Many successful business partnerships stem from healthy competition. It’s a matter of cooperating with competitors to create a win-win business partnership. For many startups, this is a very beneficial concept.
How Competition is Beneficial to a Startup
Rarely do businesses thrive from internal sources of revenue and only successful startups understand the importance of collaborating with a competitor and combining funds. Only smart entrepreneurs understand how to establish successful business ventures with caution, not paranoia.
Additionally, having a joint business venture with your competitor can lead to an easy marketing opportunity. Both parties can benefit from a referral agreement and improve overall customer satisfaction. In doing this, you create a greater list of customers for follow-on sales.
Two heads is always better than one so creating a strategic partnership will not only help your startup grow, but also facilitate common industry-interface for a bigger investment in the future.
The best way to create a strategic partnership is to network with like-minded entrepreneurs. Discover and meet other dedicated business owners and professionals at the nation’s largest business trade show. Check out when the next Small Business Expo networking event will take place in a city near you.
For more lessons on coopetition see the Entrepreneur article.