Success Advice

Successful Business Partnerships Are Rare. Here’s How to Pull It Off

Published

3 years ago

Oct 1, 2021

Chris Cardinal

Image Credit: Unsplash

I’ve run my software consultancy company, Synapse Studios, for 18 years come December 2021. But I couldn’t have run it successfully all this time by myself. I’ve had the same 50/50 partner since the business’s inception in 2003, when my friend Bob Eagan came to me and asked if I wanted to join him in starting a company building web apps. I said sure, and here we are almost 18 years later.

Those 18 years haven’t been easy, but working with a reliable partner through the complex and exhausting process of building a business made it possible. I had someone else in the trenches with me who was bought in at the same level, and most of the time, our two minds together were better than one.

I’ve realized that a business partnership might as well be a marriage. It’s not always easy, and though our partnership is still going strong after all this time, it hasn’t been without challenges and risks. This is especially true for partners who come together when they’re not on the same page in terms of values or vision. But when you’re aligned and you learn to overcome your disagreements and bickering, you have a relationship with results greater than the sum of its parts.

What Makes a Successful Business Partnership?

When people hear that Bob and I have been in a successful business partnership for this long, they often ask us how we make it work: How are we still productive, and what’s our secret to not flaming out or annoying each other to the breaking point? I’ve had a long time to think through the answers to those questions, and I’ve distilled it all into a few vital pieces of advice for anyone partnering in something as big as a business:

1. Ensure your values align enough—but don’t be afraid to disagree a little.

If you were dating someone and realized you had a completely different values system, it’d be, at the very least, a yellow flag. The same holds true in business partnerships. It’s important that you broadly agree on certain principles and philosophies toward leadership, how you expect to treat your employees and clients, and what you’re trying to accomplish together.

In our case, we probably have an 80% or 90% overlap, and that 10% to 20% delta is where growth comes from. Too little overlap and you won’t see eye-to-eye almost ever, but too much overlap will reduce the value a partner can bring to the table.

2. Similarly, make sure you’re aiming for the same goals.

Aligning around the same goals is really important, and one of the biggest reasons I’ve seen partnerships fail or fizzle is one partner’s goals shifting away from the other partner’s over the years.

For example, if one person is driving hard to grow the company and the other wants to stay put, those overarching goals will drive the decisions each partner makes, and soon you’ll be working at cross-purposes. It’s worth noting that it’s completely natural for people’s goals to change. Openly and regularly discussing these goals and intents is a key to ensuring a healthy and successful business partnership.

“Individually we are one drop; but together we are an ocean.” – Ryunosuke Sat

3. Clearly delineate responsibilities.

It took exactly one “I thought you ran payroll” for us to realize that most responsibilities need to be just one person’s job. Play to your strengths and identify the tasks, chores, and initiatives each of you will own. That doesn’t mean the other partner won’t have some input, but the final say should rest with whoever owns that task.

4. Be willing to have your mind changed.

Being an entrepreneur is exceedingly hard. It tends to attract type-A personalities who think that they have the right answer most of the time. Despite Bob and I both being extremely opinionated, our superpower is our ability to convince the other one of anything.

The corollary to that is our mutual willingness to hear the other person out and change our minds. We go into a discussion or debate with a position, but we’re genuinely looking to learn from the other person. In the end, I’d rather choose what’s right for the business than win an argument and pick the wrong thing.

5. Define your exit terms early.

My partnership is fairly unusual in its long run and in our continued shared alignment. But it’s important to have a clear mutual understanding of what happens if one partner wants to leave the business or stop participating in the day-to-day.

It’s crucial to have a strong operating agreement that outlines fair, agreed-upon steps and clear criteria for valuing the business and buying out a partner. And it’s best to create this agreement at the beginning of the relationship in case things do change.

A successful business partnership can bring many other intangible benefits to the table, too: a bigger network, a diversity of perspective, a different way of thinking or solving problems. And, perhaps most important, someone to keep you from feeling alone in the journey. Those benefits don’t come without putting a thoughtful effort into the relationship, but after 18 years, I can confidently say that the effort pays off in the long run.

