Partnerships are risky business but for those who are brave enough to step up to the plate and hit a home run they can be very rewarding. Joint ventures by definition are risky. On the other hand they can be very rewarding for your business if done successfully. Below are five benefits of a successful partnership.
1. Workload is shared
Everyone knows that working together as a team is far more productive than working alone. You complement each other’s gifts and talents. Let’s say you are a great website designer and graphic artist but have problems creating copy for your sites. You can partner up with someone who is gifted at copywriting and together you can create websites and copy twice as fast than doing it solo.
2. Your credibility is increased
Joining another person in a partnership builds your credibility in the eyes of your readers, customers and clients. Knowing that someone has your back is comforting because your client knows that if anything unexpected should occur, like an illness, your partner can take over and fulfill the job.
If you partner with someone who has been in your niche longer than you, yes this would be your competition, you will gain credibility faster. You have the benefit of your partner’s experience and their referral to their dedicated mailing list of fans and customers.
3. Your reach is increased
You can reach more people when two or more email lists are joined than on your own. Earlier this year a friend took part in a joint giveaway in which she offered a great product in exchange for signing up for her mailing list. She partnered with other business owners who were trying to reach the same audience and they each sent out emails to their lists cross promoting the partners’ products.
Even though she was giving away a $27 product to each email subscriber, she partnered with a number of people in her same field or niche and grew her list considerably. This practice also benefitted all of her partners.
Sure, some may unsubscribe as soon as they receive the gift but some do stay and potentially become regular customers.
4. Shared Profits
Once you develop a strong relationship with one or two partners you can start developing financially rewarding partnerships. You can both promote each other’s products to your mailing list or readers. You might also develop additional products jointly that increase the value of your individual product thus making more money for your partner and yourself.
5. Reach your Business goals quicker
Your business goals are set and you have a goal of earning your first $25,000 dollars within the first year of business. This is a lofty goal but you can do it with the right partnerships. If you connect with someone or a group of business men and women who share your same goal you can work together to meet it quicker. Having your partners work toward your success alongside you will get you to your desired result sooner than working alone.
Whether you are just starting out or been in business for years, partnerships, when done right, with trusted business associates, can prove to be very beneficial. It is a risk but if you are willing to take the risk, jump head long into the unknown, you will reap great benefits and success.