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Business Success Tips: Why Your Business Stays Small and Unprofitable for Too Long

Posted on June 14, 2019 in Uncategorized

Many new solopreneurs make the fatal mistake of building their business in isolation.

As a result they remain small and unprofitable longer than necessary. Partnering with others is a proven and highly effective way to create an exclusive unpaid sales force to help you reach your most important goals faster.

Here are 7 tips that attract ideal joint venture partners without fail:

Be genuine. You only have a moment to make a first impression. So be who you really are first and foremost. Lead with your greatest attributes and let it shine through. Don’t be afraid to let weaknesses reveal itself. Resist any temptation of presenting yourself in a way other than uniquely you.

Start with low hanging fruit. Your next JV partner could be right under your nose! Seek partnerships with those whom already know, like, and trust you. After all they are your existing support base with your best interest in mind and therefore more willing to help you. Additionally, you don’t have to spend a lot of time from the outset trying to “convince” them of your worth.

Give first. Your first conversation with someone whom you may not know very well, is less about you and more about the other person. Avoid the temptation of pitching or selling something in an initial interaction. Instead think of ways to support them first. Taking time to connect with others in this authentic way costs nothing, but pays dividends in the long run.

Compliment, don’t compete. Always seek partners who serve a similar clientele but don’t offer the exact service as you. This way you don’t come across as a threat or competition. Not to mention it increases the likelihood that the two of you would be more willing to promote one another over and over again.

Be confident! When you exude a “can do” attitude and spirit, you will be an irresistible magnet to potential partners. Most people enjoy taking part in something exciting that benefits themselves and their constituents. If you fail to exude this level of positive energy and confidence, you will be hard pressed to convince others to jump on board with promoting your offer and/or services.

Tell them the reason why. Before approaching a potential partner, always think first about “what’s in it for them.” Tell them what you are offering, but remember to communicate benefits. When you do this effectively, you will pique their interest and give them incentive to pay greater attention to you and your offer.

Compensate them. Yes, this is business – not charity. When developing a JV venture, remember it’s a business arrangement. Most people won’t promote someone else for free unless they are a personal friend. Although they serve as your unpaid sales force, they are doing the hard work to drive traffic to your site or program. Always compensate your partners for the energy and time they spend doing so.

Always approach prospective partners with long term relationship in mind. It’s a lot less work overtime to establish a “business friend” for the life of your business, than collaborate with someone who is only willing to support “just for the time being.” Keep in mind these kinds of relationships do not happen over night; they take time to develop.