Are you starting a business? One of the many things people do when starting a business is to find a business partner.
A good business partner can be a dream come true and help your business thrive, but there are times when a partner may create unnecessary issues. Here are the signs that you may be saddled with a bad business partner:
1. There’s poor communication.
The biggest and possibly most important quality of a business partner is their communication skill. If a business partner struggles to communicate, then there could be a lot of issues happening at your business.
2. They lack experience.
There’s no question about how difficult it is to run a business. When you find a business partner, the experience they bring can drastically change how hard it is to run everything. However, a partner who lacks experience may only drag the business down.
3. They seem unmotivated.
To run a business successfully, you have to have drive. But, a business partner who’s unmotivated may not actually want to be in their position. They may be taking up a spot that a more motivated partner could fill.
4. They’re overspending.
One thing you have to be aware of, especially when you’re forming a business, is how much you put into it. In other words, you have to stand by your budget until you make a profit. Your business partner could be putting unnecessary strain if they’re spending more than the business can afford.
5. There’s a lot of vagueness.
You should be able to know when your business partner is being straight and honest with you. If your partner can’t commit to what they say, such as when they can work or how business relations events are forming with other parties, then you may not know how your business is progressing.
6. They don’t take accountability.
When your business partner does something or doesn’t do something, they should be accountable for their actions. Your business relationship with your partner could be one-sided if your partner can’t take responsibility.
If you’re forming a business and looking for a business partner, you may need to consider your legal options to ensure that your business is secure if there are issues.