Many businesses thrive in partnership because two heads are better than one. Having the right business partner can scale your business up exponentially and do many great things for your fashion business.
In picking a fashion business partner, though, there are some factors and traits to consider to determine if the partnership is likely to work or not. Here are 7 of them;
Traits To Look Out For In Choosing A Fashion Business Partner
1. Choose Someone Who has Complementary Skillset and Personality Traits to Yours
In picking a business partner, getting someone who has the same skillset as you will not quite work. Find a partner who is good at the aspect of the business you are not good at, for example, if you are great at designing and creativity but bad at marketing, your business partner should be good at marketing.
Your business partner has to have what you are lacking in skillset and personality.
When you and your partner have complementary skillsets you will be able to achieve so much more than if your skillsets are the same. There will be space for a division of labour and varied responsibilities.
Choosing someone with complementary personality traits to yours is also something to look out for. If you are reserved and quiet, it might be great to choose someone who is more outspoken and ready to relate openly with others.
2. Choose Someone Who Shares Your Vision and Values
Your vision, hopes, and dreams are the things that got you into business in the first place so it is very important to find someone who shares these things with you. A business partner who shares your vision with you and is as passionate and driven as you are about moving the business forward is gold.
You and your partner should be able to agree on important issues like goals for the business and what direction you see the business going in in the next 2 years, 5 years, 10 years. You should be able to agree on how to run the business.
Apart from sharing the same vision with you, your partner should be able to share the same values as you. If you value honesty, hard work, discipline, proactiveness, etc, you have to find someone who values these things as much as you do so he/she does not start to get on your nerves.
3. Choose Someone Who is Reliable
If you know you cannot rely on someone then please DO NOT choose that person as your business partner. Your business partner should be someone you can count on through thick and thin.
Whoever you are considering choosing as your business partner should have a good track record of being reliable. It must be someone you can count on to make sound business decisions that will not jeopardise your partnership or the future of the business.
Ensure that this person is someone that delivers projects on time, someone that follows up with you, and does what he/she says they’ll do. If you cannot trust him/her then just move on to the next one.
4. Choose Someone Who has Integrity
The importance of integrity in doing business is astounding. Before going into partnership with anyone, make sure this person is a person of integrity – one that does what they say they’ll do and owns up to mistakes made without looking for how to push the blame.
A person who lacks integrity is bound to wreak havoc in your business.
You have to ensure that this person is not someone that always looks for how to cut corners or someone dishonest in their dealings with others. A business partner who lacks integrity can land you and your business in trouble or maybe even get your business shut down.
5. Choose Someone Who is Dedicated to Growth
A business that is not growing is bound to fail.
In picking someone to walk this entrepreneurial journey with, you have to ensure that you pick a person who is dedicated to growth. His/her life has to show that he/she is constantly growing.
Your business partner should be someone that is not only dedicated to growth but someone that also pushes you towards growth and picks you up when you are down. Your business partner should be someone who embraces change and growth because he/she knows it is good for business.
This person should be willing to take calculated risks to see the business grow because business is full of risks you have to take. Make sure he/she is not someone who always wants to play safe to the detriment of the business.
6. Choose Someone Who has Conflict Resolution Skills
There is bound to be conflict in business no matter how well you and your partner get along. Seek out a business partner who is willing to sit and resolve conflicts in the right way without avoiding talking things over.
If your business partner is a person who is vengeful and always holds grudges, the business will eventually suffer for it. While it is important to give space for one another’s weaknesses and shortcomings, it is also important to talk over whatever issues may arise because of your differences.
7. Choose Someone Who is Financially Responsible
Very importantly, you need to choose a business partner who is financially responsible. If your business partner is someone who cannot manage their finances and who is always in debt and need of money, no matter how well you vibe with that person, do not go into partnership with him/her.
Money is one of the major causes of conflict in business and partnership so it is important to ensure that your business partner knows how to manage finances properly to avoid issues in the future. He/she doesn’t have to be a financial expert but he/she must know the basics of money management and how to be financially responsible.
Partnership in business, when done right, can take a business to new and great heights. Look out for the above traits in anyone you are considering for partnership before going ahead with it.