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!