It feels fairly natural to choose a business partner who is similar to you. And, in some senses, this is what you want. You need someone who has the same goals and vision as you and someone who shares the same values.
However, in a lot of ways, it’s actually much better to have a business partner who is different than you. Why is this and how can it strengthen your business?
They bring skills and abilities that help to round out the business
Perhaps the biggest benefit is that someone who is different than you is going to have a different set of skills and abilities. If they complement yours, then the business is much stronger than it would be. If you choose someone who is similar to you and you can both do the same things, it’s easier to work together, but the business may still be lacking in key areas. If someone else can bring that type of talent to your company, it’s going to be more robust overall and have a better chance of success.
It’s also important for business partners to know how to divide their responsibilities and duties. If you’re the same, there’s going to be a lot more overlap, and that creates the potential for conflict between the two of you. If you’re very different, things may fall naturally into a complementary role. You will want to do different tasks and be responsible for different areas of the business. You won’t have as many conflicts over responsibilities. Things should go more smoothly, which can make the company more successful.
Regardless of whom you choose as a business partner while starting your own business, it is imperative that you understand all of the legal steps you’ll need to take to set up a strong partnership.