Launching and growing a business in Australia is an exciting venture, but it often demands a diverse skill set, experiences and resources. While solo entrepreneurship can be rewarding, there comes a point where you might wonder, “How can I propel my venture to even greater heights?” The answer often lies in the decision to find a business partner — one who can bring complementary strengths to the table, provide valuable insights and accelerate your company’s growth.
Now, the crucial question to ask yourself is: How do I find a business partner who shares my vision and has the skills, experiences and dedication? If you’re currently navigating this step in your entrepreneurial journey, this guide will help you find a business partner in Australia.
Where to find business partners in Australia
There’s no big secret on how to find a business partner — all you need is to tap into your networking skills and explore avenues accessible to you. For business partners who may have the specialised knowledge, connections and resources you need to get your business off the ground, begin your search here:
- Industry-specific events
- Local business associations
- Online business networks
- Business incubators and accelerators
- University and research institutions
- Entrepreneurial events
- Mentorship programs
Find a business partner in Australia: 5 steps to cover
Clarify your business goals and needs
Before you can find a business partner who is perfect for you, you must clarify your business goals and needs. Identify your strengths and weaknesses, as well as the specific skills or resources you are lacking. Do you need a business partner who possesses certain technical skills, like IT or marketing? Are you looking for an individual who understands the local market or has local connections and a pool of resources, be it financial or otherwise? Be explicit about what you seek and the role you see your partner taking vis-a-vis your role in the business.
Conduct thorough interviews
Once you’ve identified potential partners, conduct thorough interviews to assess their qualifications. Think of it as a job interview where you delve into their professional background, experiences and understanding of the nuances of running a business in Australia. You must find a business partner who can help you through challenges, so enquire about difficult experiences they’ve had and how they overcame them. This will help you picture how they can contribute to problem-solving, decision-making and other vital aspects of operating a business.
Assess compatibility and shared values
Beyond skills and qualifications, compatibility is a key factor in a successful business partnership. Find a business partner who shares your values, work ethic and long-term goals so you can be aligned with each other when making critical decisions for the company. Discuss your work expectations, such as work hours, communication styles, commitment, conflict resolution management and decision-making processes.
Consider legal and financial business aspects
When you find a business partner in Australia, it’s imperative to discuss legal and financial matters, preferably mediated by professionals. Consult with local attorneys who know Australian business law to draft a partnership agreement. It should outline each partner’s rights, responsibilities, ownership stakes and exit strategies. This agreement can help prevent misunderstandings and disputes down the road, and protect you and your potential business partner from legal and financial consequences.
Start small and grow together
If you are done wondering where or how to find a business partner and have formalised a partnership, it’s time to roll up your sleeves and get to work! While you may have assessed compatibility during your interview process, working together on real projects can put your partnership to the test. Start with less demanding tasks together, such as coming up with a business idea or writing a business plan, to learn about each other’s strengths and weaknesses. Adapt your roles accordingly and work on bigger projects to continue building trust with each other.
Obtain a business with your partner on Resolve — Australia’s leading marketplace for businesses
Ready to take on a bigger project with your business partner? Purchase a business on Resolve! Using our platform, you can find businesses that fit your combined values, skill sets and resources. From manufacturing to personal services, we have a wide range of businesses for sale here on Resolve. Create an account, check out available listings and buy your dream business today! If you have any questions, feel free to get in touch with us.