Finding the right business partner is a difficult task. It can be hard to identify someone who has compatible skills, values and interests. But it is one of the most vital first steps of building a successful business.
In a post pandemic world where the economic landscape has shifted, it might seem even more of a daunting task. However, as Benjamin Franklin so elegantly said “Out of adversity comes opportunity”. We have seen in influx in investment and opportunities in great budding businesses since the wrd reopened. You just need to look in the right places.
So where can you meet new business partners? We spoke to some of our members, and unearthed six ways you can find the ideal business partner.
1) Identify your target audience and go to networking events
It’s typically a good idea to find a business partner who has experience in the industry you’re targeting. For example, if you are interested in opening a bar, find a business partner who has experience in hospitality. The more experienced they are, the better.
You could consider attending or hosting a networking event. Here you can find professionals from your targeted industry through networking and meet potential business partners.
2) Use online resources such as LinkedIn and Twitter
An obvious place to find a business partner is professional sites like Linkedin, where you can search by industry, city or other interests. If you have mutual contacts you can reach out to them and kickstart a conversation by asking for advice.
A less conventional approach is using Twitter where you may be able to find someone who has similar interests to you and who may be able to help.
3) Get referrals from existing connections or friends and family
It always helps if you can get someone to vouch for your ability. By getting a referral from a trusted connection you can not only demonstrate your ability to work hard but also show that you have a good moral character.
This is where referrals from friends and family can help where they may be able to put in a good word for you and say why they think you’re suitable for the business.
4) Join meetup groups
If you’re looking for a business partner with a certain skillset then get yourself out there and find people who you think would be suited to your business. It can be helpful to join meetup groups specifically for finding a business partner.
Here you may find some interesting and like-minded individuals where you can start a more meaningful conversation than just pitching them online.
5) Approach a business broker
Business brokers deal with tens or even hundreds of entrepreneurs on a weekly basis. They can be a phenomenal resource as they may know of people who are also looking for business partnerships. They can then make a highly targeted introduction.
If you do choose to go down this route, make sure you ask for references where the person has had success with finding suitable investors or partners previously. And remember, not all business brokers will be reputable so you should conduct your own research where possible.
6) Use your club
As London’s premium business club, we have all the resources you could possibly need to find your next business partner.
The Club has a large number of members who are interested in investing, mentoring and partnering with one another. Speak to our membership team if you want to be introduced to another member. Alternatively, the online portal has a community section, where members can create discussion boards, as well as initiate conversations with their fellow members.
You could also attend one of the club’s numerous events, which are perfect networking opportunities, and a great way for you to meet other like-minded professionals.
Whatever route you decide to take when looking for your next business partner, feel free to check in with the Club. We would be happy to speak to other members on your behalf, whether you need advice on a broker, have a question around the best networking events to attend, or simply want more advice/mentorship around securing a business partner. We are happy to make introductions for you.