Five Pointers To Aid Your Search For A Business Partner
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When seeking a partner for a joint venture, it does require some diplomacy skills. Here are some pointers to help you present yourself properly.
1. Don’t be afraid. You can literally undermine your own success by not believing in the validity of your proposal.
Do seek your candidates with honesty and co-operation. You want to come on giving the sense of, “if we do this together, we’ll get this…”
2. Don’t tell your potential partner what’s in it for you. Your potential JV partner doesn’t care to hear how much you could use the extra profits, or what you stand to gain from the partnership. Put yourself in their shoes: would you like someone to approach you and tell you how much they would like to partner with you because it would help them? Probably not.
Do tell your partner what’s in it for them. Stress the benefits for them. How much are they going to make? What do they need to do? Will they benefit from building their opt in list? Will they benefit by increasing their product base? Will their credibility improve? Present your offer in the most beneficial light for your partner.
3. Don’t use your initial meeting as the opportunity to make your proposal. No body likes to discover your motivation for contacting them is to make your sales pitch. See things from your potential JV partners perspective. What style of interaction would warm you up? Hitting someone up fromthe get go will get you nowhere.
Do initiate contact with sincere compliments and weave your presentation into your conversation. Be upfront and let your contact know why you are seeking to partner with them. Do your homework and research your potential prospect’s business. You will definitely make points with them if you are knowledgeable about their business. Present your proposal with facts specifically beneficial to your potential JV partner. Be sure to ask questions along the way.
4. Don’t expect an immediate answer. You’re excited about working out a JV partnership and that is understandable; however, you’ve had plenty of time to think about it. The idea is new to your partner and they need time to mull it over.
Do give your partner time to think about it. You can either make a date to check back in to see if they have any questions, or you can leave it open ended and contact them again if you don’t hear from them after a few days.
5. Don’t stick to your guns. Going into a partnership with an “It’s my way or the highway” mentality is a sure way to end a relationship before it starts.
Do be prepared to negotiate everything. Remember that in the long run, a joint venture partnership will still bring you profits, more contacts and customers, and a new business partner. Be willing to negotiate on tasks and profits - it not only demonstrates that you’re a smart business person, it shows your partner your willingness to work with them.
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