Getting a start-up up and running is pretty hard, no matter who you are or the kind of business you want to build. However, there are certain things you can do to make the whole process easier. One of these things is forming a partnership. When you have a good working partnership with another firm, all kinds of factors can start to pick up. Here are some great advice for finding your business’s perfect partner.
First of all, find a non-competitor who shares your target audience. The easiest way to found a beneficial partnership is through your target market. Uber, one of the most notable start-ups in recent years, managed to grow exponentially through its strategic partnerships. Starwood Hotels and Carnegie Mellon are just a couple. These companies combined their resources and synched up their services for a single target audience. This is the ideal you should be striving for. If your company manufacturers tents, then try to target an outdoor gear store. If you run an interior design service, partner up with a paint company. If both of you can share a target market, without robbing each other of any business, you’ve got all the makings of a brilliant partnership.
My next tip is to make sure both business’s needs are addressed. Both you and your partner will have your own selfish reasons for agreeing to the partnership. You’re both hungry for more capital, obviously. One of you might want more expertise, networking opportunities, or anything else out of the arrangement. If both parties’ expectations aren’t met, then the partnership can quickly become strained. Every business owner’s experience and aims will be different. From the moment you begin discussing the idea, make sure you and your prospect are putting all your cards on the table. Every move you make within the partnership should acknowledge the needs of both you and your partner. Neglect this, and things will go stale faster than you’d believe.
Finally, be sure to identify the strengths in your prospective partner. It’s a grave mistake for a new business owner to think that any partnership is a good partnership. If your prospect isn’t bringing anything to the table, then you should shut down the negotiations straight away. Do a lot of research into any business you’re thinking of approaching. This might sound like bad form, but I can’t stress how important it is. I probably don’t have to tell you that it’s not hard to fake professionalism! Look at some independent reviews of the business, run a business credit check, and don’t be afraid to pry when you’re talking to the CEO. If you ever feel like one business would be carrying the other, then you could probably find a better partnership. The partnership you form should be mutually beneficial, and never parasitic!
There you have my best tips on forming a business partnership. Like personal relationships, all partnerships have their ups and downs. However, if you stumble upon a keeper, there’ll be no limits to where your business can go.