Finding A Business Partner For 2025
Starting a business can be exciting, but also an incredibly lonely journey to undertake.
That’s why having a business partner not only brings companionship but also an extra set of skills, funding and ideas to help scale your business.
Unfortunately, there’s no easy-fix, “swipe-right” Tinder-esque solution for finding the right person. But that doesn’t mean you should go with the first willing candidate you find. Rather, it’s something that you should consider carefully, as you’ll want to find someone who aligns with your vision and principles, and can add plenty of value.
In this guide, we’ll show you how to find the Ben to your Jerry, including what to look for and what to avoid. We’ll also outline the pros and cons of a business partner, so you can decide if two heads really are better than one.
What to look for in a business partner
As of 2024, there are around 356,000 business partnerships in the UK’s private sector.
When considering your own, you should first determine what you’re looking for. After all, a business partner needs to bring more than just extra funds to the table. Instead, you need to take time to ensure you have the right mix of skills that complement each other.
It’s also important to remember that a business partnership is a professional relationship, so if there’s any conflict, you should leave emotions and personal feelings out of it. It’s also best to know someone fully before you commit to a full-time partnership.
So, what are the key components that a good partner should have? To figure this out, you should ask yourself the following questions:
- Passion: are they enthusiastic about the business? You’ll be spending a lot of time on the project, so genuine interest is essential.
- Reliability: what are their plans for the upcoming months? Are they willing or able to commit to the business for the foreseeable future?
- Skills: what are their skills and what gaps do they fill? How will they help you achieve your business objective?
Pro tip: finding a partner in a different field
Don’t be afraid to consider a partner in a different industry. Coss-sector experience can be more useful than you think, and could potentially help you reach a new target market. Partners in different fields could also introduce you to new networks, technologies or strategies that you wouldn’t have thought of before.
- Fiscal status: do they have any outstanding debt? If they do, this could limit your access to certain resources, such as business loans.
- Values: do they have a vision for the business? Do they share your core values for ambition and work ethic?
- Compatibility: do you get along well? It sounds simple, but any relationship issues you have up-front are likely to be exacerbated once your business is up and running.
- Location: where are they based? If your partner is hundreds of miles away, it might be difficult to collaborate effectively. Conversely, it might also be useful if you’re trying to expand into new markets.
Where to find a business partner
Finding a business partner is a little like the dating scene.
But instead of awkward first dates, fizzled-out talking stages or swiping through hundreds of profiles, you need to look for someone who aligns with your vision, has the relevant skills and can remain committed to growing the business together.
And much like dating, there are many avenues you can take to find the perfect match for you.
Networking events
Networking is a great way to meet new people and share your business interests. Even if you don’t meet the right partner straight away, you can build a network of people and eventually meet someone well-suited through an associate.
Here are some networking events that are held around the year:
| Name | Location | Price |
|---|---|---|
| The Federation of Small Businesses (FSB) | Various regions or online | Around £5-£10 for members and £8-£15 for non-members |
| Eventbrite | Various regions or online | Varies for each event |
| WeWork | London | Varies for each event |
| Busy Women Networking | London (Moorgate), Ampthill, Banbury, Bedford, Buckingham, Milton Keynes, Kettering, Northampton, St Neots, Towcester | £290 for annual membership, plus VAT |
| Zoco Networking | Online, but also runs events in Richmond, Cobham, Dorking, Chiswick, Woking, Teddington | £22 per month, with pay-as-you-go options for online events |
| IWant2Network | London | Free for the first two events, then £50 + VAT per event |
| Business Breaktime | Online | Free for non-premium events |
| Small Business Vibes | Online and in-person events across the North East, North West, East Midlands, West Midlands, South East and South West | £10 per session or £20 for a monthly membership |
| Simply Business Club | Online and in-person events in Canterbury, Folkestone and Thanet | Free for the first two events, then £5 per session. Membership costs from £20-£300 |
| The Business Community | Online and in-person events in Milton Keynes, Northampton and Wellingborough | Free for the first event, then £6 PAYG per session, or £32 for a monthly membership |
| We Are In Business | Online and in-person events in Leeds, York, Harrogate, Wakefield and Wetherby | £12 PAYG per session, £105 for 10 events and £200 for 20 events |
| The Marketing Meetup | Online and in-person events across East England, South East, South West, Wales, North England, Scotland, Midlands and Rest of World | Varies by event |
| ONLE Networking | Online | £10 PAYG per session or £45 for a monthly membership |
Online communities
If you can’t make it to events in person, channels like LinkedIn are a great way to connect with like-minded businesses. These conversations can start with the occasional “@”, but could eventually blossom into a fully-fledged business partnership.
