1. Figure out your business goal
Building the right team will depend on how you define your business goals.
For example, if your goals are to build a business that manufactures and sells dress shoes, you may want to find a cofounder that has worked in the dress shoe market and specializes in that product.
If your goal is to start a restaurant, you may want to find a business partner that has had years of experience in the food or dining industry.
If you want to start an insurance company you’re going to want a business partner that is skilled in sales and knowledgeable about insurance. You may also want someone on your team who is skilled in finance that can help you optimize your pricing for your product or service offering.
2. Define your vision and strategy for the next 3-5 years
Another important aspect of defining your business goals is knowing what stage of growth your company is at for the next 3-5 years.
Is your company a new start up? Then you will want to put together a team that has experience with building teams, services and products.
Is your company about to go public? Then you will want to find a CEO that understands how to market your company and has experience with taking companies public.
3. Figure out your strengths and weaknesses
Another idea is to understand your strengths and weaknesses. You need to know what you are good at and what you are not good at. If you don’t understand your strengths it will be hard to find a partner that can fill in for your weaknesses.
For example, if you are great at sales and marketing but you are not very organized and don’t keep track of finances well. You may want to bring in one or two business partners that have experience with keeping track of finances and building operations for your business.
I find it massively helpful to work with someone who has the opposite strength that I do. That way the person can challenge my ideas. Bring a different perspective to the table, and bring skills that can ultimately help the business.
4. Build your friendship based on business, don’t build your business based on friendship
If you are serious about business and entrepreneurship, you’re going to want to start by finding a good business partner and building a friendship with them through business. It will be much harder and emotionally turbulent if you do business with a friend. Your friends may not be as serious as you are to succeed and if you have to confront them about issues in the business it can potentially be damaging to your friendship and your business.
The best thing you can do is find someone that is a business partner first but you can get along with them very well. This will help you start your business on the right foot.