Partnering: How To Profit From Strategic Alliances!
How many good partnerships can you think of right now? Well, how about Abbott and Costello? Hanna and Barbera. Smith and Wesson. Abraham and Strauss. Hope and Crosby. Lewis and Clark. Rowan and Martin. The Lone Ranger and Tonto!
These teams were comprised of individuals who were very good in their own right. Joining forces made them great! The whole was greater than the sum of the parts. Let me give you another real world example.
As you know, traditional business start-ups have a dismal track record for longevity. 95 percent of them are history within five years. Home-based businesses, on the other hand, have a 95 percent success rate! Start smart and build a business that will enable you to design the lifestyle you want for yourself and your loved ones.
A smart start would be to join forces with someone who has been where you are now, and achieved their financial objectives. Let’s suppose you’d like to market a product you simply love, that is attractively priced, but you don’t know the ins-n-outs of Marketing and Advertising. Wouldn’t it make sense to form a relationship with someone who knows these things inside-out?
You know there are lots of people who could benefit from using your product. How do you inform these people and move them to action? What avenues are open to you, as a new business person with a limited budget? How can you help people buy what they want? If you don’t have good answers to these questions, it might be a good idea to hook-up with someone who does.
With a little effort, you could find someone who knows how to write effective advertising copy. Someone who knows how to put together a full-blown marketing program and advertising campaign. Naturally, you’ll share the profits with this person, but you’ll have no out-of-pocket expenses to shoulder. Which is better, 50% of a $Million or 100% of $0?
The Partnering concept can be used to great advantage in almost any type of business you can imagine. The auto body repair shop can team with an insurance broker. The florist can join forces with the local bridal shop and mortuary. A personal trainer can form a relationship with a nutritional supplement store.
A good strategic alliance of interest to you, the home-based entrepreneur, would be with a Direct Response Marketing specialist. Suppose you have a good idea for marketing Dr. Bright’s Tooth Whitening Kit. The kit sells for $50, and your cost is $10. The trouble is, you don’t know how to write good advertising copy or which media would work best. So, you join forces with Mr. Munybags, who is famous for his ad copy and marketing expertise. You have to split the profits, and rightly so, but you incur no out-of-pocket expenses. Win-Win!
By partnering this way, you greatly increase your chances for success and ultimately, your profits. Whatever your shortcomings, they can be overcome by joining forces with someone who is strong in that area. Seek-out partners, explaining your strengths and objectives. You’ll be very pleasantly surprised at how well this works!
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