If you own your own business, you should spend some time learning about how to do your own joint ventures. You can even learn enough to be an expert and a broker of them. Typically a joint venture will come together because two business owners decide to work together. The first thing you can do if you want to help the process progress is to look critically at your own business. Then you can seek out JV candidates while keeping the awareness open and wide.
Your partner for your JV should have a service or a product that will fit together with what you have to offer but that does not compete with you or it. It’s helpful to think of it as business milk and cookies–a couple of things that work well together but don’t compete against each other. That is how you must think about finding potential JV partners.
Professionalism
Your joint venture’s success is also dependent upon mastering some simple rules of etiquette. Professionalism is key, as are friendliness and politeness. You want to make a great impression on your fellow JVers but you do not need to actually befriend them. Be friendly, or as they say in business, be cordial. Help them understand that you trust them and they will be more likely to extend you the same courtesy. It’s important to establish the most positive business relationship with them that you can. It’s important to do this so that you’ll have an easier time setting up joint ventures in the future.
Promoting Your Offers
One of the best ways to promote your joint venture offer is to do the same things that you do when you want to promote your own offers to other buyers. With this package, sell them on the benefits that will be available to them when they join up with you. You want them to be incapable of refusing your offer. The offer shouldn’t be hyped up and then later on toned down because this is a major JV killer. You’re trying to offer them something highly valuable and it’s what you would do if this were a straightforward sales pitch. When they get JV offers from other people you’ll have to make sure you can compete. But be careful about delayed offers apart from the main one, like a bonus. You usually shouldn’t do this unless it is truly great and you know that your prospects will be interested.
Finding good JV partners is only a good idea if you have a phenomenal idea that creates a win-win situation. You can research, looking for partners. To do this, you should have the appropriate keywords to use to find them on Google or other search engines. You need to do research on your JV partners before you ever do business with them. If the business is larger than yours, you want to make sure you do not approach them. One important guideline is each of you have to complement each other. Do not interact with direct competitors when seeking out a JV partner. Your goal is to work in a mutual capacity with your JV partner so things are profitable for both of you. And, as you may have guessed, your JV partner was have a solid reputation in the industry. You see the results of joint ventures every single day and multiple times. Two companies linked in their advertising and offers being made for another business. What is happening is that both businesses promote each other in a positive way. So even if you have a one-person IM marketing business, you can still make this work.