Are you looking to forge a new business partnership? In our last blog, we suggested what we believe are smart steps to making a business partnership work. They include scouting other businesses in your industry, knowing what you want out of the partnership and proposing a cross promotion. In today’s blog, we’ll discuss how to grow your startup by partnering with a bigger company.
Be clear about your role in the partnership.
What do you bring to the table? All partnerships – whether personal or professional – are two-way streets. It’s imperative that you define your strengths so that your partner is aware of how he/she will benefit from doing business with you. According to Aaron Michel on TheNextWeb.com, you shouldn’t even bother to contact a potential partner unless you know why they would want to speak with you.
“Know what you have to offer them,” he insists, “Chances are your startup was born from a problem. You saw an issue or something that was missing and developed a solution. If another organization is going to get involved, you need to find a way your solution helps them, too.”
Compose a professional reach out.
“Hey, would you like to be my business partner?” is certainly no way to start an email. You want to put your best foot forward and present yourself as a reputable business owner with a lucrative plan in mind. For many people, taking that first step of making contact can be daunting. This is why it’s wise to take some time to compose a professionally-written business letter. It should be comprised of your comprehensive proposal to partner up.
“This is probably the scariest step of all, but there’s no getting around it – you (yes, you) have to reach out if you want to partner with another business,” writes Deborah Sweeney on Forbes.com, “If you never try, you never know. Put your best foot forward and look for ways to reach out to the CEO whether by a contact box form on the site, a connection on LinkedIn, or an introduction through a business associate.”
Locate a personal contact at the larger company.
The old saying, “It’s all who you know” too often rings true in the business world. Yes, you may be more qualified and experienced than a competitor. But if that competitor is friends with someone in a high position, he/she will likely be given opportunities you may be more deserving of. It certainly doesn’t hurt to network and get to know other business professionals who may be able to help you get a leg up in your industry.
“Turn to your professional network and see if you and the company you’d like to partner with have any mutual friends,” advises Michel, “Having a warm introduction will lead to a substantive conversation faster. As you begin to build a relationship, constantly be alert for signs that indicate what it will be like to work as a team. Consider the core values of your startup company and whether or not this relationship will allow you to stay true to them.”
Secure a merchant cash advance.
Contact Synergy Merchants to find out how our unique merchant cash advance program can help you forge a partnership with a bigger company. Call us at 1-877-718-2026 or email us at email@example.com. You can also apply online for a free, no obligation quote!