The 3 C’s of Business Collaboration

The phrase “collaboration over competition” has been rising in popularity in a lot of professional settings. It’s a phrase that speaks volumes to the direction that businesses, both online and physical, are heading. We’re seeing businesses pop up at a faster rate now than we have before—due in part to technological advancements and easier access to large audiences on social media. 

As a business owner, it can be easy to feel like the market is too oversaturated for you, or to feel like what you have to offer has already been done. Well, the truth is, it probably has already been done—but not by you. You may feel like the competition is fierce or like you’re fighting to find your place in the noise. 

Why Focus on Business Collaboration? 

That’s why the idea of collaboration over competition has become so powerful: because it encourages business owners to direct their energy towards forming meaningful connections with other business owners. So instead of competing (which can feel like fighting against the tide) even business owners within the same niche will find it more beneficial to actually be working together. 

Even if you understand why this collaboration can be beneficial, you may be wondering what this actually looks like in action. How do you find another business owner to connect with? What’s the best way to approach them? What would a collaboration look like? What about compensation? 

The 3 C’s of Business Collaboration

There are a lot of factors for you to consider before entering into any agreements with another business. If you’re asking yourself these questions, here are three c’s of business collaboration you can use as a guide. 

1. Connection: finding common ground
Imagine you’re at a conference and someone approaches you asking if you’d like to partner on a project. Now imagine that this person hasn’t introduced themselves or given you any idea of what they do, and you have no idea why they approached you specifically. The project may have been something you’d actually love to be involved with—but because this person failed to establish common ground with you, you decline the opportunity. 

Connection is one of the most powerful factors in any kind of relationship—whether it’s a marriage, a friendship, a business partnership, or even the clinician-client relationship. As humans, we all thrive off of connection—so if you’re looking to form any kind of partnership, you’ve got to start with building connection first. 

As a business owner, you’ve hopefully identified things like your niche, mission, vision and values. These are all core elements of your business that others will be able to relate to, and that you should be able to relate to in any of your potential partners. When you’re looking to collaborate with another business, you should also be able to easily identify their mission and values. What’s their main message? Does it align with yours? Is the brand relatable and relevant to your audience?

These are all questions that you’ll want to ask yourself early in the collaboration process, because this is how you’ll know if you’ll be able to form and maintain a genuine connection—the key word here being genuine. The reason you want to collaborate with people and businesses you feel genuinely connected to is simple: you don’t want to confuse your own audience by muddling your messaging, or changing it abruptly. Ensuring that your brand’s messaging is in alignment with your potential business collaboration will help you stay true to your mission, vision, and values. 

2. Communication: approach and network 
Once you’re sure you have common ground and there’s strong potential for connection, it’s time to move on to the second step: communication. The art of networking and approaching fellow business owners is much like forming any new relationship. There’s certainly an etiquette you should observe so that you don’t come off pushy or demanding—which can be an instant deal breaker for some people. Think back to that imagined scenario of someone at a conference approaching you without establishing that connection first. So, now that you’ve done your research and you’re sure there’s a connection there, it’s time to use that to lead into communication. 

The key to introducing yourself in these situations is to keep it simple and to the point. Who are you, and what problem do you solve? An example would be, “I’m a pediatric occupational therapist. I’m the owner of New Occupational Beginnings, and I help new graduates learn how to be more confident in their treatment of children diagnosed with cerebral palsy.” 

This simple statement will allow the other business owner to gather a few important things from you, including what niche you’re in and who or what your business is meant to support. Assuming you’ve chosen a potential collaborator with whom you have some common ground, something in your introduction will hopefully stand out to them, and they’ll want to hear more. After you’ve made your initial introduction, you can begin to think about “pitching” the opportunity by providing a brief summary of your idea, and why you’d like to partner with them. 

Another important thing to remember in this step is what the other party will get in exchange. Any time you’re asking someone to invest their time, energy, or money, you should also provide a benefit in exchange. Remember that flattery can go a long way! Be sure to include what it is about the brand, business, or person that you’re interested in or impressed by, and what made you reach out in the first place. 

Your potential collaborator may be unavailable, or inundated with a lot of other opportunities, so it’s important to also “decrease the demand” by explaining that even if they’re unable to move forward with a project now, you’re still glad to have met them and would love to try again at another time. 

So, whether you’re approaching someone in person or online, the etiquette is basically the same:

1. Start with your introduction. 
2. Explain why you felt connected to them and why you’re reaching out. 
3. Pitch your idea, explaining why it’s also beneficial for them. 
4. Decrease the demand, and keep the door open for future projects. 

By following this outline, you’ll be able to confidently approach another business owner with your ideas. And regardless of the outcomes, you’ll be growing your community and meeting great people in your field. 

3. Compensation: rate-setting
Business collaborations and partnerships are great, but it’s also important to recognize they do come at a cost. Businesses want to remain sustainable and profitable, so discussing the financial side of these collaborations is a key component. Just as you likely have a rate in mind for what your time or contribution is worth, so do your potential collaborators. Important factors to include when setting your rate for projects like these are the timeline, what deliverables you’d be responsible for, their exclusivity and other rights questions, and the audience size—just to name a few. 

When you’re trying to determine your budget for pitching collaboration, there are a lot of factors to consider. If you’re looking to partner with a very established business owner with a large social media presence, it will likely cost a little more. However, if you’re partnering with a smaller business who’s just starting out and has a smaller audience, it may be more affordable to partner with them. It’s often helpful to begin by determining your budget for these kinds of projects and how many of them you can do in a month or a year, and then aligning each project scope to fit that budget. 

There’s no one right way to approach the discussion about compensation, but you do have a few options. You can include it in your initial project pitch by simply stating what you’re offering to pay, or by asking the other business what their rates would be for the expectations and responsibilities you’ve outlined in your pitch. Either way, prepare for a bit of negotiation on both sides, until you’re able to agree on something that works for both of you. Beyond the actual compensation, it’s also important to think about the total value of the collaboration—especially if it may lead to a long-term partnership and more opportunities in the future. 

When done correctly, collaboration projects can work wonders for your business. You don’t have to worry about competing with other businesses in your field—because each business has their own unique messaging, voice, and story that resonates with their unique audience. 

This kind of business collaboration is a great way to make connections, build your audience, and eventually reach new clients. These elements combined ultimately helps your overall marketing efforts and increases your capacity to grow and serve your community. Remember, the competition doesn’t have to be fierce—but the collaboration should be! 

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