One of the pleasures of doing your own business is that the ability to decide on the people you’re interested in working with. However, if you’re dreaming of starting a business with an established friend, loved one, or former coworker as your business partner, don’t assume all are smooth sailing simply because you recognize one another. Similar to marriages, business partnerships often run into rough waters. So, what more when we decide to get on the same boat with a larger company than us?
First things first, we need to know what you can do for them. Here are questions you need to ask yourself before doing so:
What can you do for them?
- Can you mitigate risk?
It is valuable to your partner that this is one of your priorities. Adding value to their company by putting a stop to one of their problems.
- Can you expand their capacity?
Companies seeking partnership will look into what you can add to their footprint, products, or services. Look into the what they are offering to see if what you can do for them is unique and your line of expertise.
What are your past performances?
- Background matters.
No matter how much we wanted to partner, without any experience at all would be a steep hill to climb.
- Alleviate their fears. It is one thing to be certain of what you can do, but it is another to show what you have done. Companies often fears that they are working with someone who can’t deliver.
Does it make sense to your business?
- Get someone who is a counterpart of you. Your strength is their weakness, their
weakness is your strength. In which you will have a major role in each other’s partnership.
What do you have?
After asking yourself these questions, can you say you are ready? If not yet, what area are you
willing to grow? If yes, we are excited for you! Read our next blog on “How to Network and