Partnerships can be incredibly beneficial (and profitable) for niche magazine/media companies, but many end in failure early on. If you develop a carefully thought-out partnership plan, you can create relationships that are a win-win-win – for you, your partners and your audience.
Here’s 10 key points to consider when creating beneficial, lasting partnerships:
1. Do you have previous success working together? Track record is very important, but keep in mind that things can change.
2. Both parties must believe in partnership. This comes down to culture fit. Every organization has their unique culture and a successful partnership understands this.
3. There should be as a strong fit of senior personalities and styles. This may not be so easy to understand at first. Do some research, network to find out perceptions about management styles, etc. Spend some time together–sometimes different perceptions will emerge.
4. Are there aligned objectives and commitment? Ensure you have outlined a way to track milestones from the outset.
5. Do you have compatible skills? You don’t want competing skills, you want to be able to benefit each other. You also don’t want identical skills. If you have the same skill sets, why do you need each other?
6. Agree on what constitutes success and failure. Sure there are business objectives but much of this will have to do with your values. Compatibility in this area is key.
Here’s some past posts on partnership success submitted by niche publishers: