10 Best Ways to Find A Reliable Business Partner
Choosing the right business partner is similar to choosing your soulmate. Their contribution can make your life easy, boost your business sales enormously and take you to the next level in your profession. Nearly 30% of the business partnerships succeed and last more than five years, while 8% are highly successful, lasting for decades. Identifying a compatible business partner might be tricky, and these steps will help make the process easier.
- Scout Through Online Sources
Always look for a business partner who possesses specific skill sets you lack. This action will free you from doing unwanted work and focus on your expertise. If you aren’t good in marketing or management, search for a marketing expert or a company to establish a partnership. If you are the king of sales, select someone with good technical skills to handle IT-related work.
- Partner with People You Know
From Apple Inc. to Google, lasting friendships started in college campuses to build digital empires that changed the world. Your best friend or a close cousin could be your next trusted partner if you are ready to spot and utilize their talent full-fledged. From Warner Brothers to several family-run businesses, close relatives form the top hierarchy of the company. Identify the talent in your friends and family circle, help them grow, and offer the right people the opportunity to prove themselves as your worthy partner.
- Partnering with Industry Doyens
If you are a notable person in your industry, approach the top-tier companies for mutual benefits like Betty Crocker and Hershey’s partnership. You can easily tap on their customer base, and they can use your growing fame and talent to sell more. Select large companies in the industry and your city or locality, and approach them with an attractive offer to create lasting partnerships.
- Select Co-branding Partners from Different Industries
Spotify and Uber partnered to provide a pleasant musical experience to the customers. West Elm, a modern furniture store, increased sales by showcasing Casper’s mattresses, an online bed-selling company. Identify industries that might provide more value to your customers — partner with them to attract more customers for both. Be careful to choose companies or brands that share similar work ethics to get long-lasting success.
- Search for Like-Minded Partners
Look for people with similar interests and growth aspirations suiting your business values. Interact with people in clubs, parties, and business meetings. If you feel they are suitable to partner with your business or have a skill that might rightly benefit you, scout them into your company. From Warren Buffet to Alibaba founder Jack Ma, business owners stress investing in potential talent. Keep in touch with your prospective partnership candidates, even if they are in a lucrative job currently. Following their achievements will help knowing more about them.
- Select Partners who can Support you Financially
Financial partnerships are always helpful during dry days. Selecting a partner who can support you monetarily is always advantageous. Angel investors, venture capitalists, or an individual with substantial financial background and interest in your field can turn into a reliable partner. Choose the financial partners checking their experience thoroughly. Double-check their contractual terms, if any. Use Nuwber or Leadar to verify their identity and avoid being scammed by fraudsters aiming at your money.
- Partner with Excellent Workers
Hone the leadership skill of talented workers from the employee pool, and offer them a chance to become a partner. It will motivate other employees to work better. Use the selected worker’s experience to understand the employees’ overall mentality and take steps to increase productivity. An employee raising to become a partner is often considered an exceptional achievement in huge financial and legal firms.
- Partner with aspiring Youngsters
Keep watch for new start-ups and innovative youngsters in your field. If you feel they have enough technical knowledge or a profitable idea, partner with them. Offer them your business platform to experiment with their innovation and earn joint profits. Marketing partnerships and technical partnerships are common in any industry.
- Select open-minded Experienced Partners
Like youngsters, keep an eye for experienced people from the industry and partner with them. Look for favorable situations or approach them with undeniable offers to scout them from their job to your company. Use your partner’s knowledge gained through years of experience to guide the other employees and increase their industry knowledge.
- Partner with other Businessmen
If you are following a celebrity or an expert in your industry through Twitter, check for others who do the same and share a similar business profile. Get in touch with people in the same business and partner with them in a specific area like sharing supply chain management. Create a win-win situation for both by increasing the revenue and eliminating competition by making your partner company concentrate on different business aspects.
Five must-follow tips to keep in mind while selecting business partners
- List the key points that cannot be compromised while choosing a partnership before streamlining partners to approach.
- Always select people who are easy two work with and eager to learn more.
- Avoid working with an uncooperative and dominating person even if they are capable of making millions for you.
- Give importance to the attitude, hard work, and honesty of the partner as you both work for the company’s benefit.
- Your partner is your equivalent, and they should be talented and capable enough to point out your mistakes.
“Coming together is beginning. Staying together is progress and working together is a success,” said Henry Ford. This formula applies perfectly to finding the best business partners. Use online databases, and offline networks to scout the best young and experienced talent in the industry. Find your partners among friends, relatives, industry experts, and other business people from the same industry. Create impressive co-branding, grow employee talent to make them partners, and team up with like-minded people, young innovators, and partners who support you financially.