Finding good business partners is very critical to the success of the agency’s business. It’s always nice to have the benefit of an additional skill set. But it doesn’t mean that you can choose just anyone to be your business partner. In any agency business, partnerships are always associated with risk. Sometimes it can bring you triumphant glory, or sometimes it can lead to a catastrophic disaster. Thus, we have highlighted the steps on how to find a business partner on craigslist below.
Also, before selecting a business partner, you need to find someone who shares your values, someone with experience in the same business as yours. While someone may be lucky to meet their business partner in a cafe one morning, not everyone does. Sometimes finding the right business partner can include travel and gathering information that can be dull. To this end, this post can help you find a business partner easily on craigslist.
Who is a Business Partner?
A business partner is a person or professional with whom you share ownership of your brand or project. From the point of view of legislation, it is a legal relationship and must be carefully described to ensure that both parties understand their financial and professional obligations.
Those involved in the business partnership can agree to share their financial resources, skills, and knowledge. In addition, both partners also share the profit or loss.
Depending on the scope of the partnership, your co-owner may invest without participating in management activities or requiring intense involvement in decision-making and day-to-day operations.
Benefits of Business Partnership
Forming a business partnership can be extremely beneficial to the companies involved. Partnerships are great alternatives to offer a differential for your clientele and reach a wider audience.
This is mainly because, with the partnership, companies indicate to their customers the products or services of their partners or else offer discounts to the customers of these respective companies.
With cooperation, both companies involved have a great possibility to grow financially and expand their respective brands.
With referrals from other companies, business partnerships become much cheaper ways to attract new customers. In addition to these factors, partnerships can also offer some other advantages for your company, which we will see below:
Increased revenue is one of the main merits of a successful business partnership. Trading partners can provide new market access when your strategic objectives align, and your resources complement each other. This, in turn, leads to new revenue streams.
By partnering, for example, companies get an additional source of revenue beyond the partnership itself. After all, your partners’ customers also use tools that provide a closer and more recurring relationship.
Expands geographic reach
The expansion of distribution is among the three main benefits sought by companies that sign partnerships. Whether or not to start a firm is a personal one. You will judge it, the person, regularly, the number of taxes you’ll need to pay, and the amount of documentation you’ll need to complete.
This will influence your opportunity to gain funds to start your firm and your accountability. You must make sure that you are making decisions based on what’s best for you and those around them and not on what’s best for others.
Expands product/service lines
Product diversification as the main objective of strategic partnerships is cited by 27% of executives. After all, companies often collaborate to access the materials, knowledge, or market they need to extend their product/service lines.
And, with the resources obtained through the commercial partnership, the expansion of the offer of products/services becomes possible.
Gives access to new technologies and knowledge
Partnerships are often the ideal way to access new technologies without spending so much on resources. Just over a quarter, or 26%, of business leaders list gaining access to new technologies and knowledge as a benefit of a strategic business partnership.
No wonder technology combined with knowledge drives business, helping companies achieve their goals.
Optimizes internal processes
The commercial partnership involves reciprocal collaboration, where the two sides seek a common goal, which helps to reduce the time spent on bureaucracy.
In addition, with access to new technologies and knowledge, the strategic business partnership optimizes internal processes, improving productivity-boosting creativity and strategic action so that companies can grow and establish themselves in the market.
With increased competitiveness with bigger and better customer acquisition, increased revenue, greater reach, access to strategic technologies, and resource optimization.
Not to mention that a good commercial partnership achieves greater brand exposure, bringing more visibility in the market.
How to Find a Business Partner on Craigslist
Craigslist stands as a great place to find business partners. Now that we’ve talked about the advantages of forming a business partnership, let’s show you some tips on how to find the best partners on craigslist. Check out!
Conduct an internal study of your business
Making an in-depth analysis of your business’s internal processes is of paramount importance to identify your business’s main strengths and weaknesses.
Based on this study, you should think of a partner who has aspects as a strong point that your enterprise leaves something desired. This is to overcome some negative points of your company.
Set a goal.
