When you’re identifying possible partnerships, don’t underestimate the little guy. For some, it can be tempting to focus all their time and effort on the big companies. However, don’t rule out smaller businesses! The smaller and lesser known companies can often be your best partners.
They can help you build credibility for future partnerships, help you try out new products or work out kinks in a lower-risk environment. They may also be less likely to be developing multiple strategic partnerships if they’re smaller or in the early stages of their business, making them hungrier to work together. Of course, use your judgment and be cautions as to which smaller businesses have a solid grounding on where the business is going.
FOMO – the “fear of missing out” – is real. It is a phenomenon that drives social behaviour, and social behaviour drives business. When you build solid strategic partnerships, you can create FOMO for each other and in turn, help each other’s business grow.
As always, use your network. Reach out to your network and see who might be able to connect you to businesses that share a similar or complementary customer base. Finally, look for people with whom you can do the same. Before you approach someone to request an introduction, see who you can connect that person with. You’ll bring those people together and they’re both more likely to return the favor.
Last but not least, be confident in your service/product, but above all be confident in yourself. If you don’t believe in your product, you won’t inspire and partner with someone who does.