Especially during tough times like the current ones brought on by the pandemic, it pays to have a friend you can lean on. For business partners, this is most certainly true. Is there another business you can partner up with in order to help you through these tough times? In many cases, it has been proven that the “scratch my back and I’ll scratch yours” policy works wonders. There are many different benefits of creating a business partnership. Let’s explore some of the top ones.
It will help you to ease your financial burden.
By forging a new business partnership, you effectively split all of your expenses in two. Depending on the nature of the relationship, you can call upon you new associate to front some of the funding necessary to launch new projects. Of course, you will also have to split the profits. However, the start up cash you may otherwise not have access to will go long way in growing your brand.
“Having a business partner can allow you to share the financial burden for expenses and capital expenditures needed to run the business,” notes Bruna Martinuzzi on AmericanExpress.com, “This could result in more substantial savings than by going it alone.”
It will increase your knowledge base.
In all likelihood, you are an expert in your field. However, you certainly can’t be an expert in every field. By partnering up with another entrepreneur, you will have access to new information from an experienced business professional. According to Cambridge, Ontario’s UpSide Accounting, the combination of the knowledge and skills the two of you possess will help to grow both your capabilities and contact list.
“Whether your potential partner’s talents complement or contrast with your own, they can significantly boost opportunities for growth, and higher profits,” states their website, “As well, working with a business partner allows you to divide up tasks according to strengths, which saves time and effort.”
It will grow your business opportunities.
Two heads are better than one, right? It’s an age-old idiom, but it certainly remains true in 2022. By having a business partner, you practically double the number of opportunities available to your business. As Martinuzzi affirms, your partnership can afford you the ease and flexibility to pursue more business opportunities.
“It might even eliminate the downside of opportunity costs,” she writes, “Opportunity costs are potential advantages or business opportunities that you may be forced to let go while you pursue other avenues. After all, as a one-person band, you have to decide where you choose to focus your time and talents. A partner who shares in the labour may free up time to explore more opportunities that come your way.”
Partner with Unity Payments!
We proudly offer a wide range of products and services that allow you to have multiple revenue streams, cost saving tools and the benefit of economies of scale. Our Partner Programs include an Agent Program, ISO Program and Residual Purchasing. To learn all about them, please don’t hesitate to call us at 1-800-661-3761 or email us at info@unitypayments.ca to learn more.
