Most often (and with good reason), we see our competitors as “the enemy”. We pretty much regard any business that isn’t our own as one that stands to steal away money that is deservedly ours. But what if we were take alternative approaches to “playing with others”? Perhaps, the strengths that other companies possess can be seen as assets. That is, of course, if a partnership was made possible.
What would be an immediate benefit of partnering up with another business?
Well, if your business is fairly new, it would certainly get your foot in the door of your chosen industry. On Entrepreneur.com, business owner Web Smith admits that creating partnerships is what helped his company to be successful. He writes that, in the world of business, it can be “tough to be the kid on the playground without any friends.”
“You can survive alone, but you’ll only really thrive when you plug into the community around you,” he explains, “External partnerships can serve as a startup’s connection to an established community by making their product or offering seem more familiar and less risky. For small businesses and startups, building this brand recognition and affinity is critical.”
Smith makes sure to highlight that the companies he partners with are those that share the same “values, style and mission” as his own. That way, he knows he’ll be able to make his products and services appeal to the target demographic they all share.
How do you go about seeking partnerships?
It would be like any other type of relationship, we guess – you simply have to put yourself out there. Going to industry-related networking events like trade shows and conferences would definitely be a good start. They are the perfect settings for meeting like-minded businesspeople who may also be looking into expanding their companies through partnerships.
It’s important, however, that you communicate to your potential partners that it’s your objective to help them as much as you’d like their help in return. On Mashable.com, Nellie Akalp encourages entrepreneurs to offer their assistance to other businesses that can benefit from it. That way, they can establish a “scratch my back and I’ll scratch yours” relationship from early on.
“Successful networkers understand that networking is a two-way street,” she writes, “Always be on the lookout for opportunities to help fellow small businesses. By consistently bringing value and opportunity to those in your network, you’ll be attracting others to your network. In short, by giving business to others, you will get business in return.”
How can Synergy Merchants assist you with joining forces with other companies?
No matter your method of growing your business, Synergy Merchants can help you get your hands on the cash you need to put your plans into action. In many cases, our clients use their merchant cash advances for expansion or buying out former business partners. If you’re looking to find your own way of growing your business by either method, contact us to find out more about how our program can help you.
For more information about our merchant cash advance program or to speak with one of our licensed funding specialists to get a free, no obligation quote, simply call Synergy Merchants at 1-877-718-2026 or email us at firstname.lastname@example.org.