The business world can be dramatically wild. Business owners tend to get caught up between chasing customers and more sales. There is no doubt that the people in the business industry will always have something to say about what ads work best for you or what social media platform you should manage.
But let’s be blunt, not everyone has the unlimited budget or time for other investments, so what should you do? First of all, you need to ensure that the local community is aware of your business’s existence. While local marketing strategies may help, collaborating with local entrepreneurs can significantly increase your audience.
Why Consider Local Partnerships?
Strategic partnerships have always been beneficial for small businesses. Besides, it’s an effective method in bringing local communities together. Amidst the pandemic, small businesses have made themselves more relevant, allowing people to see how essential they are to the community.
On the other hand, consumers prefer to buy from local businesses instead of big enterprises because they understand that keeping the dollars within their circle will help keep the community alive. Truth be told, consumers nowadays are more aware of the importance of purchasing from local businesses; they know that they are helping a neighbor make a living. When community members support a local bakery instead of an internationally famous cake shop, they help the owner feed his family.
There is no doubt that consumers are growing more interested in shopping local and helping their neighbor’s business stay thriving. As a result, the local economy will prosper. That said, here are some tips for partnering with local businesses.
Do Your Research
When considering offering a partnership with a local business, you need to think about the services and products you offer. What is missing in your business? What exactly do you offer? And what are the benefits your customers will get from doing business with you?
From there, make a list of the kinds of businesses you want to partner with, then write the reasons why you want to partner with them. Start by thinking about the company you have built relationships with. Regardless of their size, an excellent partner can make a huge difference.
Pick Businesses That Match Yours
Perhaps you’re an independent contractor. It would make sense to partner with businesses that sell tools or materials needed for construction, like fall protection equipment, granite, cement, and many more.
Offer Discounts or Rewards
One of the best ways to make local partnerships work is offering discounts or incentives. Your customers do business with you for a reason, but sometimes, they look for a product or service you don’t even offer. Point them to the business you partnered with and state that they will receive a discount for doing business with your partner. The other business could do the same, which is great as it benefits the two of you.
Try Partnering With a Charity
Sometimes, partnerships aren’t just about making money. Many businesses like to use their platforms to help people in need. Partnering with charities doesn’t mean you have to give monetary donations all the time. Here are some options:
- When a customer buys a T-shirt, a second one will be given to a homeless shelter
- Fifteen percent of your February income goes to the shelter for single mothers to celebrate the month of love
- When a consumer buys a meal, the second meal goes to homeless families
- Donating at least 10% of your annual income to sports programs for the youth
- Providing scholarships for deserving students
Consider Partnering With More Than One Business
As a business owner, you need to broaden your horizons. Meaning you can partner with more than one local business related to what you offer. For example, if your business offer wedding and events planning services, you can partner with the following:
- Cake bakers
- Flower suppliers
- DJ
- Bartenders
- Caterers
- Photographers
Many customers prefer a one-stop shop where they can get everything they need. It lessens the hassle of looking for providers and saves them so much time. If possible, offer discounted all-in-one packages, so your partners have a better chance of gaining new customers. If you do this, they will more likely recommend you to their loyal customers as well.
Start Your Partnership
Strategic partnerships are highly beneficial to local businesses. Whether you are a beginner or a seasoned entrepreneur, you will surely reap the benefits of partnering with small businesses. These tips are just some of the many things you could consider in starting a business partnership. But hopefully, they will help you understand how beneficial partnerships can be and how they can help you grow your business. Working with local businesses can build entrepreneurial relationships, opportunities, and friendships and gain new loyal customers.