Looking for a business partner

Partnering with other businesses should be part of your marketing and growth strategy. You mention web designers but you don't need to limit to just those types of businesses. It could be other SEO or SEM companies. I for example do only PPC. I have had clients who are web designers, SEO and even other PPC-only businesses. You can compliment each other (if a client needs a web designer, I have contacts so I send the client there or simply hire them myself).

Sharing the profits is an incentive to that partner, especially if they are small but it's not your only option. In fact, I would stay away from that. I've offered a set amount such as $50 for any referrals. Usually, I'm providing on a white label basis, since that's what they want, I charge them lower than my regular fee if they provide many clients. They just charge their client above my own fee and everyone's happy. To the client, I look as if I work for the company.

You have to be careful who you partner with. I've had a few call me with such arrangements with promises they can get many clients quickly and we'd both make lots of money but these were just empty promises or dreams of grandeur. I've had some come and go. For instance, one partner hired me to take over some new clients because he was too busy. Also because I speak French and he doesn't. But both clients simply dropped him for reasons unknown to me after just a month or so. A partner who can get clients is good but also needs to be able to keep them. He did however gave me some more work a year later. I've recently partnered with another PPC business after meeting them at a business people meetup and that's much more promising.

Having partners is great if you can get good ones. It can also help getting clients who ask for services you don't offer, you just outsource it to a partner and makes you look bigger than you are. Don't just depend only on them however. You still need to find clients of your own, on your own.

Well I've done both and had my own firm in SEO

Happy to discuss some options ？