• Run into a problem with their SA partner, get frustrated, and ‘give up’ continuing work on this strategy. You must be patient with the process of finding and developing good relationships. If you are fortunate and develop an ‘instant’ connection that’s great, but most of the time it’s going to take a bit of time to get to know, like, and trust someone. And then even more time to establish a strong working relationship that supports the growth of both your businesses. • Think they lack time. But that is no excuse, it’s up to you to organize and structure your business in a way that you CAN devote the time it takes to develop strong SA relationships. This involves shifting your mindset from someone who is the technician in their business, to someone who owns and runs a business. It’s the classic battle of you are either working IN your business or working ON your business. Hint: as a business owner, you need to be spending 80% of your time working ON your business if you want to succeed!
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• A business that serves your ideal prospect profile • Has established credibility in your marketplace • Actively markets internally to their customer/ client base (this is a MUST) • Has both online and offline contact information for their customer/client base • Has both a quality relationship with their customer/client base
Here’s your shortcut to success with this system:
Physical Therapist Beauty Salon/Day Spa Natural Foods Store (Whole Foods, etc.) Exercise Equipment Retailers Massage Therapist Nutrition Store Financial Planner Chiropractor Makeover Specialist/Image Consultant Running store Accountant Specialist Travel Agent (Travel Counsellor)
Where can you get lists and find people to that are candidates for these positions?
• Chamber of commerce directory • BNI directory • Toastmasters and other business networking group relationships • Your own Clients • Don’t forget Google!! • And of course, your own local knowledge will play a big role here! So, what makes a good strategic alliance/JV partner? 1. At the bare minimum, I encourage you to join your local chamber of commerce. When you join you’ll get a ‘directory’ of other members (and their business category) in the community.
What makes a BAD strategic alliance/JV partner? • • • • • •
No database of customers/clients No credibility No money No marketing plan Completely disorganized Doesn’t appreciate or understand the value of marketing/advertising and building win-win reciprocal relationships (i.e. they just don’t get it)
What are some good potential categories? In a nutshell, it’s any business who serves the same target market as you but is not a direct competitor. When I had my fitness business, for example, the types of businesses I looked to partner with • Hair Salons • Cosmetic Dentist EDITION 1
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