Planning and executing your first joint venture is going to require that you leave your typical comfort zone. Most people are not too keen on doing that, and others have no problem with it. Perhaps it is because of fear that many (including possibly you) find this so difficult and it is important to be able to take care of that. No matter what size of business you are operating, you can do a joint venture. Just make sure that you and your partner are a good match.
All business discussions should be short and not use up anyone else’s time. The same thing applies when you are inquiring about a joint venture partnership. There are other guidelines such as to avoid insulting the other business with marketing hype. When contacting the other business, state your reason for calling them, or this can be done in writing. You do not have to write a long letter that is complete with your company history. But, make sure that you have yourself together. You can get to that later if they are interested. Remember to talk about why a joint venture will be beneficial for them.
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. With this package, sell them on the benefits that will be available to them when they join up with you. The goal is to create an offer that is not possible to refuse. Do not overly hype your offer and then try to tone it down after you get someone to join you, this immediately kills your joint venture. You are offering them something of great value, and that is really what you do in business with a customer. You will find yourself in competition when you know that they are getting joint venture offers from others. But tread carefully when it comes to delayed offers that aren’t a part of the primary offer, like bonuses. This is typically something that doesn’t happen unless it is truly fantastic and you know that they are going to be interested.
You need to create a novel potentially profitable idea, and then go after JV partners relentlessly. You can research for partners by searching for appropriate keywords in Google. Find out about your JV partners, especially if you have a large list and want to work with them right away. You want to make sure you are not approaching a business that is much larger than yours. Your partnership must complement one another. It is an important guideline you need to abide by. You want to avoid direct competitors if at all possible. Each partner in a JV has to bring something that works well with the other. Also make sure the potential partner has a good and solid reputation.
Internet marketers have tools and resources that have only recently been invented. Yet joint ventures, in one form or another, have been around for centuries. The idea is not complicated, but potentially very powerful. Remember that anyone can propose a JV, so don’t be afraid to try one out yourself. Be sure you find out all you can because you need to have knowledge of what is possible and what to do.