Starting your own business can be one of the most fulfilling challenges. Perhaps you founded your business alone and are still doing it alone, or with the exception of people on your team. You've managed to find clients, network, grow your business, and build your brand.
Though running your business is something to be proud of, it's not always as simple and relaxing as it sounds. Entrepreneurship can teach you a lot about yourself but can also be taxing to your mental, financial, and even physical health. That's why a business partnership might be worth your consideration.
While competition is the first thing that comes to mind for some small-business owners, a business partnership is far more rewarding and less stressful. If you're not sure why you should partner with another business, here are a few reasons it's worth your consideration.
1. Partnerships stimulate your creativity.
While routine can be good, you may not notice you've fallen into a pattern that isn't promoting growth. If you teamed up with another business, you'll have an opportunity to get ideas from their experiences. You can also get feedback about your own pursuits.
Additionally, you'll get to give your feedback to them. They might have some ideas they're not sure are prosperous. With you as their partner, you'll be able to tell them if they should continue developing an idea or if they should hold off and return to it later.
I've collaborated with other travel experts in several ways including exchanging articles and even going on road trips together. Not only do I learn from the process, but I also learn what my strengths and weaknesses are.
2. Expand your consumer base.
One thing all businesses want, no matter the size, is an extensive customer base. Without customers, it's impossible to stay profitable. If you've been in a rut and haven't had much luck finding customers despite your best marketing and networking efforts, then forming a partnership with another business can help.
When you're in a business partnership, you'll have access to their customers, and they'll have access to yours. If you and your partner have products you can combine, you can serve customers in a more efficient way. You'll both be able to grow your customer base outside the overlap you already have.
3. Access to additional resources.
One of the reasons many small businesses look to partner with other businesses is because they'll have more resources at their disposal.
It doesn't matter if you form a partnership with a business that's a competitor or with one whose product compliments yours. In either scenario, there are possibilities for sharing resources and saving money.
4. Their strengths balance your weaknesses.
We all have weaknesses. Unfortunately, as heroic as it sounds, our weaknesses don't make us stronger. Our strengths do. Together, our strengths and those of our business partner can be advantageous.
A good business partner will have strengths that balance your weaknesses and make you look like an all-around perfect choice. Perhaps you are terrible at cold-emailing prospects, but your business partner is an expert in it. If so, they can take over any outbound marketing efforts that require cold emailing.
Your strengths will also balance their weaknesses. Maybe their social-media posts are dull and inconsistent, but yours always generate a decent amount of engagement. You can work on that aspect of marketing.
One of my favorite reasons to team up with other businesses is because they're always there to provide me with ample support and motivation when I need it. When you're running your business alone, there's no one there to tell you to hang on and keep pushing.
Your family and friends might tell you that, and you'll appreciate the support. But they don't understand what it means to really run a business and how demanding it is. In times of uncertainty, it's comforting to have encouragement from someone who understands entrepreneurship as you do.
A business partner can support you in every way possible. These partnerships, when formed with good intentions, are beneficial to both parties and can help your business grow. So, if you feel like you're ready to start teaming up with other businesses, start reaching out to ones you think have a great opportunity for mutual respect and growth.