Have you ever considered forming partnerships to grow your business? They can be powerful!

How does entering a partnership help grow your business? Imagine, your local health food store partnering with your local gym, a make-up artist with a wedding dress store, a caterer with a cookware store and an interior decorator with a real estate agency. Imagine the possibilities for your business! And if you’re a new business, what an effective way to promote and build your new business.

Entering partnerships to grow your business

The benefits of partnering with another business:

• Increase your customer base quickly.
• Increase word of mouth and exposure in less time.
• Share business expenses.
• Provide greater value to your customers.
• Increase expertise and knowledge.

Here’s your checklist before entering into partnership:

• Find someone local to partner with.
• Be completely objective in picking the right partner. (Don’t just pick your friends…be sure it’s a good match for your business.)
• Find a partner with complementary products or services and not a competitor – for example a shoe store with a clothing store, a vitamin distributor with a health club, or a chocolatier with a wine shop.
• Know what you want from the partnership, and set goals that you want as outcomes.
• Write everything down. Clearly state expectations and responsibilities, and consider drawing up a contract.
• Anticipate and discuss all the challenges and problems before partnering.
• Start with a single project before doing more together or becoming long term partners.

So if your business is slowing down or needs an injection of new mojo, a partnership might be in your horizon. Follow these tips and make your new partnership a success!