Starting any online relationship is fraught with risk – just ask anyone who’s tried online dating.
Yet in the age of the internet – where there’s an answer for everything – more and more entrepreneurs are finding their business partner online.
One example is Derek Andersen, founder of StartUp Grind – a global startup community designed to educate and connect entrepreneurs.
When Anderson decided to build a website, he recruited a designer via freelancing site 99designs, and was so satisfied with the outcome that months later decided to use the same designer for a different project.
“So I met an amazing designer who became my business partner, who built a product with me that got acquired and sold, and who is now working with me again,” Andersen says in a YouTube testimonial.
However, even the most cursory glance at statistics on how many businesses fail each year (1 in 3). With that in mind, exercising due diligence in choosing in a business partner is paramount.
One element of any partnership equation is to share the same goals, values, and level of motivation. When it comes to finding a business partner online, it’s likely that you’ll be in different locations, and this may not work for everyone.
Beyond this, the strongest partnerships are formed when each person complements the others’ skillset – whether it be sales, creativity, or strategy, your weaknesses should be their strengths, and vice versa.
Key takeaway:
Finding a great business partner takes due diligence, and just the same as any other investment, shouldn’t be rushed into.
It can be a time-consuming process to find the right match, and you’re likely to encounter a few false starts. However, entering the right partnership can make for a more secure and shrewd business model.
Related story: The prenup for co-founders
