Having a business partner can provide a significant boost to your practice. A business partner can help you in a number of important ways, says April-Lynn Levitt, a coach with the Personal Coach in Calgary. These can include sharing expenses and bouncing ideas off of each other. A business partnership can also provide a higher level of service to your clients by combining the expertise of two people, and providing continuous service during vacation periods.

Here are five tips to keep in mind before entering into a new business partnership:

1. Think it through
Getting into business with someone is a major step. So, before you make the decision, you need to do some soul searching, says Levitt. Most importantly, focus on what you want to achieve by bringing a partner into the business.

Take a good look at your own strengths and weaknesses, Levitt says, and think about the kind of professional who would provide a good balance to your existing business.

2. Look for complimentary skills
When searching for a business partner, look for someone who will bring elements to the business that you do not presently provide.

You want a partner to compliment your skills, says Levitt, rather than be an expertise clone.

For example, if you are an investment advisor you might consider partnering with an insurance specialist.

3. Make sure there is mutual respect
While working with a close friend may not be such a great idea, says Levitt, you need to have a good rapport with a business partner.

Look for a partner you can communicate with, says Levitt, someone with whom you feel there is mutual trust and respect.

As well, remember to consider things such as the person’s business philosophy and how he or she views the client relationship.

4. Talk over everything
Before entering into anything official, make sure you have a long talk with your potential partner about how the business will run.

Discuss everything, says Levitt, from how you will pay for supplies to the bigger issues, such as what will happen in the event of illness or even death.

Write all your decisions down in a partnership agreement

5. Don’t rush
Finding the right business partner takes time, so be patient.

You can expect the process of finding the right fit to take somewhere between a few months and a year, says Levitt.