HOW TO FIND & KEEP THE RIGHT BUSINESS PARTNER TO GROW YOUR STARTUP

HOW TO FIND & KEEP THE RIGHT BUSINESS PARTNER TO GROW YOUR STARTUP

By John Paul 

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To grow a business, you need people with the right skills and experience. But as a #startup, you often cannot afford the kind of pay or salary that may attract and keep such people. That's why equity deals are sometimes necessary. By offering a share of your business (equity), you can often "buy" the loyalty and commitment of good people to your business.

But equity deals at the startup stage are like a marriage -- it's for the long term and divorce can be costly and devastating to a young business. So, how do you make sure that a potential business partner is the right person before you give them equity? And how do you value the business to determine how much equity you should offer?

Yesterday, I had an interesting strategy session with Nosipho, the newest member of our Insiders community. She is an engineer and CEO of Torque Engineering in Jo'burg, South Africa. During the session, we discussed partnership #strategy, equity deals, and how to find the right people.

The #Insiders is a community of entrepreneurs who have access to advanced business training, coaching, networking, and collaboration #opportunities.

#africa #smallstarter #business #entrepreneurship #insiders