Business Coaching for The Hobbyist #6 Partnerships


I understand that for some reason you don't think of yourself as a business person, but you are. You made money at this thing right? There are a couple of things you can do to get this up and going, but you are going to have to begin thinking like a business owner rather than a hobbyist.

Everybody has insecurities and uncertainties when dealing with this sort of thing, just take it one step at a time, focus on improving each area before moving onto the next.

What you are going to need at this stage of your business falls into one of six areas;
  • Level of Commitment
  • Your Offering
  • Your Marketing Message
  • Lead Generation
  • Sales
  • Partnerships
In order to get a business moving in the right direction you need to look at the six areas with me. It really is going back and fixing how you think about business fundamentals.


The last area you need to focus on are partnerships. On average it takes longer to establish profitable partners then it does to acquire customers, however the return is worth it in the long run. Partnerships when executed properly, have the ability to create leverage in your business or to be extensions of your business. There are three types of partnerships that I have had the pleasure of creating.

Strategic Partners

A Strategic Partner is a relationship between two or more organizations with the goal of pursuing consentual objectives that meet organizational needs.  These types of partners may provide the strategic role with resources such as distribution channels, manufacturing capability, products, project funding, knowledge, or expertise. 

This type of relationship is valuable.  If you feel 'if I only had...' you may consider looking for companies who can create leverage in your business by lending their expertise or resources. There are companies who would be willing to help if they see value in what you are doing or if you are willing to pay for their contribution. 

Affiliate Partners

These are partnerships where you resell or repackage an offering as an extension of your business. This is a way to create value and revenue simultaneously. If you notice that your customers are always asking for product or service 'A', or if you can see the potential of offering product or service 'A', but you're already stretched to thin partner with someone who can offer it for you. 

The second type of affiliate partnership is when you seek potential resellers.  You must understand a companies business model and customer base in order to propose that they resell for you. You should prepare by studying the company and by thinking through the type of value partnering will offer them.  Convincing the powers that be that either repackaging or reselling your product or service to their customer base, is hard work. 

Referral Partners

Another type of partnership is a referral based partnership.  This is not as committal as affiliate partnerships It simply requires you to pass a lead to a trusted partner and requires that your partner sends you leads in return.  This is a wonderful agreement if your prospects ask for something that you can't provide or have no intention of providing. The end result usually is a small commission on sales that your referrals produce.

Now, that you have been through my small series identify what you are having the most trouble with and work on one area at a time. What are you waiting for get moving!

Having your FREE evaluation with a business coach is a $500 value.

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