Similarly, Facebook is no longer considered just a personal social network platform. Now, it’s a popular hub for business networking, with a significant number of “closed” groups dedicated to regional, national and sector-specific networking events.
Should family or friends become a business partner?
Some people choose to start a business with someone they know, whether that’s a family member or close friend. After all, there are 4.8 million family businesses in the UK, so this could definitely be a viable option.
However, this isn’t always the right avenue for everyone, especially if you’re looking for a co-founder with a certain set of skills or expertise. Starting a business with a family or friend also risks putting a strain on your relationship, especially when faced with financial difficulties, disagreements or different visions for the company.
Accelerator and incubator programmes
An accelerator programme could offer the opportunity to find a worthy business partner. These “boot camp” style training programmes are particularly common in the tech industry and are focused on preparing entrepreneurs for the challenges of the business world.
If you manage to get onto one of these programmes – though consider this carefully as many accelerators take an equity stake in return for membership – you will find yourself mixing with like-minded individuals; the perfect opportunity to pitch ideas and collaborate with potential partners.
Investors
Investors are a popular source of business finance. However, their expertise and track record in business are often just as valuable.
If you’re a rookie, finding an investor who understands and believes in your vision and mission could give you the direction you need to make your business succeed. Also, if an investor believes you need a co-founder, they can put you in touch with relevant contacts in your industry and help build new relationships.
The pros and cons of business partnerships
Like most things in the business world, there are upsides and downsides to obtaining a partnership. These are the main pros and cons to consider.
The advantages of business partnerships
Overseeing the day-to-day operations of a business is one of the most difficult jobs to take on, so having someone to go through the ups and downs means you can share that burden equally.
The positives aren’t all sentimental though, as having a business partner can also give you access to a much wider range of resources and talent to choose from.
The main advantages of a business partnership include:
- Additional skillset: the right partner can bring a fresh set of skills, experiences and ideas, especially when it comes to solving problems, finding new opportunities and growing the business in ways you might not have managed alone.
- A new perspective: having a second pair of eyes can be valuable for your business plan, helping you figure out what works, what doesn’t and how to improve your ideas.
- Lead generation: your business partner will have experience working within the industry, as well as useful contacts from their previous roles to help improve your prospects. Be careful not to break any previous employee contacts though, as many firms require that workers don’t contact their clients upon leaving a company.
- Access to finance: investors – particularly venture capitalists – are more likely to invest in a business that’s run by a team as the responsibility is shared, therefore the risk is reduced.
- Fewer legal obligations: unlike a limited company, partnerships aren’t required to make a corporation tax return, but you’ll still need to keep a record of income and expenses.
The disadvantages of business partnerships
Business partnerships are a lot like marriage. When it works, it works. When it doesn’t, it can end in a messy breakup.
While having a partner can bring new ideas and support, it also comes with challenges that can impact decision-making, finances, and even personal relationships. Before deciding on a partnership, it’s important to weigh the downsides carefully.
- Loss of autonomy: you’ll no longer have full control of your business, and any important decisions will have to be made together. This can slow down decision-making, especially if there are different visions or work styles.
- Relationship breakdown: conflicts can arise from differing opinions, work ethics or expectations. If one partner feels they are putting in more effort than the other or if trust starts to waiver, tensions can build.
- Shared liability: in most partnerships, all partners are legally responsible for business debts and obligations – even if only one partner makes the financial decision that leads to the losses.
- No independent legal status: unless a partnership agreement with alternative provisions is carried out, the business will be dissolved if any of the partners pass away or resign.
