A great way to increase your profits is to enter into JV partnerships. The beauty of joint ventures is that they allow you to leverage your knowledge, products and services, through the power of unity – getting you on the fast track to more profits.
Joint ventures are synergistic in nature, which means the partnership has far more value than the sum of its individual parts. This synergy means that you can reap far greater rewards together, than you could possibly do so alone.
At first glance it appears that joint ventures benefit the partners involved, and that’s true. You can pool your resources, split associated costs, and benefit from sharing one another’s skills, databases and network connections.
But I want to emphasise that the value of a really good joint venture goes far beyond that. Ultimately it is your customers or clients that will benefit most.
So, what makes a good sustainable joint venture?
- You will ideally share similar values and beliefs, this will help your joint venture to survive over the long term, and avoid testy problems down the track!
- Consider a blended skill set, so that roles and tasks can be shared among you.
- A shared commitment is essential… Begin with success in mind for the venture as a group, then do all you can to get a great result. Everyone has a part to play.
So, where do you begin?
- Be realistic about your strengths and weaknesses and analyse the pros and cons of joining one. Most of all, consider if you and your partners are compatible, personally and business-wise.
- Get clarity on your target market and audience first. This is essential before proceeding.
- Make a short list of potential partners who share that audience, and appear to have similar values to you.
- Create a simple proposal outlining your idea with a “what’s in it for me” message for your potential partner.
- Contact each partner, letting them know you have an idea where you can pool resources for mutual benefit.
Once you have initiated the discussion, your ideas will grow from there.
Joint Ventures have changed the way we do business just as the Internet has changed the way we find customers and deliver our goods, services and information. Together they make an incredible and extremely powerful ally.
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