It’s a great way to help a fellow business owner and earn some extra money. This blog post goes over what a Referral Partner is, why you need them, the systems you need, and how to find them.
Read on if you want to learn how to add Referral Partners to your business to help you earn some extra income! Or you can listen to it instead. Hit the play button on the podcast player below.
#1 What Are Referral Partners
Well, a Referral Partner is a trusted colleague that you refer business to. It’s usually either a service you don’t like or want to do or it could be you can’t meet their deadline. There are a number of reasons to have Referral Partners, these are the most common. Let me give you a quick example of how you can use a Referral Partner.
Let’s say you design and build WordPress websites as part of your business. But, you don’t offer graphics or copywriting. Well, many of your clients will either need help with graphics or copy for their new and improved website.
So… instead of turning your clients away, to find a graphics person or a copywriter (or both), you would refer them to one of your Referral Partners that specializes in either graphics or copywriting. This way you’re not leaving it up to your clients to find the help they need – you’re helping them find what they need.
Plus… you get a referral fee for referring your clients to them and the Referral Partner gets the business. It’s a Win-Win for everyone!
#2 Why Nou Need Them
It’s simple – to be of service to your clients.
Instead of saying that you don’t offer a particular skill or service, send them to your Referral Partner instead. Your clients will appreciate the higher level of service and to be referred to someone you know and trust. You’re saving them time, money and possible frustration too!
Plus… you’re not turning away business. Referral Partners are a source of income. That’s right, they’re an additional revenue stream for your business. When you refer business to one of your Referral Partners you earn a referral fee.
On a side note – if you’re considering starting a team or agency of your own, having Referral Partners will give you valuable experience when it comes to working with a team.
#3 The Systems You Need
Well… you’ll need to track:
- Referral Partners.
- The services they offer.
- Their rates.
- The referral fee.
- How you make client introductions.
- How and when you get paid the referral fee.
- Follow up with your client.
- Follow up with your Referral Partner.
Now, that’s a rough list of the things you’ll need to create a system for. Start by asking yourself each question and how you would like it handled – then write it down.
Each of the items listed above is important to you, your clients and your Referral Partners and needs to be part of your overall Referral Partner process. I would recommend adding the completed process to your Operations System since it’s part of running your business.
Quick Note – be sure you and your Referral Partners are in agreement on the fee amount and when it’s paid to you. This is so important!
#4 How To Find A Referral Partner
Start with colleagues you already know. People you’ve met in online groups or training programs. It could be someone you’ve worked with before. One of my Referral Partners was a team member of a mutual client.
Reach out to them and find out more about them.
- What services do they offer?
- Ask them if they’re interested in being a Referral Partner?
- What type of fee do they want?
- Do they already have a process for referrals?
Check out their website, look at samples of their work and do a test project together to see how you work together. Since you’re trusting them to take care of your clients, it’s important that you trust them and the quality of their work.
That’s it! Remember, it’s a relationship between you, your clients and your Referral Partners. Be sure it works for all of you.
Are you ready to add Referral Partners to your business?
Feel free to post below and let me know what action you’re taking today to start looking for Referral Partners.
I’d love to hear from you. All comments and questions are welcome.
Thanks for reading – Susan