Collaboration is a great opportunity for small business owners, no matter what type of industry you’re in or what type of product or service you sell. Not only will collaborating with others help you to grow your network and increase revenue, it is also an opportunity to learn something valuable at the same time.
Successful collaborations are those that bring together different skill sets and strengths, providing learning opportunities that help to advance your business. Here are some additional benefits to collaborating.
Growing Your Network
Successful entrepreneurs understand the importance of meeting new people and building their list. Being successful in your business requires the need to consistently make connections and form relationships. Imagine how your business would dwindle if you only sold to the same people over and over again.
While not every contact you make will result in a collaboration, it will help you to expand your network.
Learning Opportunity
Another benefit of collaborating is the opportunity to learn something new. Some of the most successful collaborations involve two professionals who bring two very different skill sets, perspectives, and strengths to the table. This is a great opportunity to learn something new and apply it to your own business.
Solve Problems
Think back to the last time you faced a difficult problem in your business. When we get stuck and can’t figure the problem out on our own, we will reach out to a partner, mentor, or a trusted resource that can help us work through the problem. The more complicated or difficult a problem is to solve the more we can benefit from getting input from an outside perspective.
When you collaborate and expand your network, you add new viewpoints, experiences, and resources to your network.
If you’re excited about all the benefits collaboration brings, you might be wondering who to collaborate with.
To get the most out of a collaboration, you need to look for companies that complement your own. Companies you respect, those that have similar goals, and values to your own.
Of course, you’ll need to team up with a business with the right sort of customers, and one that isn’t in direct competition with you. One of the first places to look when collaborating with small business owners is to look at your own personal and professional network.
Which businesses do you often work with? Are there small businesses that you like and admire? What local small businesses do you shop at? Any that buy from you?
For example, if you’re an electrician, why not team up with a plumbing company to meet each other’s customers? If you own a home remodeling business, partner with other home service businesses offering home cleaning, interior design, or landscaping services.
Are you wondering if collaboration is worth the time and effort? Here are some of the best ways for small businesses to collaborate. Give one a try!
Cross Promote on Social Media
Social media is a great way to raise awareness about your company and also to engage with customers and prospects. Try teaming up with another small business to double your reach.
By getting together with another small business and promoting each other’s products or services, you’ll benefit from new followers and hopefully new customers who are interested in what you offer.
If you’re feeling like you got this, you could get together with a group of like-minded business owners to cross-promote one another’s work. There might be a group of three to six of you who share each other’s social content across multiple platforms. The key is to connect with others whose businesses complement your own, so you reach people who are likely to be interested in what you offer, rather than just the wider general public.
Guest Post on Websites, Blogs, or a Podcast
Guest posting on another person’s website, blog, or podcast has much the same benefits as cross promoting on social media. Guest posting is a great way to raise awareness about your business and help you reach a larger audience.
Make sure to invite others to guest post for you as well, it’s additional content for you to share.
Put On an Event Together & Save Money
Putting on an event with other small businesses that complement yours is a great opportunity to expand your network. Share marketing expenses to increase your budget and get a bigger bang for your buck.
For example, you might share booth space with a complementary business, then co-market their participation. This can attract more foot traffic and add resources to enhance the experience visitors have at the booth.
Run Giveaways on Social Media
If collaborating on social media appeals to you, why not team up to run a competition together? This is one of the easiest and most enjoyable collaborations you can do with other companies. Your product is the one asset you have in abundance, so make the most of it. Plus, the prizes can come from both businesses which reduces each company’s cost, and also makes the contest more tempting.
For example, on Instagram, you both post the competition and to enter people have to follow both companies and like and comment on each of the posts. It’s simple! The winner is then selected at random. It’s an easy way to get more people following and engaging with you on social media. And once they’re there, if you keep posting interesting and valuable content, hopefully they’ll turn into customers.
Connecting with businesses that have similar goals and values to your own, helps you to build lasting relationships. By teaming up and sharing both of your efforts and expertise, you can grow your skills and advance your business. A win-win!