For Business Success, Ditch the Word “Competition”
“Competition” is a dirty word. There—we said it. We’ve decided to eliminate this word from our vocabularies in 2014 and we think you should, too.
Referring to your peers and fellow business owners in your industry as competition can affect your relationships with other entrepreneurs, your mindset, and the business decisions you make. By switching up your lingo and referring to your like-minded business owners instead as your colleagues, you’ll immediately up-level yourself as a thought leader, open yourself to new business-building opportunities, and pave the way for consistent growth in your business.
Partnering with other business owners in your industry is an easy way to start playing bigger. By seeing your peers as those who can play a part in building your business, and vice versa—rather than thinking that they’re out to get you or take advantage of you and your success—you’ll quickly create a network of power players, build up your business savvy, and make some serious coin in the process.
Here are a few ways you can work with your colleagues and build your business success.
Networking is by far the easiest and most common way to start building your web of fellow power players. In an hour of networking, you can build up your Rolodex, meet incredible business owners, and build new relationships with colleagues.
There are literally thousands of networking events happening all over the world, on any given day, for every industry imaginable. From formal dinners to causal happy hours, fun themed nights, and even virtual networking opportunities—it’s likely that you’ll find at least one networking event in your area that suits your niche and style. Swap business cards, schedule phone calls, and build strategic relationships with the people that share your drive and passion for serving clients. Nurture these relationships and remember to regularly attend these events! You never know who will show up at the next one.
Once you’ve formed new relationships from networking, you can start doing monthly (or even weekly) referral swaps with your colleagues. These are very simple to execute and can generate significant income for both of your businesses.
Set aside a scheduled, structured thirty minutes on the phone with each other. Go through your list of friends, business owners, and clients and pick the ones you know would suit your colleague’s most immediate business needs. If they’re looking for a specific service provider, a new client, or even another referral partner, provide them with a few names, numbers, and reasons why you think they’d be the perfect fit. Have them do the same for you with their personal master list. Continue to do referral swaps month after month with different colleagues and watch your web of meaningful, strategic connections grow.
Joint Venture Partnerships
You’ve probably heard of “joint venture” partnerships. If you haven’t, think of them as mutually beneficial collaborations between two business owners that offer complimentary—but not competing—services or products. Through joint ventures, you can both build your lists, bring in revenue, and boost your visibility in new markets and your own community at the same time.
Together you can offer programs, masterminds, home study products, live events, webinars, trainings, and much more. Broadcast a live call together that shares the hottest trends you’re predicting for the next year to both of your lists. Host a live event that brings together your complimentary expertise to attract a larger group and variety of entrepreneurs and professionals. Co-create an exciting new evergreen product, webinar, training series for your audiences. There are countless ways that you can collaborate and create new opportunities for both of you to build your lists, grow your businesses, and bring in more revenue and income.
Collaborate with business owners that you trust and admire. Make sure you get along and enjoy working with each other and can help each other grow. Joint ventures have to be mutually beneficial on every level. Oh—and since we’re talking about money and business growth here, you need to implement a solid legal agreement for any partnership that’s formed. Protect each other and your businesses, and remember to have fun watching your success climb to new levels.
Need help marketing your next joint venture? Learn more about our Strategy + Consulting services here.