Synergy for Success: How Collaborative Efforts Can Boost Small Businesses

Picture this scenario: you’re working on a design project, and are just about ready to bring your creations to the world. But you’re a startup, and renting a showroom is prohibitively expensive, especially when you don’t even know whether you’ll make any initial sales.

However, you’re a terrific networker, and know that once you put the word out on social media, people will show up. The question is, where will they show up to? Pop-ups are a cool concept; you’ve attended a few pop-up dinners that were a lot of fun. But creating a pop-up for a new business venture is so time and labor-intensive — not to mention the cost — right?

Not necessarily. For example, At xNomad, collaboration is the name of the game with our co-lab space concept. We bring together retail and pop-up spaces with brands that need a way to introduce their idea to the world, affordably and easily. This is one example of how collaborative efforts can boost small business success.

The Power of Community

This is the power of collaboration as a strategic tool to help small businesses to thrive in today’s competitive market. It’s something Gen Z seems to understand intrinsically: a tribe is your strongest asset and, in many instances, a shortcut to success. Collaborative practices such as partnerships, alliances, and networking can help small businesses expand their customer base, access new markets, and pool resources for mutual growth. Pop-ups are one such concept.

Why is a pop-up a great idea?

· Cost-effectiveness. A pop-up gives first-time retailers access to prime real estate you’d never be able to access on your own. That empty retail space on Main Street was formerly occupied by an established brand with deep pockets. But through collaboration, it could soon be yours.

· Engagement. Creating a pop-up with aligned brands expands your customer base (think The Gap, Banana Republic, and Old Navy), increasing your exposure and allowing brands to share resources, gain insights into your customer base, and build a synergistic effect that is greater than what any brand could achieve on its own.

· Community. Pop-up culture fosters community. In fact, at xNomad, the middle of each pop-up space is dedicated to a unique “activation space” where customers can engage with each other and with the brands, such as a beauty bar or coffee shop. Customer immersion leaves a lasting impression, and can be quite lucrative. Think about the friendship bracelets thousands of concertgoers created and shared during the recent Taylor Swift tour. Most of these were exchanged as a symbol of community and love for the brand (Swift), though the enterprising among them who sold the bracelets on Etsy as a side hustle earned upwards of $10,000.

· All-inclusive. Best of all, a pop-up investment bundles everything you need into one phenomenal, business-boosting package: premium locations, project management, store concept development, furniture and installation, staff and store operations, and finally, the metrics to let you know whether your idea will be viable in the marketplace over the long-term.

As we become ever more connected, locally and globally, collaborative synergy will continue to unleash the power of a brand’s potential. Remember the adage, “If you want to go fast, go alone; if you want to go far, go together.” This might be the consummate catchphrase of our time. Together, small businesses can boost sales and revenue, nurture innovation, expand into new markets, and have a heck of a lot of fun along the way.