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The Quick Guide To Creating Referral Partnerships

The Quick Guide To Creating Referral Partnerships

In today’s changing business landscape, solopreneurship is a rapidly- growing segment of new business startups. A solopreneur is “a business owner who works and runs his or her business alone.”

There tend to be two camps of solopreneurship: in the first camp you have those who work only by themselves, they  run all  the daily operations of their business in addition to taking on all the customer service, sales and marketing responsibilities.  In the second camp you’ll find a much smaller, but much more successful, percentage of solopreneurs who partner up with their fellow business owners to form business partnerships for their sales and marketing needs.

Benefits Of Solopreneurship

Before we talk about what these partnerships look like and why they’re so lucrative, let’s talk about why anyone would choose to go it alone at all. Solopreneurs have certain characteristics that make them better-suited for the high stakes game of doing it all alone. Solopreneurs are quick learners – they have to learn fast – they either learn fast or die. The market place is unforgiving and will swallow up any company that does not adapt quickly enough.

Solopreneurs also have nerves of steel and a stomach to match. Everything depends upon them – they love the freedom that comes with running their own operation and only being accountable for themselves. Every day is a creative adventure as they map out the fate of their company and take on crucial business tasks which develop their business and their bottom line.

The big risk, big reward model may seem like a dream for someone who loves control and the potential to be wildly successful, but the downsides of solopreneurship are many. The unrelenting mental strain of going at it alone and having the sole responsibility of every decision that’s made is exhausting and unbearable for many.

This brings us back to the two camps: those who partner and those who don’t.

Are You A Broke Business Owner?

I’d estimate that the majority of the wealthiest solopreneurs I know make their money from forming partnerships and working directly with other business owners. Broke business owners try to do everything themselves.

Let’s work smart and focus on being prosperous business owners who invite and allow other partners to help them succeed.

This brings us to…

Forming Your First Referral Partnership

Forming referral partnerships are easy. It all starts with that first conversation when you realize that your business and a partner business could mutually support each other. You discuss possibilities and hammer out the details to create a situation where you win, they win and both sets of your customers win.

For example, if you are a health coach you are going to start building relationships with local chiropractors and acupuncturists, gyms and yoga studios. That way, you can trade and refer clients between yourselves and build your book of business.

If you are a business coach and work with business owners you are going to start talking with other professionals who specialize in legal services, website design and development, accounting, virtual assistants, and other services which your clients need.

The possibilities of other conversations you can have are unlimited, the bottom line is to seek out mutually beneficial exchanges that generate real income.

Conclusion

Referral partnerships are a powerful piece of your solopreneur journey.

Don’t expect things to just happen for you.

Create referral partnerships to help increase your customer base and your bottom line.

STRUGGLING TO FIND YOUR PERFECT REFERRAL PARTNER?

Schedule your free consultation with me and find your perfect referral partner and the best strategy to form a long and lucrative partnership.