- Profits have to be shared: while a sole trader gets to keep all the business profits, those generated from a partnership must be divided among the partners, typically based on an agreed-upon percentage.
- Additional skillset
- A new perspective
- Lead generation
- Access to finance
- Fewer legal obligations
- Loss of autonomy
- Relationship breakdown
- Shared liability
- No independent legal status
- Profits have to be shared
Do you need a business partner?
The truth is, there’s no right or wrong answer to this.
On the one hand, a business partner can be beneficial in many ways, especially if you feel like you’re not able to cope with the endless responsibilities and need an extra helping hand.
However, partnerships also come with a lot of commitment, and you might not always be on the same page about how the business should be run. It might even be better to hire a freelancer for certain tasks (e.g. marketing, graphic design, copywriting, etc) or seek business advice to get support during difficult periods.
But in certain circumstances, a business partner could be the very thing to help your business get on the right track. You should consider looking for a partner if:
1. You’re missing essential skills
If there are key areas in your business, like finance, operations, or marketing, that you’re not strong in, a partner can bring the expertise you lack. This can fill gaps in your skill set and ensure your business runs smoothly.
2. You’re getting overwhelmed with the workload
Running a business alone can be exhausting, especially as things grow. If you find yourself constantly stressed or burnt out, a business partner can help share the load, take on some of the responsibilities and help you maintain your mental and physical wellbeing.
3. You need additional resources for scaling
As your business expands, you might need more hands on deck, whether it’s for increased capital, manpower or expertise. A good business partner can bring those additional resources to help you grow faster and more efficiently.
4. You need someone to share financial risks
Starting or growing a business often involves significant financial risks, and having a partner can help share that burden. This makes taking on larger investments, loans or business ventures feel less daunting, as you’re not wholly responsible for any potential losses.
5. You want to share the decision-making process
Business decisions can be tough, and having someone to bounce ideas off or collaborate with can provide clarity and make you more confident in your choices. A partner can offer a different perspective and help you avoid mistakes that might occur if you’re going at it alone.
6. You want to expand your network
Your partner might have connections in areas you don’t, whether that’s in funding, potential customers or even finding new talent. Their network can open new doors and provide you with opportunities that would be harder to access without their help.
Tips to build a strong business partnership
A business partnership requires good communication, trust and a solid plan to make sure everyone’s on the same page.
To avoid any issues down the road, it’s essential to set clear expectations and lay out roles, responsibilities, and processes from the start. If you’re thinking about teaming up with someone, here are some important things to consider.
Create a written agreement
While you can work together on a verbal agreement, it might also be helpful to have something in writing that defines the terms of the partnership, including assigned responsibilities, liabilities and matters of ownership.
These are the details you should include in your agreement:
- Contribution: how much capital is each partner paying into the business?
- Ownership: what percentage of the company does each partner own?
- Distribution: how will your profits and losses be distributed
- Responsibilities: which areas of the business will a partner look after? (e.g. financial reporting)
Have an exit strategy ready
You should also discuss in advance what your exit strategy may look like in case you need it in the future. Examples of this include:
- Selling the business to another management team
- Selling the business to a family member or a friend
- Merging the company with another
- Ending the business’s legal existence and paying off any remaining debts to fellow partners
Resolve conflicts professionally
Conflicts are inevitable in any business partnership, but how you handle them makes all the difference. Instead of letting disagreements affect the partnership, you should agree on a system for conflict resolution early on. This can include:
- Regular check-ins to discuss concerns
- Setting up a neutral third party, such as a mediator, to resolve disputes
- Focusing on solutions instead of personal blame to keep the business moving forward
Conclusion
At the end of the day, finding the right partner can make a huge difference in the success of your business. It’s not a decision to be taken lightly, but the right partner can be extremely helpful in bringing new ideas, skills and resources to your business.
Remember – a good partnership is built on trust, clear communication and a shared vision. That’s why you should take your time to find someone who complements you and your goals, and make sure to lay out clear terms from the start.
Whether you’re in the early stages or looking to scale your business, having the right partner can make the journey a lot smoother – and a lot more rewarding.
link
