4 Ways That Entrepreneurs Can Help Each Other Build Their Businesses

by Guest Author on February 18, 2013

It seems it’s getting harder and harder for the “Davids” of the world to beat the “Goliaths.” If you’re an entrepreneur, you know this better than anyone. In order to compete with corporations who seem to grow larger and more powerful by the day, partnering with other entrepreneurs can help you use your collective resources to get ahead.

1.     Join industry groups and networks to increase your network of potential help
In order to truly get your idea off of the ground, you need to make as many connections as you can. Your success will depend and be driven by referrals and word of mouth, so consider joining any relevant industry groups to meet up with new talent. You can either join local groups in your area or partake in the many industry-specific social channels online.

Use these new relationships as a means of collaboration, support, referrals and as a source of advice and inspiration. Other entrepreneurs know what you are going through better than anyone else. They could be the sounding board you need to solve a problem or the resource to help you find the best tools at the lowest price. Make the most out of your network.

2.     Create alliances with other small businesses for promotional purposes
It’s important to see other entrepreneurs not as your competition, but as possible partners. Unless you are working on the exact same sort of project, there are probably ways that you can help one another out. Try to come up with mutually-beneficial ideas that will cross-promote the both of you.

For instance, consider using print material or social mentions that refers your clientele to your business partners. They will do the same for you, and this can be a wonderful way to introduce your offer to new prospects. A good cross-promotion can expand your customer base without you having to spend extra time or money.

3.     Co-host events to reduce costs
This cross-promotional idea can be extended even further through co-hosting an event with other business owners. You and your entrepreneurial alliance can offer the public a shared workshop or seminar that’s related to your industry. Each of you could address the attendees and instruct in your area of expertise. The more business owners and entrepreneurs that take part, the more valuable the entire workshop will be viewed by the community.

This could be a local, national or even online event that will equally showcase all participating businesses. By co-hosting with one or more other business owners, you can greatly reduce the cost of your marketing efforts as well as other costs such as venue rental and giveaways.

4.     Look for Other Ways of Supporting Small Businesses in Your Community
Even as an entrepreneur, sometimes it’s amazing how easy it is to overlook other small businesses and unwittingly lend support to the “big guys.” For instance, do you shop for your office supplies at a big box store, or do you get them from the smaller mom and pop store who’s trying to compete for your business? Do you order lunch in from the chain restaurant, or give the new independent cafe a shot? If you really want to conduct your business in a way that supports others like you, you want to make sure you always walk the walk.

Banding together with other entrepreneurs is a great way to get your brand message in front of crowds you might not otherwise have access to, at the same time as keeping promotional costs as low as possible. Start today by finding entrepreneurs to connect with and create ways the both of you can get ahead.

About the Author:
Erin Palmer is a contributor to U.S. News University Directory a leading resource for online business degrees and online business certificate programs from accredited colleges, as well as, a growing collection of resource articles and career videos.  For more information please visit http://www.usnewsuniversitydirectory.com 

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