Have you been looking for ways to expand your business and customer base? Collaborating with other business owners is a great way to achieve that. Business partnership is one of the most effective ways to expand your customer base and become more visible in your industry. As an entrepreneur, I have collaborated with different entrepreneurs and businesses over the years. At first, I was a bit skeptical about partnership too. Many entrepreneurs are also skeptical about collaboration for many reasons. Will that work? What if we fail? What if I lose? Worrying about these things is a valid concern.
Given that you found a strong and committed partner, you do not need to worry about these concerns. Of course, you have to run a background check on your prospective partner and consider their goals. If you consider them a great partner, then you are on your way to a successful partnership.
Related Post: When Is The Right Time To Diversify Your Business For Expansion?
#1 Share the same values.
One of the mistakes entrepreneurs make as regards partnership is looking outside of their circle and neglecting their goals. Your values and goals are your compass to success. Firstly, it is okay if you cannot consider any of your close friend for partnership. Nevertheless, ensure that you choose someone who shares the same value with you. If you are a network marketer with passion to promote health for elderly people. you should consider partnership with someone whose goal is the same. However, your partner might have a different approach. For instance, your partner coniders technology a good way to solve health problems. Partnership is all about shared values, complimentary skills and ambitions.
#2 Clearly define each other’s roles and responsibilities.
After finding a partner with a similar value, it is important to define each person’s roles and responsibilities. Defining roles prevent disagreement and also create a healthy business structure. It also helps you and your partner grow without conflict. Successful businesses ensure that each partner have their job description, and each role can differ. Roles often depends on the skillset and knowledge of each partner. Moreover, you will save yourself from stress when you know what your partner does best.
#3 Select an operational business structure.
What kind of partnership do you want to run? This is similar to your business structure. Before signing an agreement with anyone, you must decide the type of partnership. To avoid comflict, hiring an attorney during this process will help you a lot. Moreover, partnership can either be a limited, general, or limited liability partnership. Each type of business structure has its benefits and downsides.
#4 Make your partnership legal.
Even if you’re starting a business with your best friend, it is important to have a legal document regarding your business structure. The legal document guides capital distribution, fund management, team management and dispute resolution. The truth is partnerships can go sour at any time; hence it is important to draw up legal documents. With the right documents, you can handle any difficulties that may arise.
Finally, once you’ve found your partner, work together to build your business. Prioritize a healthy communication chain to help you build a strong relationship. Partnership is about growing, learning and benefiting from each other’s knowledge and experience.
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Think back at the last networking event you attended. Were you nervous about joining an exciting conversation? Did you prefer to spend most of the event all by yourself? If you have ever experienced a sense of dread at any event, you are not alone. Networking is challenging for many people. However, the benefits outweigh the downsides. As a business consultant and seasoned speaker, I have built credible relationships and collaborated with people I met at events. Many people have also gotten hired at different events. Interestingly, most people think networking is all about exchanging business cards. However, networking is often more about engaging with people you meet at events.
Here is a four-step guide to effective networking to help get you started:
#1 Introduce yourself: An introduction is important because it creates people's first impression of you. When you meet someone for the first time, speak up, make eye contact, avoid filler words, and speak confidently. If you would like to join an ongoing conversation, be polite and direct. Try phrases like, “Do you mind if I join you?” You can also ask the people in groups questions like, “What brought you here tonight?”, “How long have you known each other?”
#2 Make a connection: Ensure that you find similarities that you share with people. Connections such as same alumni, fellowship, business industry, and others can help you create a deeper connection with people. You can make a great connection during the introduction.
#3 Ask questions: While there is no blanket guide to asking questions at an event, you must understand that you cannot ask hundreds of questions from someone. Too many questions bore people. Rather than asking several boring questions, think about asking an intelligent question about the other person.
I have heard so much about you, and I love your passion. Why are you so fascinated by this industry? Why do you find this country a great place to invest?
You can continue the conversation based on their responses.
#4 Explain what you do: A sales pitch about yourself can lead to a multi-dollar contract. That is how important introducing yourself is. Avoid all industry jargon and describe the value you add. Ensure that you keep your business pitch concise and convincing.
#5 Exit honorably: Whenever you need to exit yourself from a conversation, do so gracefully. If the conversation went well, you can exchange business cards and make a plan to keep in touch after the event. If it didn’t go well, you have to understand that you can’t connect with everyone.
