Business Partnerships: a Loss of Control or Double the Fun?

Text of my newsletter from 28th June.

Back in January this year I did something for the first time: I joined with a business partner to start a new project.

For the 12 years that I’ve run my own business, I had worked strictly on my own, outsourcing tasks when I needed specialist skills.

That had worked well enough, and my business was doing fine, but working with a business partner since January has been a great experience.

The most tangible result is that the project we started has grown more quickly, and in different ways, than it would have done had I been doing it on my own. And it’s more successful.

How did we set it up?

In the simplest way possible: We discussed and agreed on the revenue and expense sharing terms, plus broad areas of focus, and then I simply became a supplier to his business.

No need for a new legal entity, or anything like that.

Having a business partner, who has an equal vested interest in the success of the project, creates a totally different dynamic from outsourcing tasks for which I needed specialist skills.

We discuss plans, evaluate set-backs, enjoy successes and brainstorm new ideas.

And it’s been fun!

You may want to keep the idea of a business partnership in mind as you move forward.

I’m not saying rush out today and search for one, but keep your mind open (more so than I did!) and look at it seriously if an opportunity comes along.

I’m delighted that I took the plunge.

This week’s links

This week I’ve linked to three articles that look at different aspects of creating business partnerships: setting them up, using them to grow your business, and influencer marketing (a form of partnership) on Facebook.

The fourth link is to an article on the ‘Unretirement project’, on how to use LinkedIn to help you set up your post-retirement business.

Creating business partnerships

In this article Jean Ginzburg sets out the business techniques that have worked for her over the 8 years she has had her business.

The first one she discusses, which immediately resonated with me because of what I said earlier, is about creating partnerships.

Creating business partnerships

Why partnerships are great for growing your business

Continuing the business partnerships theme, this article looks at the pros and cons of having a business partner versus hiring someone, so you can spread the load.

It makes a point that was important to me from the outset of my business: when you hire someone, you take on a responsibility, and you may not want to add that to those that you already have.

A true partner, on the other hand, is a collaborator and brings a different dynamic to the relationship:

Why partnerships are great for growing your business

Influencer Marketing on Facebook – what it is and how to do it

Realistically, building the number of visitors to your website from the search engines is hard.

Unless you have a website with incredible authority, you’re going to be competing with companies that have huge marketing budgets, or top-of-the-mind brand names.

An alternative approach is to find someone who has a large audience with similar characteristics to yours, and strike up a partnership with them – basically ‘borrowing’ their audience.

This is ‘Influencer Marketing’.

Shane Barker takes us, step-by-step, through how to find an appropriate influencer on Facebook and set up an influencer marketing campaign with them:

How to set up an Influencer Marketing campaign on Facebook

The Unretirement Project – How to use LinkedIn to set up a side hustle

There are many reasons why people don’t want to stop working as they approach ‘retirement’. And there are just as many things they could do.

One of those might be to set yourself up as a consultant, so you can use your experience to benefit others, while continuing to earn an income.

Sharlyn Lauby discusses how to use LinkedIn to polish up your personal brand (as we discussed a couple of weeks ago) and start getting the word out about your new gig:

How to use LinkedIn to launch your post-retirement business

Fun flashback

This Louis Armstrong song, written by John Barry for the 1969 James Bond film ‘On Her Majesty’s Secret Service’, has always been a favourite of mine.

(I also thought George Lazenby was a much better Bond than he’s been given credit for!)

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Martin Malden

Martin Malden
Owner – WealthyDragon

Website owner: Martin has been working online since 2006 and focuses on two areas: 1) affiliate marketing and 2) designing and building websites based on WordPress. He has his own WordPress agency, and serves clients in Hong Kong, Australia and the UK.