CAREER PURSUIT 2021

EXPERT ADVICE - SELF-EMPLOYMENT 40 THE IMPORTANCE OF COLLABORATION IN BUSINESS erhaps it’s not surprising to learn that isolation and working alone is said to be one of the top three challenges of being self-employed. Two- fifths of the self-employed in the UK have experienced loneliness. We, as humans, were not built to do it alone. We are social creatures. Collaboration, when done correctly, can give you the feeling of being in a team. It offers benefits such as peer-to-peer support, improved mental health, growing and nurturing together, and building stronger relationships − all without straying away from your business vision. Collaboration and sharing knowledge enables a better customer experience and works well in the same or across industries. All collaborations look different and should serve your individual needs and circumstances. Who knows, you may even work with a competitor and enjoy it. The famous saying “It takes a village to raise a child” rings true in business too. Look at McDonald’s and Burger King who worked together in 2019 when Burger King in Argentina stopped selling Whoppers for a day to support McDonald's charity fundraiser for Children With Cancer. Other big brands have also worked cooperatively, such as Sharpie and Nike, and Stranger Things and Lego. So, you see, even if youhave (or don't have) shared interests and target audiences, working together can teach you something and bring to life an idea you didn't see before. This leads to increasing your business’s visibility and/or financial growth. If you decide to collaborate, I would strongly recommend making sure you have a solid understanding of what all parties aim to achieve. Some people may encourage you to work without prior written agreement and opt for an informal verbal agreement, and this is fine if you feel that it works for you and you are comfortable. However, it is worth noting that a contract is to protect all parties involved, and is, in my opinion, a good foundation for a great working relationship, especially if you aim to work alongside each other for the foreseeable future. Therefore, first and foremost, decide the terms and conditions of the collaboration. Secondly, make sure to include the expected responsibilities of all parties. A collaboration agreement is legally binding between different people or businesses that wish to work alongside each other to reach a mutually beneficial end goal. As with anything, everyone has their own experiences, goals, and expectations when it comes to business. Loneliness and entrepreneurship sometimes go hand in hand. Throw being a military spouse, or even a pesky pandemic, into the mix and it is not shocking that the feeling of isolation is heightened. Therefore, making connections not only supports collaboration and growth in business but also in our personal life. Let's explore what collaboration is, why it’s deemed essential, and what it might look like to you. P By Carrie Moss