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What should I have in hand to attract a potential business partner?

Starting a business is one task, and getting a potential business partner to work with you is another task. I'm really wanting to know the best way of getting a business partner. Do I need to have a business concept note in hand? Do I need an existing business to attract a partner? If so, where can I meet potential business partners and how do I request a partnership?

Any business experts here, pls show me the way.

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Samwel,

Business partnerships are about merging strengths to achieve levels of performance you could not achieve on your own. To win a business partner, you first must have built some advantage on your own that will complement a potential partner’s business model. If this is the case, read my article: 4 Easy Steps to Win a New Partner - https://info.focusedmomentum.com/blog/win-new-partner-4-easy-steps

If you are in the idea stage with a great idea but no track record, you will definitely need a winning business plan to attract what others will view as an investment in your idea. At this very early stage, other parties will not view their relationship with you as a partnership. They will view any time or resources they use to get your idea off the ground as an investment (with an expected ROI) or possibly as a vendor relationship, so tread carefully and make sure you understand the get/give as you share your idea, time, and resources in the early stages. Here again, a complete business plan is critical to your success.

Research is a key step in writing your business plan, and this research will help you find potential partners for your business. These potential partners can be business: competitors, suppliers, and even customers. Any marketing or sales event will be full of them, but also seek out thought leaders - experts in your market. They will help you understand who are the leaders and who in your market is focused on growth. Those high growth players are the ones to court. They will be looking for ways to accelerate their growth plans.

Hi Cecilia,

Thank you for your helpful message above. I'll take time to go through the link and read those 4 easy ways of attracting partnerships in business.

Thank you.

2

Hello Samuel,

I wish I have more specific details about your situation, but I will do my best to address this generally.

What you need most is a business idea if what you want is a general partner. Just an idea is okay. You guys can then talk things through from scratch. Develop that idea into a solid business plan, and since it is a partnership, don't leave anything to chance. Let everything be stated in black and white.

Secondly, to meet potential business partners, you need to start hanging out where business people meet. Go for seminars and symposiums, meet new people and network. You need to develop a good elevator speech to that effect so you can easily present yourself within the first 20 seconds of meeting a potential partner.

If you have a business already, it is okay too. But most business partnerships I know started with just an idea and from the scratch, the partners put their heads together to make things work.

Good luck.

Thank you very much, Mr. Toby, for your lead advice, I really appreciate that.

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