Where are the best places to look for a business partner?
I am looking for a partner to reopen my gelato store in a different location. All equipment and training included but I'm finding it challenging to find a person that is searching for a new business, perhaps is on a lower budget etc. Where should I go to find a business partner? Are there any places in particular that I could go related to the hospitality/restaurant industry?
Finding [good] business partners is easily the hardest part of any business in any industry.
1) I'm not about to jump on the "hire a manager" bandwagon, but I will say this: it's way easier to fire an employee than it is a partner.
Also - consider that at the manager/partner level, you may be able to entice interested managers with profit sharing and even growth into partnership (it's a good way to test the waters before diving head-first into a partnership). Anyone with a keen sense of business and a genuine interest in growing your brand will consider the offer seriously. Anyone dismissive...well, that tells you where their head is at anyway, right?
2) If you have particular reasons for looking for a business partner, then you need to shop EVERYWHERE. Investment meetups, Treatings.co, LinkedIn groups, friends-of-friends, etc. You've got to really hustle -especially if you're constrained by scheduling to make this happen.
My biggest fear for you is that in a dash to line stuff up for the next season (which is soon, if you're in Australia, right?) you will join with a sub-par partner who will cost you more time and money than if you had gone the venture alone.
Partnerships, like marriage, shouldn't be rushed.
3) Have you considered franchising instead of bringing on partners? I've got some connections with teams who specialize in helping businesses shift into a franchising model. PM me if you're interested.
Few options :
1. Place an Advertisement in publication meant for specific Industry.
2. You can even give a presentation of your business and seek franchise, business partner or contract Agencies in the Business Forum..
3. Try to find some Consultants / Lobbyist who can get you a better deal.
Why not Franchise your business then seek to multiply it through a franchise estate agent?
Have you considered opening your 2nd store as a franchise with you the franchisor? Instead of a partner or manager you have a franchisee who manages the store as their own business (the ownership you;'re looking for) but according to your business model. It's a bit more complex--probably some legal issues to consider but it's very common for food shops & quick dining businesses. You'll find the kind of partner/manager you're looking for and if it works you can replicate the process for your next store. Check out the International Franchise Association (www.franchise.org) for more info.
First make sure you understand your own strengths and weaknesses, and look for a partner who off sets some of your weaknesses ands you offset his..ie Someone who is comfortable in Sales and Marketing and likes making calls, and someone who understands the outside but is more comfortable on the inside...Again looking at a business from the outside in, and a partner from the inside out so to speak...If you know your costs and have projected sales, you can advertise and see who responds, just be sure if he/she partner understand expectations and determine the ground rules for your relationship...
Very tough question.I have had people say to me God drove me to this opportunity and meant every word he said.He tried to steal my company.So, the point is luck sometime has a greater part than you might think. The fellow who said that was serious competent, borderline genius and for a while seemed the perfect CEO.I had decided to never give give cheque signing authority to people that did not have my name on the cheque. This CEO even worked a period of time for free.He brought in a big wig from CFO from a major international company. Two months after I finally relented and allowed to people other than me to sign the Cheques; they bonuses themselves $75,000.00. The moral tough to find and trust.You keep control.
Choosing a business partner is probably the biggest challenge for a small entrepreneur. During 45 years in business, I have seen very few successes and many disasters (many times ending up with the death of the company. I would reconsider the suggestion of Bruce Herman.
When hiring a manager, a key question is "does that person share my values and purpose?" P.
use social networks e.g linked-in,Facebook...and also past advertisement in local news paper
Given that this relationship would be long term, I'd suggest defining what you don't want in a business partner, as well as what you do want. That will help you recognize a business partner.
Bruce is right. Hire a manager. The other option is if you have a viable business model, set up franchising.