We’re back with part two of our monthly mini series, tips for partnerships. Last week we discussed the importance of investing in easy-to-manage partnerships. This week, we’re taking that idea one step further by diving into why your business partner should be your complement and not your competitor.
Tip #2: Find Your Complement, Not Your Competitor
The perfect partner is going to be somebody that complements your business without competing for your business.
Sometimes It’s Easier to Find a Business Partner Outside of Beauty
If you’re looking outside of your industry, you don’t have to worry as much about competition. Instead, you should focus on finding a business with similar values.
Ex. Your target market is your high ticket clients that love to invest in their appearance, those same clients also really value diet and exercise so maybe you should look into partnering with your local wellness store or that trendy cycling studio that just opened up down the street
But There Are Plenty of Beauty Businesses With No Overlap
Alternatively, if you know that your target market really enjoys being pampered, you might look at partnering with another business within the beauty industry. This is when you need to be conscientious of competitors.
Ex. You wouldn’t want to partner with that cool new lash studio up the street if you both offer eyebrow waxes, however, you might consider partnering up with that popular esthetician downtown since you don’t have med-spa yourself.
There are so many local businesses out there that would make perfect partners without directly competing for your business. Think similar target market in terms of demographics, but totally different service offerings–you can’t lose!