Many businesses spend too much time focusing on their competitors.
While observing what works and doesn’t work for others in your industry, it should never be a primary focus of your business.
Why? Because it tends to create anxiety that can be difficult to manage. You also easily get trapped in the comparison game which no one likes (and no one ever wins).
What do we suggest instead of competing? Collaborating.
Collaborating, especially as a small business owner can help grow your own business as well as create a bond with similar business owners to you that can end up lasting a lifetime.
In today’s post, we detail 5 reasons why collaborating instead of competing is good for your business.
5 Reasons Why Collaborating Instead of Competing Is Good For Business
1 | Exposure in front of a different audience
Your competitors don’t have the same exact audience as you. Yes, there may be some overlap, but they have email subscribers, Instagram followers, and Facebook fans that may not know about your business.
Collaborating can be a great way to get your business in front of a different audience that may not know your brand.
We see this many times during webinars, where people that may seem like they would-be competitors, partner up to expose their business to a brand new audience.
Related post: How to Make an Opt-in Your Audience Actually Wants
2 | People like supporting supportive people
If you knew the small business you were buying from had a jerk as an owner, would you still buy from them? Would you still buy from them if someone that is selling a similar product was the nicest person you’d ever met?
Probably not.
Your customers like supporting supportive people. Your followers will notice if you are collaborating with other businesses and that will reflect positively on you.
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3 | The more minds the better
Two brains are better than one, right? When two great minds come together, extraordinary things can happen. Consider the value you can offer your audience by working together with another business instead of competing.
You don’t necessarily have to go into business with someone else, but you can develop a project or product together that you both can promote to your audiences. You can make a much bigger impact collaborating with another business versus doing it all on your own.
Related post: 4 Reasons You Aren’t Seeing Success With Your Online Business
4 | You can’t do it all alone
If your business is thriving, you’ll get to a point where you can’t do it all alone. You will need some help. And that help can come from someone that runs a business that’s similar to yours.
Perhaps you can partner up with another business to offer a service together, instead of offering services separately.
Or maybe you use each other as a sounding board, to bounce ideas and get inspiration. You don’t want to go through business ownership alone and you shouldn’t. There are plenty of people who would want to collaborate with you, you just have to find the right ones.
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Have you ever had to go to your neighbor’s house to borrow a cup of sugar? To be honest, we haven’t, but it’s a popular saying, so go with us for a minute.
Collaborating is like borrowing sugar from your neighbor. You ask for some sugar, they do you a favor by giving you some. The following week, you notice they need help starting their car so you help them out.
It’s a give and take relationship, where you help each other out when you need help the most, which is exactly what collaborating can do for your business.
Related post: 5 New Ways to Attract More Customers or Clients
Final Thoughts
You bring a unique value to your followers but consider how much more value you could bring by collaborating with another business.
Connect with like-minded individuals and brainstorm ways you can collaborate and support each other!
