In the business world, a support system is crucial to your success. Having other business owners who support you and have your back is the best thing you can do for yourself. Your family and friends won’t always get it. No matter how much they try, they can’t always fully relate to what it’s like running a business. In this blog, I’ll give you 5 good reasons why business owners need to support each other.

We can’t talk about the realm of media without mentioning two giants – Oprah Winfrey and Bob Iger. Not ringing any bells? Allow me to fill you in.

Oprah isn’t just a media mogul, she’s the wealthiest female celebrity in the world, with a net worth of $2.5 billion, and a heartening tale of rising to a self-made billionaire. Her influence stretches far and wide across the globe. She holds many titles – author, businessperson, journalist, and motivational speaker.

Now let’s talk about Bob, former CEO of Walt Disney who really turned the tides for the company. He launched Walt Disney into a new golden era, with the acquisition of Pixar, Marvel, 21st Century Fox, and Lucasfilm, driving Disney’s annual net income up by more than 400%. He, like Oprah, also wears many hats – film producer, businessperson, entrepreneur, and business executive.

Bob and Oprah are not only luminaries in their fields but also terrific friends. This friendship has blossomed into a powerful professional alliance:

• When Oprah launched OWN (Oprah Winfrey’s Network), she teamed up with the Walt Disney Company to enhance her programming and distribution.
• Oprah served on the board of Disney where she gave them strategic advice in media and public relations.
• Bob and Oprah are cheerleaders of each other, often publicly endorsing and supporting each other’s initiatives.

The truth is, in business, you need each other, and Oprah and Bob’s relationship is a prime example that a strong support system can lead to phenomenal success in business.

5 Reasons Why Business Owners Need To Support Each Other

Bill Gates and Warren Buffet, Elon Musk and Larry Page, Marc Benioff and Larry Ellison are all classic examples of how far friendship can take you in the entrepreneurial world.

Here are 5 reasons why you should make it a point to create healthy business relationships:

Emotional Support
Referrals
Sharing Expertise or Knowledge
Credibility
Inspiration

1. Emotional Support

Running a business will take you through a whirlwind of emotions, all in the same day. You can land a big new client in the morning and be over the moon about it, and then receive a terrible review that puts you down two hours later.

This rollercoaster of emotions makes it crucial for you to have a solid business support system.

A lot of people tend to run to their friends and families for solace, but the truth is that they’ll never fully get it. Many times, they don’t run businesses of their own, and it’s hard, nearly impossible for them to fully empathise with you.

Cultivate relationships with business owners from all industries, they have likely faced a similar challenge before and/or have a solution for it. You can be vulnerable with them without feeling guilty because they’ve probably felt the same way at some point.

Plus, when times are good, these people will celebrate your successes with you and cheer you on in an encouraging way. They will support you through your business growth goals, because they know what it takes to achieve milestones in business.

2. Referrals

When business owners interact with each other, they create a powerful network that can help boost each other’s businesses.

If you want to gain referrals, build these business relationships. This way, in the coaching industry for example, your name will be the first to come to mind when someone seeks recommendations for a coach.

These referrals are often based on first-hand experience, trust, and a deep understanding of each other’s products and services.

They can drive you to immense success when you become the top-of-mind recommendation for a chain of business owners. In fact, some businesses sustain themselves through this affordable yet super-powerful form of marketing.

Business relationships are essential for business growth. No wonder the saying goes – Your network is your net worth.

3. Sharing Expertise or Knowledge

Oprah was on Disney’s advisory board for years. She played a role in Bob Iger’s achievements of acquiring Pixar, Marvel, 21st Century Fox, and Lucasfilm, plus driving Disney’s annual net income up by more than 400%.

If this isn’t enough proof that your connections are your greatest currency, then I don’t know what is.

Many times, business owners can offer each other golden advice that takes their businesses to the next level.

Mastermind9 has proven that there’s A LOT to gain from business owners of all industries. It brings together nine non-competing business owners, each under an NDA, to table their opportunities and challenges and help each other grow.

Since its inception, Mastermind9 has seen business owners like Emma Canter making £40,000 worth of business after just two sessions, due to actions taken directly from Mastermind9.

That’s not all. Business owners have gained more confidence, received valuable advice, made much more money, expanded their offices, hired more team members, and so much more.

There is absolutely no doubt that when business owners come together and support each other to achieve a common growth goal, great things happen.

4. Credibility

Aligning yourself with reputable business owners helps you to enhance your own credibility.

When you have a well-known business owner behind your back, people are more likely to believe in your craft and consequently buy from you.

How does this work?

Trust is the foundation of any successful business. When you build trust with a chain of credible business owners, you are likely to be ranked highly.

For example, if your business were to partner with a big brand like Coca-Cola, their existing clients would trust you and your product more. If you partnered with the likes of Nike, Microsoft, or even Starbucks, you’re very likely to gain the attention of their die-hard clients.

It’s the same for small business owners. You don’t have to partner with big brands to gain this benefit, unless of course, you can.

By building relationships with trust-worthy, credible business owners, you in turn gain credibility for your business.

5. Inspiration

Exposing yourself to different mindsets, experiences, and belief systems can be a big source of inspiration for you and your business.

We unknowingly pick up the habits of the people we surround ourselves with. You can find yourself emulating simple, yet useful traits like meticulous planning, diligence at work, or proper time management. These small things count and coontribute to your overall success.

Interacting with these business owners could also spark creativity and inspire innovation within you. You can start generating your own fresh ideas for your business.

In some instances, you won’t directly gain from business owners in terms of helping you make more money, but the knowledge, resources, and credibility will propel your business to the next level.

Why Business Owners Need Each Other – Our Summary

Whether it’s through social media connections, networking, mastermind groups, or any form of peer mentorship, it’s clear that having business owners at your back has some invaluable benefits. Businesses thrive on good relationships. and as a business owner, having a good support system is crucial to your success.

In conclusion, here are 5 reasons why you need a business support system:

1. Emotional Support
2. Referrals
3. Sharing Expertise or Knowledge
4. Credibility
5. Inspiration

Looking for business support and not sure where to start? We’re always up for a conversation. Get in touch with us today, and we’ll help you find the perfect solution that fits within your budget.