Many newfound business owners and entrepreneurs are hesitant to foster partnerships with other companies for several reasons. Be it for fear of misalignment, a troubled relationship or branding blunders, developing strategic alliances can actually be notably beneficial if conducted correctly.  Forming the right strategic partnerships can bolster your efforts in two critical areas of business, credibility and distribution. If you're considering forming a strategic partnership, consider the following tips:

1. Identifying opportunities.  

In today's landscape, any startup could probably list as many as 100 partners they would love working with, in under an hour.  The key is to identify what your business can offer and align these incentives with a business that fulfils one of your needs. Seek out companies which could bring in valuable customers, links or credibility and many other resources. The key is to seek out a partner with a similar vision who also desires more than just a transactional connection.  You're more than likely going to work closely with your partnered companies, so it's wise to ensure that the vision, culture and spirit of all parties are in alignment. 

2. Build momentum by using partners. 

Regardless of whether you're speaking to potential partners, clients or investors, you are going to need credibility to gain leverage.  Teaming up with a larger, well-known brand via a mutually beneficial partnership is a surefire way to build both your brand and credibility quickly. Furthermore, your business will benefit from the momentum gained from one partnership and can use it to leverage more alliances. 

3. Ensure that you have the necessary resources.  

As is the case with any significant aspect of your business, it's wise to allocate first-class resources to your partnerships. Of course, this means that both parties need to have sufficient capital, workforce and leadership capabilities to properly devote time, energy and of course, money, into the partnership.  It's imperative that you ensure that your company can live up to these obligations.  However, all that being said, be conscious of the fact that many partnerships might not run exactly the way you want them too. Companies goals change and their strategies pivot, it's something that does happen, and you need to be prepared for it.

4. Negotiate your terms and stay on track. 

It's all too common that with burgeoning startups who foster relationships with larger, more established companies, that the more prominent company uses its weight to get what it wants. Ensure that this does not happen to you as it will leave you in an awkward position where you might lose track of your growth. It's critical to ensure that any deal is carefully structured so that you can maintain control of your business. 

As a rule of thumb, it's wise to steer clear of exclusivity partnership deals. You do not want to box yourself in as this will be hard to break free from in the long-term. 

Be sure to evaluate all partnerships practically by taking on each one case by case.  Should the partnership be a good fit, with aligned incentives and shared culture, you could be well on your way to securing the collaboration of your dreams which takes your business from startup to world enterprise.