In order to properly plan and launch a joint venture you need to be able to leave your comfort bubble. Some of you are going to dislike this idea and others will not care. And maybe there’s a fear factor that stops them, or you, so you may need to address that. Joint ventures are possible no matter what size business you are operating. It is important, however, to be sure that both you and your partner are good matches for each other.
You can sum up joint ventures in one word – leverage. Leverage is something that, if you’ve done any studying of history, you know was useful for a bunch of different applications and situations. It is rare to find something that holds more power than leverage. JVs just naturally employ leverage because all of the companies and individuals involved benefit from the combined power of their individuals.
What you should do is create a joint venture so that you will be able to get as much leverage from them as possible. If everything comes together the way that it should, that is when the work that leads up to the launch will pay off. You can get as much as millions in the payoff, depending on who you work with and the size of the business they run.
One of the best things that you can do to get people to take you up on your joint venture offer is by behaving properly when you want to sell to other people. When you put together your offer you need to sell prospects on how they can benefit by doing this joint venture with you. You want them to be incapable of refusing your offer. Try not to hype these offers and then tone them down later; this ends your JV immediately. It is important to offer people proper value–it is what you would do if you were selling to a regular customer. If they receive JV offers from others, then you will be competing with the others. Be wary of trying to offer things like bonuses that aren’t a part of your primary offer. It’s typically something that doesn’t happen unless you can offer something truly great and interesting.
Finding good JV partners is only a good idea if you have a phenomenal idea that creates a win-win situation. Finding the appropriate words in Google is what you need to do to find these partners. After you have found a list of potential JV partners, do research on every one of them. If the business is larger than yours, you want to make sure you do not approach them. Your partnership must complement one another. It is an important guideline you need to abide by. Avoiding your competition is a good rule of thumb. Basically, every JV partner must bring something that complements the relationship. And, as you may have guessed, your JV partner was have a solid reputation in the industry.
The internet has created all kinds of innovative marketing tactics. If you think about it, though, joint ventures were being conducted by merchants many thousands of years ago. There are innumerable ways for JVs to be created. If you take a look at what you have to offer and what you need from another business, you might have the basis for a JV. The more you learn about how JVs are created, the easier it will be to get yours off the ground.