Partners in Business: The Benefits of Sharing Retail Space
We've all grown up with the phrase "sharing is caring," but this age-old saying benefits far more than childhood friendships. When it comes to selling your handmade jewelry, there are many benefits to sharing a retail or online space. Read on to discover how dividing your space can boost your business growth.
Finances
The biggest benefit of partnering up is financial. Keeping overhead costs low by splitting rent and utility costs makes a major difference to your profit margin. Splitting a space can also increase your options for location, furnishings and other important features. For example, a designer on their own might need to settle with a lower-cost, out-of-the-way location and use their remaining funds to purchase discount furnishings. Two designers could afford a storefront with higher foot traffic and more stylish displays and other furniture. This partnership benefits both parties by saving them money for more supplies, marketing or other important factors.
Customers
Sharing a space may also mean sharing customers. Partners can promote each other's work while selling their own pieces. If a potential buyer is interested in one person's products, it is easier to sell the other designer's creations. This co-selling can boost sales and build a strong business reputation for both parties. Sharing space with another designer also introduces you to new customers, investors, artists and other important people. You will be creating and solidifying new business relationships that otherwise may not have formed.
Marketing
Shared space can also mean shared marketing. This can include print and online ads, discounts and word-of-mouth referrals, saving money and building a stronger brand image. These factors can ultimately boost sales and form new connections that lead to growth in your business.
Relationships!
An equally important benefit of sharing retail space involves the human factor. Coinhabiting a sales front can lead to the most important connection: a business partnership. Having a business partner means having someone else to shoulder the load. Building a business can require a lot, and the ability to split those duties with another person is incredibly beneficial--especially when you can rely on a person's strengths and divvy up responsibilities based on each other's weaker skills. Furthermore, a business partnership allows for a friendly, professional bond between two like-minded people. The right business partner can share your ideas and opinions for creative pursuits, lift your spirits during rough times, ease any fears about building up a business and ultimately take your jewelry-making business to new creative heights.
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