How to Prepare For & Find Solid Partnerships ?

How to Prepare For & Find Solid Partnerships

How to Prepare For & Find Solid Partnerships ?

You were convinced that if you built it, they would come. You knew that, once you launched, excited customers would flock to you in droves. But, when you finally opened your doors, no one came.
You may be right. You might have dreamt up a novel idea and produced a truly disruptive product. Perhaps the problem is that people don’t know where to find you. This is a common problem that stems from wishful thinking, too little money spent on marketing, and/or no workable strategy for directing customers in the company’s direction.

Another common problem is assuming your company is doomed. Don’t panic. What you and your business needs are partners. Not a business partner, but partnerships with similar businesses. By hitching your wagon to a more established business, you can further, faster, and for a lot less money.
By following the following five steps, you can identify how a partner can benefit you and your business, which companies to approach, and how you can convince them to enter into a mutually beneficial arrangement.

Your Business Must Come First
Don’t get ahead of yourself. A big, more advanced partner will not make your business better. It will expose your flaws faster. Before searching for solid partnerships, focus your attention on building a great product.

Define Your Needs
Before forging partnerships, it’s important that you know what you need and/or expect from a partnership. Are you looking for capital, resources, technology, marketing, distribution, or sales support? Deciding what a partnership looks like for you will help point you in the right direction.

Understand Their Needs
Needs are a two-way street. You have needs, but so will your eventual partner. No one will agree to a partnership with you without getting something in return. This is, after all, the world of business we’re talking about. How can you benefit your partner? What do you bring to the table? Have answers to these questions before forging partnerships.

Be Picky
Talk to a multitude of potential partners. You want to be sure that you are partnering with the perfect business for you and your company’s needs. Chances are, it will take time to find the perfect partnership, and a little pickiness in the short-run will benefit you in the long-run.

Find an Internal Advocate
When small companies partner with larger, more successful companies, your interests and needs can get lost in translation. Search for an employee at the business you’re partnering with who can advocate for your interests internally.

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Business & Marketing Tips: How to Prepare For & Find Solid Partnerships ?
How to Prepare For & Find Solid Partnerships ?
How to Prepare For & Find Solid Partnerships
Business & Marketing Tips
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