THE TYPES OF PATNERSHIP YOU SHOULD CONSIDER AS A START UP


Partnership is a scary word for many people in business especially start ups. People believe the risk in partnering up with other people or company is higher compared to going into business alone. This is not often the case, and in reality partnering up might be the best option to consider if you want to take your business to where you want it to be in no time. All you need to do is weigh the benefits of partnering up and decide if it is good for you or not. Here are some the types of partnership that is beneficial for start ups.

PRODUCT COLLABORATION: collaborating with an already existing company in designing or coming up with a product is one of the partnerships a start up could consider or even look out for to improve brand awareness and get new customers. Associating with people who are already in similar line of business can give you the kind of introduction you need into public market.

CROSS MARKETING: this is a partnership that involves working with a brand that produce a product or service that compliments or go hand in hand with your own product and service. This implies you automatically get access to the brands existing customers. A good example is a new socks line that is cross marketing with an existing shoe brand. You are bringing your customers to their table while they do the same with you.

RETAIL BUSINESSES: partnering up with retail markets which have direct access to the final consumer of various items and products is another partnership that is considerable for business. Giving discount to retailers on certain number of product or services ordered can help boost your sales and take your business to the next level.

Partnership is not a death sentence to business, especially if it is the right type of partnership. They can help improve your business within a short period of time if necessary measures are taken.