Next, you must think about what your objective is by allying yourself with the potential new partner. What you are looking for, what you need from him and what he could contribute to you. And, logically, you also have to determine what you can contribute to him in return. Once you have reached this point, it is convenient to specify in writing what proposal you will put on the table and what you will ask in return from your interlocutor.
Find the best partner
Once you have highlighted what you want to receive and what you are willing to give, it is time to look for the ideal partner on craigslist. He should be someone who can satisfy your needs and who, in turn, may be interested in your proposal.
To find him, nothing better than to carry out a detailed study of the sector’s situation and the companies that operate in it. Its results will refine the previous selection of candidates and the final choice of a small group of them, which will be established in order of preference on craigslist.
Prepare the meeting well.
Once the final candidates have been contacted on craigslist and before meeting with each of them physically, it is essential to prepare thoroughly for the meeting. It would help if you studied the company’s operation, its customers, its products, and its services also, its strengths, weaknesses, threats, and opportunities.
Determine the setting.
Your place or mine? If possible, it is better that you meet with the potential new partner in your company. In addition to playing in your field, it will give you the possibility of showing first-hand your strengths and potentialities. Of course, punctuality must be a priority, rather than making your visitor wait excessively in the waiting room.
Taking care of gestures and language is essential. It is good to look into their eyes and be persuasive, using a firm but not aggressive tone. Also, always be consistent with what you always say. Being empathetic and seeking a balance between the rational and the emotional has great advantages, and talking about experiences rather than products.
Establish a lasting relationship.
Even if the agreement is punctual in time or limited to a certain topic, you must never downplay it. It would help if you treated the matter as the beginning of an interesting and fruitful relationship that will strengthen ties between both parties.
This will surely lead to other agreements in the future. Sometimes the most important thing is not the specific profitability of a specific agreement, but the fact of having found a good travel companion that you can trust and with whom you can do great things from that moment on.
Make clear how the partnership works
In any business partnership, the companies involved must clarify how all aspects of the business will work. This isn’t an exception when finding a business partner on craigslist. This includes the following:
- How will the dissemination strategies of the respective products or services of the partner company be carried out?;
- In case of resale of your product or service, what percentage will be allocated to the partner company?;
- Is there any target for resale per month?;
- How long will the partnership contract be for?;
- What is the lowest length of stay as a partner company?;
Evaluate the results of the partnership
After closing the partnership deal from craigslist, it is important to be patient and allow the partner company to fully adapt to the process and thus provide the expected return for your company.
However, if, even after having patience and evaluating the results of the partnership, you notice that the partner company is not sufficiently involved in the process, it is a sign that the partnership is not being beneficial to your company.
Therefore, it is important to maintain a constant evaluation of the efforts and results obtained by your partners. In this way, it is possible to propose improvements in business strategies or, in case of very negative situations, propose the end of the partnership and search for new partnerships.
Frequently Asked Questions
Can I hire someone to run my business?
Yes. You can hire a reliable person to run your business. This can be from your base country or a trusted foreigner.
What is a business owned by one person?
A business owned by one person is called a sole proprietorship.
How do I find online business partners?
You can find online business partners through the following ways:
- Conduct an internal study of your business
- Set a goal.
- Find the best partner
- Prepare the meeting well.
- Determine the setting.
- Negotiate correctly.
- Establish a lasting relationship.
- Make clear how the partnership works
- Evaluate the results of the partnership
How do I meet other entrepreneurs?
You can meet other entrepreneurs through the following ways:
- Be active on social networks
- Don’t be afraid to ask for connections
- Join an entrepreneurial organization
- Join a co-working space
- Organize a local meet-up
In conclusion, having business partners is a great choice. And if you desire to learn how to find a business partner on craigslist, the steps highlighted above will aid you immensely. With a range of costs from a percentage of your business to under $100 a month, you can try more than one. This commission is usually around 10 percent, but it’s important to ask early about what other types of fees might be involved.
I am Lavinia by name and a financial expert with having a degree in finance from the University of Chicago. In my blog, I help people to educate by making wise choices regarding personal investment, basic banking, credit and debit card, business education, real estate, insurance, expenditures, etc.