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Are business partnerships right for you?
- Author: Creative Australia
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What to consider
Every artist and arts organisation operates in different circumstances. Your audiences, location, relationships, resources and staff capacity can affect whether business partnerships are likely to work for you.
You should ask the following questions to decide whether to pursue business partnerships.
1. Can you create value for a business partner?
Business partnerships are an exchange of value. Consider what a business could gain from partnering with you. This might include:
- access to relevant or engaged audiences
- brand exposure
- distinctive experiences or content
- staff or client engagement
- expertise
- community connections.
You don’t need to offer all of these. What matters is offering value to a potential business partner.
2. Are there businesses that need what you offer?
Consider whether there are businesses whose goals, customers, staff, location or priorities connect with your work and the value you can provide.
Then consider which of these businesses you’d want to partner with and how you’d reach them. Use your existing networks, including board members, supporters, suppliers and partners to connect with these businesses.
3. Are you able to manage partnerships?
Business partnerships take time to research, develop, negotiate, deliver and maintain. Consider whether you have the time, people and resources to pursue and manage business partnerships.
4. Is the return worth it?
Consider what you could gain from business partnerships against the costs needed to deliver the agreed value.
Gains may include:
- money
- in-kind support
- expertise
- connections.
Costs may include:
- staff time
- direct costs
- delivery resources.
Decide on next steps
Once you’ve asked yourself the above questions, you should decide whether to:
- pursue business partnerships now
- do more preparation before pursuing a partnership
- not pursue partnerships and use other fundraising approaches instead.