As humans, we were created to thrive in community, the same holds true for a business community. I have been an advocate of “being in business for yourself, but not by yourself”. There are several versions of “not by yourself”. Today I want to focus on the power of a group that combines its marketing efforts, along with other talents, for the good of the group.
There is so much to be gained through the power of a business group, but before you broadcast an invitation to all who are interested there are a few rules: the three things that I consider critical are values, an honest caring for this person and last, does this person have something to contribute to your business and you to theirs. I found that a group of two to a maximum of five is ideal. The selection process is critical as the entire group has to have the three qualities I mentioned.
Such a group is somewhere between a strategic alliance and a partnership. New business ventures may be launched by the group; data bases may be combined to increase individual and group exposure. The group may select a name for itself and a combined marketing effort may promote a new brand established by the entire group.
When groups are formed by solopreneurs (a one person business), I recommend the selection of a common working location. This could be at someone’s home, or a rented office. The synergy created by sharing a common space is awesome. The accountability factor increases and structured, morning meetings allow for interaction with regard to their own businesses as well as combined marketing efforts and combined business ventures.
It takes hard work and patience to acclimate yourself to a new work environment. Yes, you are still “boss” and responsible for the success of your business, but new ideas will come forth and your pride and listening skills will be tested. It may take a few months to reach the “group vision” but the potential for growth and profitability will increase for each participating business as well as that of combined business venture.
Take the initiative and reach out to someone and discuss the idea. Great things may happen when your group becomes a reality.
Well-designed business groups permit ordinary business owners to achieve extraordinary results.
Nick J. Petra CFP Waiting for your calls to discuss the possibilities in your business life.