This month’s theme is “Creating Business Partnerships.” Throughout January, my posts will be exploring the many ways that we create partnerships within our businesses and how to leverage them to grow our business.
“The poor man who enters into a partnership with one who is rich makes a risky venture.”
~ Titus Maccius Plautus
The best partnerships, business or otherwise, are those where both parties benefit. So, if you are looking to find a business partner, the first step is to know what you have to offer your potential partner.
There are many ways you can provide a benefit to your business partner:
- Skill set – you have skills your potential partner does not have, but could use
- Knowledge – you have expertise your potential partner does not have, but could use
- Connections – you know people your potential partner would like to have access to
- Funding – you have access to funding your potential partner doesn’t
- Equipment – you have access to equipment your potential partner needs to use
Once you know what you have to offer, you need to research potential partners who would need what you have to offer and ask yourself these questions of resulting list of people:
- Does this person have something I want in return?
There is no use partnering with someone if it won’t be mutually beneficial.
- Does this person want what I have to offer enough to provide me with what I want in return?
A potential partner may lack what you have to offer but not really care because it isn’t related to their goals for their business.
- How am I different than others who have what I have to offer?
If someone has more than one potential business partner to choose from, why should she or he choose you?
By doing your homework … both on yourself and your potential partners … in advance, you’ll be able to forge more effective, successful and profitable business partnerships.