- Welcome to The Journey.
Today we're gonna talk about tips for partnering
with other local businesses.
In the wild world of entrepreneurialship,
it's a pretty easy to get caught up in the chase
of customers and dollars.
Everyone is ready and willing to tell you
what ads you should be running
or social posts that you should be managing.
But not everyone has an endless budget and time
for that matter for investment.
So, what's a business owner to do.
You want your community to know your business exists,
of course.
But you're already putting in 10 hours a day left and right.
And you're only one person.
So, fortunately you can get shoppers in the door
by partnering with yes you guessed it,
other local businesses.
- And as we love to do,
let's talk about why this is so important.
About 67 cents of every dollar spent at a small business
stays and circulates in the local community.
When these funds are kept local, the effects can be huge.
Consumers wanna buy from locally owned businesses
instead of national retailers.
Because they want those dollars to keep their communities
alive and thrive.
There is growing awareness of the fact that every time
someone purchases their coffee from a small business
instead of a large chain,
they aren't just adding to a bottom line.
They're keeping a neighbor's mortgage paid.
- Okay, so the why makes sense, right.
But what are the best strategies to use on partnering
with other local businesses?
First off research partnerships ahead of time.
Think about your products and services,
what do you offer, what's missing,
what will benefit your customers and then make a list.
Make a list of the types of local businesses
that you'd like to work with.
And then write down why you're interested
in partnering with them, right.
They're gonna wanna know that.
And then start thinking about businesses that you
already have a relationship with.
Big or small and who can you call to discuss partnerships.
How will you pitch owners to get you on board?
All of these are vital questions.
And that way, when you do this work,
you come to the table prepared.
- Exactly.
And you also wanna make sure you choose businesses
that compliment your own.
So let's say you're a wedding or event planner.
It's definitely gonna make sense that your best potential
partners are other vendors in the wedding
and event business.
It could even be local retailers selling your handmade
crafts or snacks.
Or me as a web designer I'm partnering
with graphic designers, content writers and SEO specialists
to partner with.
So if I'm doing some services that they don't offer,
they will pass through the business.
And if I need help with something that I don't offer,
I basically pass them the business.
- And you can offer incentives.
I love good incentives.
Reward your customers for branching out
and working with new local businesses.
Also look, rewards don't have to be money, right.
You use samples, consultations or small gifts
or swag to show your appreciation.
- Consider partnering with the local charity too.
I mean, what's better than purchasing something you want
and donating to a good cause
all during the same transaction.
- And hey, Why stop at one.
Partner with more than one business.
There are no rules that state that you can only partner
with one local business.
Some customers actually prefer the ease
of one stop shopping.
So, minimize the stress by providing packages and options
from a range of companies to suit your customer's needs.
So for example, a moving company could partner
with an interior designer or an organizing specialist
to help new homeowners get set up in their new space.
I would a love that when I moved from LA to San Diego.
But basically there are so many businesses
that likely compliment yours perfectly.
So go out and find.
- And hey, maybe look into some seasonal partnerships.
Maybe a monthly or year long partnership,
isn't right for your business right now.
But seasonal partnerships are a great way to test the waters
and see how well your products mesh
with other local businesses.
Take note of trends, create bundles or gift baskets
and work with a local business to promote attractive
holiday solutions.
In our fast paced society,
there are plenty of shoppers looking for quick gifts
that still have meaning.
But don't stop at the winter holidays of Christmas Hanukkah
and others either.
I mean, I'm sure mom would love a basket
filled with local goodies for mother's day
and dad would prefer something other than the boring tie
for father's day.
- And be sure to get it in writing.
Any business partnership,
regardless of what is being promised should be in writing.
This protects all parties involved.
And then agree in advance like how will you promote
each other, the beginning and the end date
of the partnership and what both parties will contribute.
- Strategic partnerships can be beneficial for any company,
whether they are a startup or a seasoned local business.
These tips are far from an exhaustive list,
but we hope they give you some ideas for partnerships
that you can forge with local businesses.
And by coming together with your fellow business owners,
you can develop new friendships, promote new opportunities
and gain new customers.
- All right, that's a wrap.
And good news, your journey doesn't end here.
There's more education to be found and heard.
We have 200 plus videos for you to check out.
Until next time, this is The Journey.