Are you a small business owner looking to take his/her business to the next level? There are many different avenues you can take to grow your company. One you may wish to keep in mind is the creation of a business partnership. The old adage “two heads are better than one” often rings true for entrepreneurs who find commonalities with others in their fields. What steps should you take to make a business partnership work?
Scout other businesses in your industry.
It’s totally normal to view other businesses within your industry as competitors. After all, that’s what they are. That doesn’t mean, however, that you can’t join forces. A competing business may have particular strengths that outshine your own. However, your brand may also have strengths that separate it from the pack. Combining those unique attributes can help for your respective businesses to become unified superpowers in your chosen field.
“Partnerships work out the best when they are made within your own or a similarly related industry,” concurs Deborah Sweeney on Forbes.com, “One company is able to provide something that the other cannot while still supporting the other partner and bringing in new customers to both sides.”
Know exactly what you want from the partnership.
It’s not enough to simply say “I want to grow my business”. It’s vital that you determine exactly how you want it to grow. For example, if you wish to grow the reach of brand to a larger customer base, you may want to consider partnering up with a business that exists within another region of the country. If you wish to boost sales amongst your current customers, you may wish to partner with a nearby company that sells products that compliment yours.
“Creating a partnership just for the sake of collaborating will be a waste of time,” warns Aaron Michel on TheNextWeb.com, “You need to have a good sense of what you want the end results of any partnership to be before you consider it…Before you even begin looking for another company to partner with, think about what your startup could do better…Once you’ve decided on the type of help your startup needs, you can start looking for the right partner.”
Propose a cross promotion.
Obviously, a proposed partnership is a “scratch my back and I’ll scratch yours” proposition. It’s vital that you communicate what your business can do to benefit its potential partner. Naturally, you will also want to communicate what it is you’re looking from your partner. According to Sweeney, it’s important to be organized and come with a plan, but don’t over complicate anything.
“Make the proposal simple for the partner,” she writes, “Partners can work together by cross-referring business, newsletter features, cross-blogging and promoting each other out through their social media platforms, or even by simply introducing customers to your product when they are on the phone.”
Are you considering partnering up with another business, but are concerned about the costs that may be involved? Contact Synergy Merchants to find out how our unique merchant cash advance program can help you. 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!