Buying a franchise on your own can be daunting. That’s why many entrepreneurs decide to take on a business partner. Having another person on your side can ensure that you both bring complementary skills to the business, as well as someone to help share the load. Here’s how to find the best franchise business partner.
1. Identify Your Weaknesses
The most successful business partnerships involve people with different skillsets and experiences. If you’re great at marketing and writing, but weak in finance and accounting, your best partner will have the skills that you lack.
Once you have a list of your weaknesses, use this as your shopping list as you start partner hunting.
2. Look to Your Network
You may already know someone who would be a great business partner: a family member, friend, or business contact. But before you jump into inviting someone who’s really close to you to go into business with you, think twice. Mixing business and family can sometimes have disastrous results if you aren’t careful.
Set aside your personal relationship with this person and ask yourself: if we weren’t related (or friends) would I think this person was ideal as a business partner? Does she have the skills and experience we need to succeed? If so, full steam ahead.
3. Talk About Vision
You have an idea of what you want in your franchise business. Your business partner will have his own ideas. So it’s important that before you agree to partner, you discuss those visions to ensure they’re aligned.
For example: you might want to buy a franchise that you can run for decades. He might want one that he can get rich quick from, and then sell. Knowing that you’re misaligned in these goals will keep you from choosing the wrong partner.
4. Define Roles and Responsibilities
Another useful task in the process is to decide who’s responsible for which aspect of the business early on, as well as how you will make decisions together. What happens if you disagree? How will you come to common consensus?
You might decide that you will be responsible for marketing, hiring staff, and dealing with the franchisor, while your partner will manage the finances and handle administrative tasks. Be comfortable with the role delineation, or keep negotiating until you are.
Also discuss how you will pay yourselves, and how much. It’s important to keep money in the business, but it’s equally important to pay yourselves a salary.
Having the right business partner for your franchise can reduce your stress and workload, as well as make it more fun to own a business!
Susan Guillory is the President of Egg Marketing & Communications, a marketing firm specializing in content writing and social media management. She’s written three business books, including How to Get More Customers With Press Releases, and frequently blogs about small business and marketing on sites including Forbes, AllBusiness, The Marketing Eggspert Blog, and Tweak Your Biz. Follow her on Twitter @eggmarketing.