When it comes to starting a small business, it can be hard to gain the attention of consumers. There are probably already businesses who are established in your community, making it difficult to break out as the new one. Why not reach out to one of the other companies near yours to create a partnership that benefits everyone? However, there could be plenty of businesses surrounding yours, but not all of them would be a good fit for you. To find the right partner, follow the suggestions below:
1. Make an effort
The only way to establish your company as one that is in the community to stay is to reach out to those in it, Forbes explained. Introduce yourself to other business owners and tell potential customers about your location. You don't have to do this just to form a partnership, but it is important to build relationships with others in the area. If you ever need a hand, they're there to help. It will also make it easier to ask them to collaborate with you if you already have an alliance.
2. Search for a similar business
While you don't necessarily want the same type of company because they're your competitor, you don't want a business that's not related to yours at all. Find a company that is in the same industry, but tailors to a different part of it – if you sell flowers, they'll sell vases, according to the source. The other should be able to provide something you can't, but that still goes with your product, and vice versa.
3. Be honest
When it comes to proposing a partnership, honesty is truly the best policy, Entrepreneur explained. Be straightforward about your intentions and what your business stands for. Also, don't be afraid to ask questions. For your partnership to work, you and the other business owner need to share similar values and visions for your businesses. If you don't, you're conflict will impede your collaboration. It's best to know what to expect from one another if you want the relationship to work.
4. Promote each others' products
All businesses can use the extra promotions of their services and products. When you propose a partnership to the other business owner, make sure you inform him or her what you can do for them, as well as what he or she can do for you, Forbes advised. You want this relationship to be mutually beneficial – it's not going to work if only one side is getting all the advantages. Set up an agreement to advertise each other's products, whether that's on location or online.
It can be difficult to get your name out there when you're a new company in a well-established area. However, by reaching out to your fellow business owners, you'll start forming relationships. With a good enough partnership, they may be able to offer financial tips to help your business thrive.