Setting up a business alone can be challenging. A business partner can serve as a helping hand so get tips on finding the right business partner.
There are lots of different sources you can use to gather key information or business intelligence. This allows you to make informed decisions about your potential partnership so that there are no nasty surprises further down the line.
Background Checks
When choosing the right business partner, there are a number of factors to be taken into consideration, so undertaking in-depth research is vital. Ideally, you want a business whose services will complement your own but not one that targets exactly the same customers as you. This will hopefully grant access to a larger potential client base and enable your new venture to offer a wider range of services. Similar goals and principles will enable you to set clear targets, whilst opting for a partner whose work methods are similar to your own can make adapting to a partnership a smoother transition. Researching the firm’s structure will allow you to develop a strategy so that the two businesses can work alongside each other effectively. It’s also important to take a look at the financial concerns of your potential business partner. This is not just to check that the business is profitable, but also to ensure the financial stability of your own firm. If your business partner has insolvency issues or actions filed against him, then this can have serious implications for your company too.
Gathering Intelligence
The internet is a crucial research tool that allows you to find out all sorts of useful details about the company you are considering entering into business with. There’s an absolute wealth of information available, so having a clear idea of what data you are searching for will help your research to bear more fruit. Newspapers, including the financial press, business directories and the company’s own website can be useful starting points to get a general overview. Go online and you can find sites that specialize in providing detailed information about companies. You can find information about company’s date of incorporation, type of business, registered business address and details of any previous names they have traded under. You can also check whether the company is listed as live or dissolved, whether they’ve filed key documents and if there are any outstanding actions held against them. Some sites even provide you with data such as company reports, insolvency details, certified documents and details of company appointments. This kind of information can be extremely useful when you’re thinking of going into a business partnership. Before committing to a business partnership with another company, it’s vital to ensure that you’re familiar with not only their structure, products and services, but also that you’ve also gone through their books with a fine toothcomb. Making the most of business information sites will provide you with accurate and useful information about your potential business partner’s trading history. Image by Javier Aroche