How to Start a Small Online Business: 8 Things to Remember when Choosing Your Shopping Cart

When it comes to setting up and operating a business, especially online, it’s sometimes wise to listen to the counsel of the elder: two heads are better than one. It simply multiplies the benefits into two-folds or even more, depending on how many partners you can obtain.

One of the most successful methods of online partnership is joint venture. Two or more companies come together to share resources, ideas, talents, and even customers. If it’s a legal partnership, the liabilities are often shared equally among the members so you don’t feel so burdened. Of course, the profits may also be divided equally depending on term of the agreement.

How do you go about finding a joint venture partner?

1. Pitch in your proposal. It doesn’t matter if it’s someone you know or a complete stranger, you still need to come up with a proposal—and a good one. It basically lists down all the benefits your potential partner will receive from the partnership, as well as the responsibilities each partner is obligated to fulfil to make the relationship work. Of course, you’re also going to show how establishing a partnership is a lot better than running the business all by yourselves.

2. Find someone that complements your niche. Keep in mind that we’re not talking about competitors here. These are partners whose products are items your customers are looking for but you don’t sell. For instance, if you’re selling mobile phones, you can partner with suppliers of accessories such as skins. So given the previous example, it’s advisable that your potential partner’s product line is complimentary to yours and not in direct competition with it.

3. Determine how you can be of use to the partnership. If you want to be fair, then you have to see to it that you can contribute something to the relationship. It doesn’t have to be money. You may render additional services. If you’re good in creating and updating websites, you can offer that for free to your potential partner in exchange for investments.

4. Expand your demographic reach. You can also maximize the partnership by offering your products and services to customers of your partners. In the same way, you should allow your partners to use your mailing list. Keep in mind, though, that you cannot do this unless without the permission or knowledge of your leads and customers. Always ask their permission beforehand.

Most of all, find a partner you can trust. He or she should have a very clean record and a solid reputation in the industry. The last thing you want to happen is for someone to take advantage of the relationship you’ve built with your customers and bring your business down.