Having trouble gaining traction for your spa or massage practice? May your business got off to a good start but are now feeling that your business is stuck due to inflation or increased competition.
Whatever the reason growth has stalled, it may be time to consider new and different possibilities. And while business collaboration might not be the first idea that comes to mind; it might be the solution to business growth challenges.
What collaboration in business offers
Collaboration in business, whether with another small business, a not-for-profit, a supplier or vendor or even a large company, provides benefits.
Renew enthusiasm: While boosting sales and revenue might seem the most obvious goal, business collaboration might be just what you need to inspire and increase your interest and enjoyment in your work.
Learn new things: Working with others can be a learning experience that opens your eyes to new ways to do things. Every interaction with someone who may have a complementary business, who works with a potential target clientele, or who is a supplier to others in your field can teach you something valuable.
Innovation: Working together and embracing differences can foster innovative ideas through the combination of unique perspectives. Collaboration in business fuels innovation because each party brings their unique skills, knowledge, and experiences to the table.
Save money: Business collaboration can help you save money. If you collaborate with another business, you could, for example, increase your marketing yet reduce your overall spending. Among marketing business collaboration ideas, partner with another health or wellness related company to reach millennials or Gen Z. Whether advertising, direct or email marketing or tabling at a community event, you could share the costs of reaching your target.
In addition to co-marketing, among other business collaboration ideas, you could share the cost of a trainer that both businesses use for your teams. Or employees from both organizations could work on projects together so you do not need to hire extra staff.
Solve problems: There are times when faced with a problem, you cannot see your way through to the solution. By working with someone else familiar with the field, you can get input to work through the problem.
Expand reach: You may not have the resources to open in another location. However, by collaborating with another small business such as a local health club, you could offer massage therapy services at their facility to reach new clients without the operational costs of a second location.
Save time: Time is always a scarce resource when you are running your own business. Collaboration in business means you have more hands to help, such as on a joint program for a large not-for-profit you mutually support.
Choose the right collaborators
Be sure to carefully consider the needs of your spa or massage practice and the potential for growth that will come with the right business collaboration. Here are the criteria to consider. Some will be more important or relevant than others based on the type of business partnership you seek.
Shared vision and values: Before you even begin to investigate business collaboration, be clear about what you hope to achieve, over what period of time and what you value the most. It may be more important for you to build a solid standing in the community than attract new clients quickly. Be sure that your vision of success and how to get there matches that of a potential partner.
Complementary skills: To move your business forward, ideally you want a company or person who brings complementary skills to the table so that you can service a greater range of clients. With massage practice, you may want to collaborate with chiropractor or physical therapist. A spa owner might want to partner with a health or fitness club for referral purposes.
Similar market view: If you believe there is an opportunity to market a type of massage, and your partner does not agree; you need to be able to sort out the differences of opinion. If you do not see the market the same way, you may find yourself constantly at odds about how to proceed to the next step.
Ability to communicate: Even when the vision and values are similar, if you cannot communicate with each other, it will be difficult to make decisions and move ahead. You don’t have to have the same personalities but you should be able to talk about issues, agree on resolutions and move toward the same goals.
Outstanding ethics: You must be able to trust whoever you collaborate with and feel confident the person will never let you down. That’s why your partner must share your standards of honesty, integrity and business conduct.
There are many benefits to collaborating with another business. Business collaboration enables you to achieve mutual growth, expand professional and client networks, save time and resources, foster innovation and solve problems. Decide what you want from a collaboration in business and find the right person or company to work with to get to the next step in the growth of your spa or massage practice.