A business partnership is beneficial to every biz, that’s a fact nobody can dispute. It can help not only to expand the customer base and target audience but also increase the overall brand recognition, give new marketing opportunities, get expert advice and tips, and, one of the most important factors, to grow the income for both sides.
Business partner communications plans and understanding of specifics are essential in this type of cooperation, so let’s discuss this topic in more detail.
Where Can I Find a Startup Business Partner?
The first step in finding an effective business partner or partner company is figuring out where it is better to look for them. We are offering you a list of the most popular places, and methods people in business chose themselves:
- Consider your past and present customers. Think about it, maybe you’ve already met the person who has all the qualities you’re looking for in a business partner, and also aware of your biz and how does it work (because he/she was already your customer, obviously);
- Check your working contacts. Another apparent variant. Maybe, you had a skilled co-worker in the past, whose experience always amazed you, and you are able to get in touch with;
- Tell your business associates about your searches. Don’t underappreciate the power of the word. The news can spread fast in business circles, and you wouldn’t notice how people will line up in front of your office to discuss all the ideas with you;
- Visit presentations and lectures on similar subjects. People with similar interests and mindsets will more likely have a successful partnership. So, such events would be an excellent opportunity to exchange the plans and experience with those of similar fields;
- Leave an application online. E.g., on LinkedIn. Use appropriate hashtags (such as #businesspartnership or #partnershipopportunity), briefly describe your plan, ask connections in your networking to share your post. Then just wait and schedule your appointments.
Be ready to wait and don’t rush anything. Choosing a business partner is a very responsible step, so take your time before making all of the decisions.
How Do I Choose a Partner for Cooperation?
Okay, let’s imagine the news about your startup spread in the biz circles, your calendar has no windows, and you’ve already met a lot of people who are eager to start a partnership with you. How to choose among all of the candidates?
- The right person will have qualities and/or skills you don’t have (or don’t have enough). For example, if you want to start a website, and you are experienced in Internet marketing, you should look for a computer specialist to work on the technical part of a website;
- He/she should be easy to communicate with. Regular interaction between the partners is a must. It is like to have a friend with whom you work a lot. So, your personal relationships are also meaningful;
- Communication should be constructive and effective. If you’ve just met and discussed your ideas, you should pay attention to how the person talks. If he/she tries to change a topic a lot, lose the train of thoughts often, or don’t answer some significant questions (e.g., about working place or experience), it can be a sign to say “Goodbye” to this person;
- He/she must have professional ethics and loyalty. Of course, you’ll have a partnership agreement document in the future, but where is a guarantee that he won’t start the same business in a few months after your meeting. So, also consider this when choosing a person for partnering up.
In this process, it is important to understand the difference between a nice person and a reliable person. With time, you’ll gain enough experience to differentiate and “read” people, and this skill is very useful even in everyday life.
How to Improve Communication with Business Partners?
When you’ve finally found your perfect strategic business partner, it is vital to keep in touch and communicate with them continually. Moreover, both of you should work on your relationships because you’re seeking a stable and long-term partnership.
So, here is a few advice on how to improve communication between you and your business partner:
- Always be honest. Don’t try to hide the truth; if you don’t know something – just tell the truth; always tell your opinion. People feel when they’ve been told lies, and it is very hard to go back to the good relationships after such an unpleasant situation;
- Stay in touch. It’ll show your business partner that you are as involved in your project as he/she is. Moreover, they’ll feel your support and start to trust you more;
- Don’t worry about overcommunication. In previous advice, we told you to stay in touch. But it is important to show the person that you also care about your project. Text the ideas, share the opportunities, organize meetings. Teamwork makes the dreamwork, remember?
Communication is the key to success and stunning results. In this case, a business partnership is pretty similar to romantic relationships: be honest, don’t hide anything, understand your partner. And everything will be amazing. Don’t you agree?
Starting a partnership takes a lot of time and effort, and the one thing you definitely shouldn’t do is rush it. You may talk to dozens, even hundreds of people before finding the person you would like to cooperate with. But don’t give up, it’s completely worth it, believe us. Follow your goals, and good luck!