5 Tips When Building A Network of Business Partners
by Michael Griffiths | Oct. 04, 2012
A good way of expanding your existing is forming good solid business partnerships. But choosing who to partner with is not easy. There are things you must remember before you even think of getting your name associated with some people. Not all great and successful business people can be good partners. If they are already good going solo, most of them will think 50x before associating with someone.
So what are some of the best ways to build a good network of business partners?
Networking, whether for enhancing your client base or for building a partner base is found on good relationships. Especially when partnering with anyone, you must know your potential partner fully before you even think of signing that paper. Any relationship must have underlying trust and sincerity. When you therefore partner with anybody who has proven worthy of trust, you are less wary that you will be fooled at the slightest temptation. When shopping around for a partner, look first into your trusted businessmen-friends. You and your friends share a sacred bond which no other form of partnership (well, except marriage maybe) has. Take advantage of those bonds - especially if they have remained strong despite the bad and good times.
Get to know your market leaders. If you want to be successful, then partner with the excellent ones. As pointed out in the first paragraph, you must realize that not all successful people are also on the lookout for a partner. Partnering with others does not always translate to better business. Sometimes, they find themselves in worse situations by partnering with others. Accept this fact, but try to enhance your relationships with your chosen few. You can charm and impress them with your excellence as well. When you do this, should these market leaders ever need someone specializing in your niche, they'll think of you.
Build your own solid reputation. Before thinking of partnering with others, work on being an expert in your field. Wow them with your own excellent track record. Try to be the "go-to guy" in your niche. When you build a solid reputation of your own, gone are the days when you would have to actively search for partners - they will be the ones who will search for you. Be careful though when selecting partners - they may really make or break you. No sense losing your good reputation for a few thousands.
Research! When establishing a solid network of potential partners, do your research. Ask around for feedback about Mr. X - he may be good to you but a really nasty partner to others. Remember, people have the ability to adjust their attitudes, depending on their need. If a scrupulous partner needs you, then he will exert all efforts to be nice to you. Ask his enemies what made them dislike him so much. Google his name - he may be on a "wanted" list. Hey these may seem ruthless, but remember - it always pays to be prudent and careful, especially if there is a possibility of your own reputation getting hurt in the process.
Attend networking events where the big shots are. There is a belief that one must stay surrounded by the people who will be positive influences. So what better way to associate with the hot shots than by hob-knobbing with the successful ones? Introduce yourself and display your best. Impress them with your intelligence. Charm them with your smile. Draw them in with your charisma, and leave them in awe with your achievements. It's not going to be easy, but it's going to be worth it.
About Michael Griffiths
Connecting Women In Business helps women business owners generate more leads, clients and increase profits with more networking, business insights, tips and tricks on marketing, growth, business and accountability strategies. We invite you to get your free social media tactics ebook when you visit http://www.connectingwomeninbusiness.com.au
About Chia-Li Chien
Chia-Li Chien, CFP®, CRPC, PMP; Chia-Li “like JOLLY!” Succession Strategies for Women Entrepreneurs. She is Chief Strategist of Value Growth Institute dedicated to helping private business owners increase the value of their firms. She is the award-winning author of Show Me The Money and faculty member of American Management Association. Her blog and newsletter was named a top small business resource by the New York Times “You’re the Boss” blog.