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How to find and secure business partnerships
- Author: Creative Australia
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Business Partnerships
- What are business partnerships?
- What can business partnerships achieve?
- Are business partnerships right for you?
- How to prepare your business partnership offer
- How to find and secure business partnerships
- How to manage a business partnership
- Renew, revise or conclude a business partnership
- How to develop a business partnership portfolio
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How the process works
In the arts and cultural sector, business partnerships usually develop in stages. This starts with identifying a potential partner and can end in renewal or exit. Not every partnership follows the same path, but these steps can help you plan your approach and manage the relationship.
Step 1. Identify potential business partners
At the start, cast the net wide. Make a broad list of businesses you could consider, from local businesses to national and multinational companies.
Look for potential partners through businesses:
- you already know, like suppliers and service providers
- within your network, including board members, staff, supporters and community contacts
- you find through business networks, such as chambers of commerce, industry associations and business events
- that already support the arts sector, community-based initiatives or not-for-profit organisations
- that are operating or growing in the places you work or reach people
- you discover through business news, directories or industry information.
Step 2. Research and prioritise potential business partners
Once you have a broad list of businesses, narrow it down. Research each business to decide which ones might be worth approaching first.
What to research
What to consider about each business:
- What does the business do and where does it operate?
- Who are its customers, staff or communities?
- Does the business’s values, priorities or goals align with yours?
- Does it have a business need or challenge you could help with, like brand visibility?
- Does it already support the arts, culture, community, sport, education or events?
- Does it have the capacity to provide money, in-kind support or other resources?
- Who is the right contact or decision-maker?
- Is there someone in your network who can make a warm introduction?
- Are there any conflicts, ethical concerns or reputational risks?
Prioritise the strongest prospects
Use your research to narrow your list. Prioritise businesses with:
- clear alignment with your values, priorities or goals
- a relevant business need you could fill or challenge you can solve
- a realistic capacity to support you
- manageable risks
- a contact to start the conversation.
Step 3. Reach out to cultivate the relationship
Once you’ve identified your strongest prospects, contact them and build the relationship.
Things you can do:
- If someone you know is connected to the business, ask that person to make a warm introduction.
- If that’s not possible, contact the business directly. Ask who looks after partnerships, marketing or community investment.
- Invite them to experience your work. This might be an event, performance, exhibition or opening.
- Look for authentic ways to stay in touch and build their interest over time.
- Focus on building connection and interest, rather than sending a full proposal straight away.
The aim is to bring the business and its representatives closer to your work and secure a meeting with the right person.
Step 4. Meet with the business and explore the fit
The first meeting isn’t to present a business partnership proposal. It’s a discovery conversation to explore whether the business is:
- interested in a partnership
- a good fit for you.
Questions to guide the conversation
See if the business is the right fit by asking the following questions:
- What are your current priorities?
- What business goals could a partnership help with?
- Who are you trying to reach?
- What does success look like for you?
- How do partnership decisions happen in your organisation?
- What is your budget cycle or timing?
- Who else would need to be involved?
- Are there any conflicts or risk areas we should know about?
- What types of partnership benefits are most useful to you?
Use the meeting to listen and learn. If they’re interested in a partnership, answers to the above questions will help you shape the proposal.
What if they’re not interested?
If the business isn’t ready to progress, don’t force it. Try to understand whether the answer is ‘no’ or ‘not yet’.
If there's still interest, you could:
- continue cultivating the relationship and stay in touch
- invite them to experience your work at an event, performance or exhibition
- reconnect at a better time, such as when budgets or priorities change.
If there’s definitely no interest or the fit isn’t right, thank them for their time and focus on other prospects.
Step 5. Develop your proposal
If they’re interested, develop a proposal based on what you’ve learned through your research and conversations.
Prepare your business partnership offer
Learn how to identify what you can offer a business partner and work out the value.
What to include
Use your case for support as the foundation. Draw on its strongest messages. Tailor these messages to the business and the partnership opportunity you have discussed.
Your proposal should explain:
- why the partnership is a good fit
- what you are asking the business to contribute
- what rights and benefits the business will receive in return
- what their support will help make possible
- how the partnership would work
- what the next steps are.
What is a case for support?
Learn what's in a case for support and how to use it.
How to structure the proposal
Keep the proposal clear and concise. Tailor it to the business rather than using a generic partnership pack. Reflect its goals, priorities and needs, and be realistic about what you can offer and deliver. Make the document visually engaging and consistent with your brand.
How to develop a compelling proposal
Use these resources to structure your proposal with effective key messages.
Step 6. Present your proposal
Ask your business contact how they’d like the proposal presented. Where possible, arrange a meeting with the relevant decision-makers to talk it through, either in person or online. This gives you a chance to:
- explain the key ideas
- answer questions
- hear feedback
- discuss changes.
Expect to present the proposal on screen or via a printed copy and then send it to the business afterwards. Treat the proposal as a starting point for a discussion. The details may change as you work towards an agreement.
Step 7. Negotiate the partnership
Be prepared to negotiate the details of the partnership, including:
- the level and type of support
- the rights and benefits the business will receive
- what each party will deliver
- timing and key dates
- any changes needed to make the partnership work for both sides.
Step 8. Confirm the agreement in writing
If both parties agree in principle to the proposal, confirm the details in writing. Do this before delivery begins.
Types of agreements
The format depends on the size and complexity of the partnership. It could be a:
- contract
- letter of agreement
- memorandum of understanding (MOU).
Check your understanding before signing
Agreements are legal documents, so make sure you understand what you’re signing.
You should seek legal advice where appropriate. Consider using sector-specific contract services and resources, such as Arts Law.
What’s in an agreement?
Agreements usually include:
- who the agreement is between
- what the business will contribute, including amount of money or in-kind support
- what rights and benefits the arts partner will deliver
- key dates, payment terms and reporting requirements
- approval processes for logos, marketing and public announcements
- how changes, cancellation or early exit will be handled
- who is authorised to approve and sign the agreement.
How to manage a business partnership
Learn how to track your commitments and ensure you receive the agreed benefits.
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