One of the secrets to networking at events is building lasting relationships instead of focusing on your immediate business need.
If you love the content you get from Shayo Blooms, recommend it using the social share buttons below. Want to get expert advice about Network Marketing and working from home? Then leave a comment below or contact me for speaking engagements. Don't forget to subscribe to my mailing list.
In recent times, I reconnected with some of my secondary school classmates. Many I had not heard from for 25+ years!
Sadly we've lost some over the years. May their souls rest in peace. AMEN
I'm grateful for these reconnections, and the memories rushing back. It's interesting how some of us have not changed. The old nicknames, games, best friends and so on. We are still young at heart and merry even.
Part of reconnecting with old friends is also sharing what has happened in your life. For me, the biggest story is that I'm happily divorced. Many don't understand that but it's ok. 🤷🏾♀️
This fact has also struck up some interesting conversations. Funny how a dear friend was telling me qualities about me that she knew 20+ years ago. It started from me owning my truth.
Another interesting lesson this conversation showed me was how those of us who knew a bit about love and building a beautiful relationship got it wrong. Isn't that ironic? Despite giving all sorts of relationship advice, we are still fallible as well.
It's why I have chosen to be more intentional about my life moving forward. I own the mistakes and do more with the life I have.
"Ten years from now, make sure you can say that you chose your life, you didn't settle for it."
You were created to do much more than just pay the bills and die.
You were made for much more than working at a job you do not like for 40+ years so you can retire at 65/70yrs!
There are other destinies tied to yours. My old mentor called it "a chain of destiny."
I hope and pray that you find the courage to stop settling for whatever life throws at you and start running after the dreams that have been placed on your heart. Love and life will find you.
You deserve so much more!
Watching The Great British Bake Off got me thinking about how networking is a bit like showcasing your best bakes. You want to perform consistently well, highlighting your skills and developing a powerful connection with people who get a taster of your deliciously impressive business.
It doesn’t matter if your signature dish is a Bakewell Tart or an Olive Focaccia, it’s much easier to give people an insight into your unique business if you follow a tried and tested recipe.
So, what are the key ingredients for effective networking? I’ve picked my top five……
From my point of view, there’s no such thing as providing a pre-packed, ready-made solution to growing your business. You can’t just turn up to a networking meeting and expect the business to flow. After all, creating a magnificent cake involves more than buying some flour, eggs, butter and sugar! WIBN’s trusted format creates the right environment but you have to put in effort and commitment to get the best results.
Across my groups, I see the success of sprinkling these ingredients into your networking approach. Members win business, grow in confidence and build long-lasting support networks. And it’s sometimes the people who struggled most in the beginning with shyness or a lack of confidence, that go on to be the most brilliant Star Networkers. In my eyes, that’s worth a special handshake, any day of the week!
Written by Brittney Karen Skeates on Women in Business Network. Read the original article here.
Back in January, my big sister decided to upgrade to partner after being a customer for a few months. Busola Alofe is my networking personality of the week.
She made the decision to be partner after she attended the kick off event in January. She started building with urgency and was spreading the gospel of Seed Nutrition all over Nigeria, UK & the US. As a result, she has a phenomenal team growing, full of awesome people.
She took time out to attend the recently concluded ASCEND event. She was there for all 3 days as well as many people on her team. She caught fresh fire and today, it gives me great joy to recognise and congratulate her as my FIRST PERSONALLY SPONSORED GOLD EXECUTIVE IN NIGERIA.
October 2010, I decided to step out in faith and become a full time Network Marketing professional. I have had great months and horrible months, all in all, the good outweigh the bad.
I always look for and encourage Baby Steps, Big Wins and all the best that comes with patience.
One of my biggest goals is to help hundreds earn a million dollars in this profession. To get there though, I need to help thousands earn 6 figures.
I'm just sat here, full of gratitude because things are in place to make that happen. I can literally spot my 6 figure earners across my team, some are closer than others, but I can see it happening!
Believing in abundance and manifesting it is one thing, however helping others create abundance in their lives is a whole 'nother level!!
And we are still warming up. We've not even scratched the surface yet!
This is a HUGE ONE for me.
Huge Congratulations big sis and thank you for all you do!! We love you plenty!