How to Develop Profitable Partnerships to Grow Your Business

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, frate
al 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.