It was difficult to convince myself to write this post due to the topic, but what will I lose if I share this information. The most successful businesses in the world form coalition or business partnerships with their rivals in order to expand and grow. As a film theater owner, one of the main reasons that you can learn from this business strategy is the power of coalitions. It basically means going out of your way and connecting with the theaters that you previously thought were your rivals to form a large company that is mutually owned.
Before we proceed, it is important to note that not everyone will fall for this idea, and that is why you need to be persistent and categorical on what you want to achieve. Today I will give you some insider tips on how to go about this process and hopefully at the end of reading this article, you will be a few steps from your next coalition.
Have Mutual Goals and Objectives
Any business that does not have mutual goals or objectives is destined to fail. Hence, you need to engage other theater owners to come up with a set of objectives that you want to achieve within a given period of time together. Needless to say, these goals need to be achievable and in line with your current skill sets.
Finally, you need to draft a mutual agreement that is often referred to as a memorandum of understanding.