Sometimes when the idea of a business is brought up, a sort of wall goes up between two entrepreneurs. With the world works, this is fairly expected. Today, we look at how entrepreneurs can ethically support each other.
We place an emphasis on the ‘ethics’ part of it all because in the world of business, it is entirely possible to come across another small business in the area that is in the same sort of field or market as you. This pretty much makes them your competition.
Line up with like-minded businesses
One great way to see if you can ethically support another business in the same market is to check their mission or goal. When they align with yours, there can be less friction. After all, two people working toward a similar goal can map out the path pretty well. You will both be aware of what you can talk to them about—which problems you are both facing together and whatnot.
If your products compliment each other, it would only make sense to join together for events or local exhibitions. For example, a small business that produces tea time treats could partner up with someone who sells various flavors of teas.
Not only will you provide a better service for your clients, you generate profit by being lumped together. After all, if someone is already looking for a tea-time snack, it would only make sense to buy some tea as well.
Just because your businesses are helping each other out, this does not mean that you are automatically each other’s best friend. If the affiliation is wholly positive and transcends the lines of business, that would be great. However, while it is still in its early stages, it would be important to be cautious.
It would be smart to have a frank discussion at the start. What are certain things or lines that you are not willing to be crossed? How about them? Determined lines or comfort zones can help to keep the waters calm. After all, you can’t exactly support each other ethically if you don’t like each other very much.
As You Can See…
These tricky waters can be traversed without creating any big waves that can capsize your livelihood. When it comes to business, especially your own, it would be very important to be cautious when engaging with other businesses in the same field as you. Although, it is important to still be supportive of other people’s endeavors, it should never be something that you are forced to do. When your heart isn’t it in, you end up being detrimental to others AND yourself.
Infographic by: www.visual.com