Word of the Day – Collaboration

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CollaborationSo you want to start your own business!

You may be able to start a business on your own, but it may be a challenge to grow your business unless you consider a collaboration.

No, woman is an island.

It is important to collaborate with others, and it is just as important to be careful of who you collaborate with.  Below are tips to assist in selecting the right person to join with:

1. Find someone who has a strength where you have a weakness.

2. Get to know the person before you discuss collaboration.

3. Make sure the person has a reputation that won’t taint your image or brand.

4. Determine if the person is focused and up to meeting the expectations of your collaboration.

5.  Start with a short-term collaboration project prior  to committing to any long-term affiliation.

6.  Incorporate methods for measuring accountability and create goals that are measurable.

7. Create an agreement that includes a clause that will allow you to terminate the collaboration without penalty just in case things are not working out.

8. Don’t give up on collaboration simply because one person didn’t work out for you.

Have you ever collaborated with another business?  Tell me about your collaboration experience in the comments section below.

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