Guest Post: How To Develop Profitable Partnerships to Grow Your Business

Like many business owners, I subscribe to a lot of newsletters to continue my education and stay on top of industry trends and knowledge. I want to share one of my favorites with you here.
 
This week’s post is from my good friend, coach and one of my mentors, Sydni Craig-Hart. Her company is Smart Simple Marketing and she is always full of great tips and extremely useful information. This latest one I thought would be particularly helpful to all my readers. Enjoy!

 

How often have you seen an announcement for a course, ebook or teleseminar presented by an amazing duo? Instead of wishing you were part of an incredible partnership, take the steps to form one on your own. It’s easier than you think.

The benefits of partnering for a project are enormous. Partnerships will expose your work to new audiences increasing your reach much faster than you ever could on your own. Many people in your partner’s audience will become part of your tribe. Growing your audience leads to increased profits.

Another huge benefit is pooled resources. When you have a partner you get to share the workload and share the costs. Working together allows you to increase productivity without increasing your workload.

Choose your partner wisely and you’ll get a chance to learn from your peers. Look for someone with a skill set that complements your own. Ideally, your partner shares your vision and looks at business the same way you do. When you find someone who has the same picture of the future, you’re unstoppable!

Start with YOUR Strengths

When you are ready to begin your own partnership, start with what you bring to the table. Most entrepreneurs are open to offers and opportunities to work together, but it has to be mutually beneficial. Be up front about what you offer and what you expect.

The partnership will go sour if you aren’t clear up front about what you are able to give. Ask yourself why someone would want to partner with you. Consider your expertise and your strengths. Also think about the amount of time you have to devote to the project. Are you good with follow through? What is your reputation in the marketplace? Both partners should have something to offer.

Pick the Perfect Partner

Look for a partner whose skills complement yours or whose work you admire. If the right person isn’t already in your network, chances are, you know someone who knows that person. Your network is your most powerful tool, so activate it! Put the word out that you want to meet a specific person or someone with specific skills and expertise.

Ask your social media contacts if they can introduce you to the right person. Talk to everyone you know, not just your network of colleagues. Ask family, friends, neighbors, high school alumni associations, college alumni associations, fraternal associations, your gym, clubs, Meetup groups and sports teams. If you find someone local, invite them to lunch or coffee to talk get to know each other.

Ask for the Partnership

Once you find the right partner, make your offer. When you reach out, be specific about what you can contribute to the partnership and their business. Be clear in what results you’re looking to create for you both and how you see the collaboration developing. Also, be honest about what you expect to gain. An open conversation is the start of a great partnership.

Finding the right partner takes some work, but the advantages are endless. The boost in your reach and exposure to new markets make it worth the effort. With a little digging and a good offer, you can put together the perfect partnership to reach your goals.

Your Action Plan For This Week:

  1. Brainstorm assets that you have to bring to a partnership. Be specific and honest.
  2. Determine what types of businesses and/or professionals would make good partners, based on your current goals.
  3. Seek out introductions to 3-5 experts in your industry who have services or skills that complement what you offer to your target market.
  4. Reach out and let the potential partner know how you can be of service and add value for their market.
  5. Follow up and continue the conversation until you’ve reached and agreement for a collaboration that is mutually beneficial.
Sydni Craig-Hart, The Smart Simple Marketing Coach, is founder of SmartSimpleMarketing.com. Known for her easy, strategic and results-focused approach to marketing, she also has the unique ability to find untapped profit centers in her client’s businesses so they can create money NOW.