Howdy “Partner”! Now ease up on the reins for a minute before jumping into a partnership.
If you are considering a business partnership it is a good idea to take some time to analyze many aspects of your business and your potential partner/s. I have personally entered into two different business partnerships. Both times I jumped in with blind faith and hoped that they would work out. We didn’t do any analysis beforehand and failed to document anything. In one case the partnership was amazing even while facing some serious challenges. Unfortunately the other partnership ended on a bad note. A few hours of examination in the beginning may have revealed some red flags. Looking back, most of the signs were there.
To help you navigate these treacherous waters, please take some advice from Sarah Hogan, who has found great success in her partnership with Cori Plotkin Streetman from Denver-based Barefoot Public Relations. Sarah gives some great tips in this Denver Business Journal article.
I have been working on branding and web design with them and can attest to their great attitudes and symbiotic working relationship. They prove that it can work if you come into the arrangement with your eyes open, are honest with each other, have realistic expectations and have similar goals. I highly recommend them if you need effective public relations help from my favorite dynamic duo. Here is a link to their site for more information. BarefootPublicRelations.com
For more detailed information and professional help in forming a partnership, consider contacting George Tyler from 3rdEagle. I have taken a class from him and follow his newsletter on forming partnerships and strategic alliances.