Partnering up with more established businesses can be highly beneficial for a small business. Taking the following factors into consideration will assist you in creating an effective partnership
What do you want out of the partnership?
Determining exactly what you want from a partnership will help you determine who the right partner is. Businesses have their own strengths and weaknesses so understanding where you need the most support and choosing a partner that will provide it is important.
What do you bring to the table?
A good partnership is about give and take. If your chosen partner is going to assist you in an integral aspect of your business, then you need to reciprocate. Examine the strengths of your business and how these will benefit a potential partner. Remember that different strengths will appeal to different partners, so your approach should be catered to the business you are extending a hand to.
Do you have a personal contact at the company?
Although it is not necessary to have a personal contact, this does make it easier than cold-pitching. Take a look at your professional network and check for mutual contacts who might be of assistance. Build a relationship with the individual and stay alert for signs which indicate how teamwork would be having similar values is integral.
Do your goals align?
Both businesses having similar goals and objectives will result in a much more successful partnership. Ensure that you are clear on these goals and discuss them with a potential partner before establishing any sort of contractual relationship.
It may take time to find a partner that compliments your business. It can be frustrating if you can’t find the right business or if you feel like you have found them and collaboration fails. It is important to be patient and remember that waiting for the right company will be worthwhile.