Want to build your business faster, less expensive, and with more opportunities? If so, then looking for a business partner is may be one of the best decisions you could make.
Over the last few years of being an entrepreneur I've seen time and time again people make the mistake of trading dollars for pennies because they are afraid of partnering up. Sure, I get it… it's hard giving 25% – 50% of your revenue to someone else, but you are giving up a LOT more when you choose not to partner.
46 Insights On Partnering And Collaborating In Business
When looking to grow your business, the choices come down to build, buy or partner. I decided to focus first on partnering and asked like-minded entrepreneurs and advisors for the straight talk on how to approach partnerships and collaboration for maximum benefit. Here is what you need to know and need to do when approaching partnering in your business: Read more…
It's especially true in the Amazon/eBay seller world that folks are very reluctant to partner up and there are some good reasons. First, it's very easy to be a one-person seller on those platforms and do well. Second, competition is fierce and one other person competing against you can mean a difference of thousands.
Even with these reasons though, partnering up with someone that compliments the things that you are lacking can bring great rewards.
A perfect example is our eBay team. Most of us at the Online Empire Academy have no clue how to sell on eBay and refuse to learn. That's okay, because our eBay team handles all of that. We partnered up with them and developed a win-win situation where we support them with overhead capital and they sell the stuff that we can't sell on eBay.
We are not alone… below is an interview we did with Jim Cockrum where he shares how his 10+ years of success was through partnering:
So hear are some quick things to keep in mind when partnering:
- When you partner, even if you give up 50% of revenue for a niche, that's 50% profit that you wouldn't have had otherwise.
- Find someone that compliments where you are lacking. Don't spend hours trying to figure something out that someone else can do in minutes.
- Make sure your partnership is built on trust and don't over-legalize the partnership in the beginning. I've seen partnerships die before even starting because one partner wants tons of written contracts etc.
10 Questions to Ask Before Committing to a Business Partner
Like a marriage, a business partnership often begins with enthusiasm and high expectations — only to end in acrimony and legal proceedings. It's important to know as much as possible about a potential partner, including how his or her finances and family life may affect the business, before signing on the dotted line. check out the rest…
Start thinking about joining up with someone that could lead to a win-win. If you find the right arrangement it could mean a huge increase of growth for your business.