One of the ways to grow is to join business forces with similar businesses or complementary businesses.

 

Like facebook buying Instagram is joining forces with a similar business. The same with Cocacola buying Mirinda.

 

But facebook buying WhatsApp is buying a complementary business. One was a general community building and entertainment platform. One was purely a one-on-one. messaging app. But now their services complement each other.

 

But there are other ways to leverage others to grow your business. Such as franchising and partnering.

 

So let’s talk about partnering. 

 

When should you enter into a partnership? When you have value you can add to another business. Either you have a learnt skill you can utilize to grow the business, or you are sales savvy or your presence in thay business is valuable in another way.

 

Whatever it is, make sure you have something to offer. 

 

Who should you partner with? Someone who has a skill or abilities or connections that can help grow your business.

 

You should also make sure you have the same or at least similar value systems with your partner. If you are someone who likes to charge premium so you can underpromise and over-deliver, don’t join forces with a person who will leave a deadline unattended to go watch the Champions League.

 

It will hurt your business it will hurt your brand.

 

How should you enter into a partnership?  Sitting down with the prospective partners to agree on what and how you both will run the partnership.

 

4 of the things to agree on are:

 

What each person’s role is.

 

How liabilities will be shared.

 

What profits will be handled?

 

If family members can be employed.

 

The list is long and could increase when you sit down to discuss terms.

 

You can start out without a Partnership Agreement but it is advisable you get one by your next profit period. 

 

If you don’t, get ready for conflicts that will be difficult to find a middle ground for resolution.

 

If you don’t, your business is going to be shaken by it some time, someday.

 

You don’t have to partner on all of your business. Your partnership can cover just one product. Or maybe just on office space or just for that massive project.

 

In 2023, as you think growth, think collaborations