When you start your own small business, there’s bound to be competition from other enterprising owners. However, there are many benefits to be had from working with other small businesses instead of pitting yourself against them. Learn more about the power of collaboration in the small business world.
If all small business owners kept their ideas to themselves, they’d eventually hit a wall with innovative ideas and struggle to stay afloat. When you embrace the ways that your business and others in your niche are different, you can swap ideas and help one another grow.
Grow Your Network
Having some client overlap between your business and other similar ventures isn’t a bad thing. If another small business in your field has plenty of clients and connections, network with them to pick up connections of your own. Create alliances with small businesses like yours, and you may even reach a new target demographic.
Share Resources and Knowledge
When you lend another business a helping hand in their time of need, they’ll be more likely to return the favor if you go through hard times. You have specific knowledge based on your unique business experiences, and so do they—pooling that expertise benefits all of you greatly.
For example, if you funded your business with a 401(k) rollover for business startups, tell your business connections how a ROBS can benefit them too!
Building a network of other small business owners in your area helps you pool knowledge and educational resources. Use your networking skills to save money as well by splitting certain business expenses with your allies. Share booth space at a convention or split marketing expenses to create room in your budget for other innovations.
Competition is unavoidable to some extent in the small business world but consider the benefits of collaborating with other small businesses to help all of you grow. The unique viewpoints of other business owners in your field can help your business get off the ground, and your knowledge can help them in similar ways.
Looking for unique ways to fund your small business? Check out Pango Financial’s funding solutions tool to determine which options will serve you best.