Going into business with someone? It may be worth your while to check their business history…

Starting a business can be stressful, which is why working alongside someone else is a great way to get the necessary help and support.

At Company Search MadeSimple we can help put your mind at ease with our company and director reports.

But before you commit to opening a company with someone (and signing any contracts), it’s a good idea to check out your potential partner’s history. In today’s social-media-saturated world, it’s common to ‘Facebook stalk’ before or after meeting someone, so why not with a business partner?

Here’s why you should do check on a business partner…

Ensure they have relevant experience

Are you sure that they have relevant knowledge or experience in the industry? You could check affiliations with previous businesses (and research other companies they have worked for).

Trust is only earned over time

You’ll be working together as a team (and it may be for a long time), so you need to know that the other person is a team player and will bring value to the company.

Confirm they are who they say they are

Have no mutual friends who can vouch for this person? You may feel more secure running a check – for peace of mind.

It’s easier than ever

There is a wealth of information available online, so it would be clever to do your research (as you would with a supplier) by checking them out beforehand.

Make sure they are reliable

They may be reputable for paying back loans, but could have a history of making late payments – or perhaps they have completed important business filings past deadlines.

Even big companies make mistakes but it’s always worth being diligent as your business and reputation are on the line. Take a moment to do the research (and perhaps check previous companies they have been involved with). You can even continue to monitor them by getting handy email alerts if any changes are made to the company.

And don’t worry, no one will ever know you’ve completed a check on them as checks are anonymous.