“A friendship founded on business is better than a business founded on friendship. ” – John D. Rockefeler
Large companies make constant use of the power of partnerships and co-op efforts. By partnering with another company, even one which could normally be seen as a competitor, you can provide more to your customers for less – making them happy and seriously improving your profits.
On a smaller scale, home-based businesses can do exactly the same. Partnerships can come in all shapes and sizes – whether it is baking with a neighbor to split costs, or a contract with a cake supplier to get better deals on tools and ingredients. Not only can you cut costs 9which increases profit margins), but partnering with larger companies can seriously improve your own image and exposure. Imagine a small-town candy maker being endorsed by Nestle! While this may seem a little far-fetched, smaller popular companies will partner with the little guys in business quite a lot.
A prime example would be CakeCoachOnline and CakeCraftWorld, who have partnered up to make the 117 Tips to Put the Icing on You Cake Business tips booklet available to a wider audience at a lower price than could ever be possible alone.
Consider small partnerships such as baking with friends or the like at first. This will get you into the practice of negotiating terms and allows you to see the true benefits you can reap. You may just find that you’ve become addicted!