me every business day.
    I've also had some money partners that funded different real estate projects. Each investor has a preference for a type and size of a project. They got a premium return on their cash, and I got my project funded. These arrangements went on until I could self-fund and/or qualify for bank financing.
    Best of luck with your search...
     
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  7. Kak
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    Kak Capitalist Swine Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    It seems like you want business partners just for the sake of having them. Why do you want them? Just curious.

    True business partners should bring something to the table. Money, expertise, etc.
     
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  8. Andy Black
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    Andy Black Any colour, as long as it's red. Staff Member Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    I could be wrong, but from your wording it seems like you’re building your infrastructure? Curious if you’ve got clients yet? I’d put clients before infrastructure.
     
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  9. Bert B
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    Bert B Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    Like everyone else is pretty much saying, I dealt with independent contractors for each project. Because I have been working in the film industry, I worked with interns and people learning their trade.

    I love that! I have known this to be true. I can always smell unenthusiasm or lack of passion for the job. I'd rather not do a project than work with unenthused people.
     
    Andy Black likes this.
  10. eWomenNetwork
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    eWomenNetwork New Contributor

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    Have you ever played tennis? Well, picking a business partner is similar to picking a tennis partner. You pick a good one you win. A bad one, you lose. Business partners come in all shapes and sizes. Choosing the right business partner allows you to accomplish your goals and fulfill your dreams. Partners aren’t just the ones with whom you share profit and expenses. They are everyone from your supplier to your customer to your investor. Your partnerships can affect your business on many levels, so you need to know how to choose your strategic business partners with great care.
    So, choose them wisely.. All the best!!
     

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