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Chris Cardinal

Chris Cardinal is a founding principal of Synapse Studios, a growing app consultancy that builds custom software for startups, enterprises, government, and just about anyone else. Chris founded the company with his partner in 2003 and has since grown it into a firm of over 50 employees in downtown Tempe, Arizona.

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How to Choose the Best Affiliate Programs for Your Blog

If you follow these steps, you can create an affiliate marketing plan that makes money, fits well with your content, and connects with your readers

Published

3 weeks ago

Apr 10, 2024

Addicted2Success Editor

how to choose the best affiliate programs for your blog

Picking the right affiliate programs for your blog is really important. It can make a big difference in how much money you can make and how much your readers get out of your blog. With so many choices out there, deciding which ones to go with can be tricky.

This guide is here to make it easier for you. It will give you clear steps and helpful tips to choose affiliate programs that fit well with what your blog is about, what your readers like, and what you stand for.

For more articles on this theme, please head over to this blog https://blog.partners1xbet.com/.

Understanding Affiliate Marketing

Before you start picking affiliate programs, it’s important to really understand what affiliate marketing is and how it works.

Basically, affiliate marketing is when you promote a product or service on your blog, and then you get paid a little bit every time someone buys something or does something because you recommended it.

It’s great for both the person selling the product and the blogger, because the seller gets more sales with low risk, and the blogger can make money from their blog.

How to Choose the Right Affiliate Programs for Your Blog

1. Assess Your Niche and Audience

The key to doing well in affiliate marketing starts with really knowing what your blog is about and who reads it. Consider the following:

Your blog’s content: What topics do you cover? Ensure the products or services you promote are relevant.
Your audience’s interests and needs: What solutions are they seeking? Choose affiliate programs that offer products or services that solve their problems or enhance their lives.

2. Research Potential Affiliate Programs

Once you know what your blog is about and what your readers want, start looking for affiliate programs. Choose ones that are well-known for good products, great customer service, and helpful support for affiliates. Resources to find these programs include:

Affiliate networks like ShareASale, Commission Junction, and ClickBank.
Direct searches for “[Your Niche] affiliate programs” in search engines.
Recommendations from other bloggers in your niche.

3. Evaluate the Commission Structure

The commission structure is a critical factor to consider. Look for programs that offer competitive rates that make your efforts worthwhile. Consider:

The percentage of commission per sale.
Whether the program offers a flat rate per action (e.g., per sign-up).
The cookie duration, which affects how long after a click you can earn commissions on sales.

4. Consider the Program’s Reputation and Sureness

Join affiliate programs with a solid reputation for quality and sureness. This not only ensures that you’re promoting good products but also that you’ll be paid on time. You can:

Read reviews from other affiliates.
Check the program’s history and background.
Look for any complaints or issues reported online.

5. Analyze the Support and Resources Offered

A good affiliate program gives you things like ads to use, training on their products, and helpful managers. Having access to these resources can really help you do a better job at promoting their products.

6. Understand the Terms and Conditions

Before signing up, thoroughly review the program’s terms and conditions. Pay close attention to:

Payment thresholds and methods.
Any restrictions on how you can promote their products.
The program’s policy on affiliate marketing on social media platforms.

7. Test the Product or Service

If possible, test the product or service before promoting it. This firsthand experience allows you to offer genuine charge and build trust with your audience.

8. Look for Recurring Commission Opportunities

Some affiliate programs pay you again and again for subscriptions or services that charge fees regularly. These can provide a more stable income compared to one-time sales commissions.

Implementing Your Choice

After choosing the best affiliate programs, the next step is to smoothly include your affiliate marketing in your content plan. This includes:

Creating valuable content that naturally incorporates affiliate links.
Disclosing your affiliate affairs transparently to maintain trust with your audience.
Tracking your results to understand what works best for your audience and adjusting your strategy accordingly.

Picking the best affiliate programs for your blog involves careful planning, research, and making sure they match what your audience likes and needs.

If you follow these steps, you can create an affiliate marketing plan that makes money, fits well with your content, and connects with your readers.

The real key to doing well with affiliate marketing isn’t just about the products you talk about, but also how much your audience trusts and values your advice.

With enough time, patience, and hard work, your blog can grow into a successful space that earns a good amount of affiliate money and helps your readers choose the right products.