When you start a business, you not only become a part of your local community, but you also join a network of local business owners. Being part of this business network means you can often find help among your fellow entrepreneurs and even lend a hand yourself when others are in need. This may come in the form of advice, but it can also take the form of partnerships where you both support each other’s businesses while also marketing your own.
There are a few ways to take on a partnership like this, so business owners can choose which solution works best for their situation. Below, eight members of Young Entrepreneur Council share the methods they recommend any business use and why this kind of partnership can be beneficial for both parties.
Young Entrepreneur Council members discuss ways for small businesses to support each other.
Photos courtesy of the individual members.
1. Recommend Each Other’s Services
Small businesses can have partnerships as simple as recommending each other’s services. Is someone waiting for car repairs at your shop? Recommend they wait at your friend’s restaurant. Create a place for advertising and promotions for both businesses. If your fellow business owner runs a venue or catering service, choose it for your company party. Focus on cultivating rapport and relationships with as many local businesses as you can. Once you have that established, creative partnership plans can flow from there. It’s all about being the first to offer your hand in friendship. It’s so worth it. While you can do this online in our remote work era, it’s nice to go local. Walk your town, find your fellow small-business owners and open the door to some amazing possibilities. – Tyler Bray, TK Trailer Parts
2. Create A Package Offering
If appropriate to the business type and offering, companies can collaborate to create a unique package that brings both of their products or services together to solve a new need. Especially in our world today, consumer needs are changing rapidly. You can band together with another business to provide an offering that will appeal to both of your audiences as well as a whole new group of consumers. For example, you can reach out to a business that sells products or offers services that complement what you offer. Target businesses that your current customers are likely to buy from based on their past purchases, interests and needs. – Blair Thomas, eMerchantBroker
3. Leverage Your Content
One of the most effective ways two or more small businesses can partner together to support one another is through their content. But for this to work, their target audiences should be somewhat similar, if not completely identical. Creating listicles around topics relevant to your niche is a great way to promote businesses you’ve partnered with. By mentioning these businesses in your blogs, you’re not only presenting them as viable solutions to the audience, but you’re also giving them quality backlinks. This can give businesses a significant boost in their reach and help them climb search rankings through combined efforts. – Stephanie Wells, Formidable Forms
4. Team Up For Promotional Events
One way for small businesses to support and market each other is by teaming up for joint promotions or events. For example, two businesses could team up for a customer appreciation day where they offer discounts and giveaways. This would be a great way to generate traffic for both businesses and create a sense of community between them. To ensure this type of partnership is successful, it’s important to have clear goals and communication between the businesses. This way, both businesses know what they’re working toward and can hold each other accountable. – Syed Balkhi, WPBeginner
5. Create A Co-Branded Product
Businesses can collaborate on co-branded products, experiences and events. When we decided to create a dark chocolate oat milk, we knew we needed to partner with a brand that shared our values and had a like-minded fanbase. We partnered and co-branded with fellow Brooklyn-based business Raaka Chocolate, which is also vegan and transparently sourced. It has been a phenomenal way to introduce fans of Raaka to Willa’s Oat Milk and vice versa. – Christina Drake, Willa’s Oat Milks
6. Collaborate On A Social Media Campaign
Social media is an excellent platform for partnering with other small businesses. The possibilities here are virtually endless. You can hold bundled giveaways, host live events, share content and more. I suggest finding partners that align with your audience and brand values and planning your next exciting joint campaign. – John Turner, SeedProd LLC
7. Support Each Other Through Affiliate Programs
One way two or more small businesses can support each other and market their own businesses is via their respective affiliate programs. Affiliate marketing refers to the process of promoting the products or services of businesses you’re associated with. Generally, these affiliations facilitate monetary gains where referral transactions or traction are rewarded through commissions. But, businesses can benefit from this by leveraging each other’s reach. You can ensure success here by gauging the value of your affiliations. Each affiliate gets a unique referral code. These codes would help you track events or transactions made possible due to a particular partnership or affiliation with a particular business. – Jared Atchison, WPForms
8. Offer Gift Vouchers
Say A and B are two businesses. They can support one another by offering gift vouchers to their customers. For example, if you buy something from A, it gives you a coupon code or gift voucher that you can redeem at B. It’s a wonderful way of directing more customers to the other store and boosting their business. – Josh Kohlbach, Wholesale Suite
