Is having business partners or establishing a business partnership really like marriage for study abroad companies? You may have heard people say so, but there are stark differences between the two! The only thing common is that two people or organizations coming together can do a lot more than going solo.
Alone we can do so little; together we can do so much – Helen Keller
Finding ideal partners may not be so easy for study abroad companies, but it is entirely possible. To make your business partnership work successfully, logic must be the primary driving force. Here are five ways to find business partners, who best fit your study abroad companies:
Look for values that are similar to yours
All study abroad companies will have a unique set of values when it comes to their functions, quality, and price. Before selecting a business partner, it is necessary to be sure about your criteria and understand why the business partnership is crucial. Ask yourself these questions:
- What kind of business partner does my agency need?
- Will they be active, sleeping, or strategic partners?
- How much do they know about the education industry?
- Do I need someone who has skills that our agency currently lacks?
- What else do they bring to the table?
Industry experience must be a prerequisite
The education industry is vast and complicated, with many different variables at play. While opting for business partnership, their experience in the industry is essential. Here are some tips to assess their expertise:
- Due Diligence: Do a thorough background check on your potential business partner. This includes their financial, legal, and work history.
- Client Relations: Find out what their clients have to say about them. You can find this information from testimonials and feedback on their websites and social media pages.
- Complementary Skills: In business or life, it is best to work with people or companies who know more than you do. This is a great way to learn and grow. Look for skills that you lack and those that can boost your agency business network.
Business Partners must be proactive!
Although business partnership can come in many shapes and sizes, active ones are always more effective. Especially in the service sector such as consulting done by study abroad companies, you need agency partners who can work alongside you. Here are some reasons why you should opt for a partner who is as active as you are, if not more:
- Unlike other industries, the service sector is all about how you present yourself and it is almost impossible to get returns, without making the effort every single day.
- You need partners who can share their skills and resources with you.
- It may help some businesses to have sleeping partners, who choose to remain inactive and seek profits, but this is probably not the right fit for you.
- Active partners induce energy in the business and are keen participants.
- Eventually, they justify their stake in the business by fulfilling their roles and responsibilities.
Don’t overlook work colleagues
One of the best ways to know someone is to work with them! While seeking business partners for your agency, be mindful of the people who have been working with you. Here are some tips and reasons why they can make very good business partners and how you can identify them:
- They already have good knowledge and insight about your agency and industry.
- Working together develops a sense of trust, loyalty, and understanding.
- Knowing you personally, they will not be shy to share their honest opinions about the business.
- Look for people who are willing to go beyond their call of duty, to improve your agency business.
- Think of this possibility whenever you decide to promote an employee.
- Look for people who share a vision of your agency business, rather than those who are simply happy to work as employees.
Never stop looking!
You never know where you will find your business partner, so never stop looking! My business partner turned out to be my ex-colleague. See these tips on where you could possibly find your ideal business partnership:
- Local Networking Events: Ideally, a business partner should not live too far away from you. Although the logic of the internet says otherwise, it does help to have someone who is physically closer, especially for smaller businesses.
- Industry Events: Make it a point to attend as many industry events as you possibly can. Besides increasing your chances of agency networking with other professionals, you may also find an ideal business partner.
- Social Networking Sites: Since almost everyone is on social media these days, using the sites to find business partners is logical. While LinkedIn is a good place to start professionally, you should search other social networking sites too.
- Friends & Family: One of the best ways to find a business partner is to look into your own network. It is easy to spread the message and cost-effective too.
It is essential to understand that getting into a business partnership with a person or another agency is not without its risks. After all, we are dealing with human beings, who can change over time or fall prey to unforeseen circumstances. However, taking logical and careful steps can minimize this risk. Take your time and avoid rushing into it so that you have the best partners for your study abroad companies!