Scale Fast with Partnerships
"Partnerships gives you the ability to expand your products and services, your network, and your access to resources"- Sean Banks
If you are a solopreneur or small business, having the right partners can help you scale your business faster. Why? It gives you the ability to expand your products and services, your network, and also the amount of resources that you have at your disposal. However, I have seen a lot of horror stories before where businesses partnered with other businesses or individuals co-founded a business and the relationship turned sour toward the end.
Choosing the right partner takes time and patience. I have seen a lot of times where businesses enter into blind partnerships with others and the relationship they thought they would have ended up turning into a sunken ship. A lot of times this happens because business owners do not do their research, they do not take time to get to know who they are partnering with, and most times partner with others because it is a trend and not really beneficial to the business. Below, I have provided best practices to help determine where you could use a partner, how to find potential candidates to be partners, and how to go about the initial reach out.
Creating Partnership Best Practices:
1. Identify gaps in your business that could address a market need, improve client experience, etc.
2. Research and make a list of potential alternatives and businesses to address the gaps.
3. Create a shortlist and make a plan to explore their services and capabilities more in depth.
4. Create a plan of implementation for the alternatives or a personalized message for the businesses you want to explore partnership with.
If you need more clarification, I have a short video below that gives my insight on how to go about creating and leveraging business partnerships. You also have the opportunity to schedule time with me as well by clicking the hyperlink below!
I WANT TO CREATE A STRATEGIC PARTNERSHIP!
Sean Banks, is a Austin, Texas-based business coach and writer. He recently joined the Marketing Junto editorial team to help provide some actionable content for our readers. Find out more and get schedule a discovery call with Sean and his team.
