Can a Joint Venture Benefit Your Business? Part 2

In my last newsletter issue, I covered what the definition of what a joint venture is and the advantages of forming a joint venture with a business partner or partners. Again, I’ve listed the definition in case you didn’t see if the first time.

Definition of a Joint Venture:
A joint venture is working together with another interested party so that both sides can benefit from the combined effort. This can be a project that is for a set period of time or even long term.

So in this article, I want to cover how to form a joint venture and some key points to keep in mind when you are forming this joint venture.

Here is a list of a few ways to form a joint venture:

1. A good place to begin is to try networking in discussion groups/forums. This is a great way to get your business and name out there and get recognized as a key player. You can build relationships with other business associates and learn about their business and what they offer.
2. Ezine (Newsletter) directories are another great resource to finding joint venture partnerships. Most newsletter publishers will welcome the opportunity of a joint venture providing it parallels with their business and your approach is professional.
3. You can also perform a search with the major search engines to find potential joint ventures. Just implement your targeted keywords and visit the websites. When you find ones that you would consider, look for the contact information and contact them.
4. You can search for sites that promote link exchanges, cross promotion forums and ezine exchanges. Many of these types of sites are interested in joint venture partnerships.

Key Points to Remember:

• When searching for a joint venture, capture as much contact information as possible, including the phone number, if given.

• After you have formed a joint venture and worked out all the details, its good business sense to build on your new relationship.

• Always make sure that the products your partner will be promoting for you are all in working order.

• Pay your partner the proper commission that you both agreed upon and that he/she gets paid on time.

• Always treat your business partner with respect and professionalism, be honest and upfront at all times. Remember in a joint venture you are instilling trust with one another. If you agree to promote your partner’s products or service, make sure you follow through on your commitment.

Can a Joint Venture Benefit Your Business? Part 1

Absolutely! I wish I had thought about partnering with another like-minded business individual sooner than I did. Here are some tips on how a joint venture can benefit your business model:

Definition of a Joint Venture:

A joint venture is working together with another interested party so that both sides can benefit from the combined effort. This can be a project that is for a set period of time or even long term.

Advantages of a Joint Venture:

• This is a specific targeted form of marketing, so you can capture a selective niche’ audience.

• You increase your income potential and profit margins dramatically.

• Depending on the type of joint venture, most of them will cost you next to nothing.

• People have a tendency to respond better to endorsements, rather than buying a product or service outright.

• You can build credibility from other successful marketers and establish new business relationships.

• You can endorse products or services on your website or newsletter and receive a percentage of the sale (affiliate marketing).

• If you are advertising a joint venture in ones newsletter, you are not paying for the ad, shipping or printing.

• When you promote a joint venture on other business websites, you are gaining link popularity.

In my next newsletter, I will cover how to form a joint venture and some key points to keep in mind when you are forming the relationship with one or more business partners.

A Joint Venture Opportunity

As a professional Virtual Assistant and website designer, I have the opportunity to work with other colleagues in my industry to form a joint venture (or JV) and offer a complete package of services that would include all of our expertises rolled up into one deal for small business owners. And I’m not just talking about two people here. We’re talking four individuals that have a lot of creative services that would round out what a client would need.

So not to let the cat out of the bag too early, I will tell you that I will be offering WordPress site packages, coupled with training services for the program. As the venture starts to shape up, I will share my experiences in how well it’s coming together. I believe that not only will it be a fun, collaborative effort, but it will also be an opportunity to make another source of income for our businesses. Really…it’s all about making multiple streams of income and this is just one of the many avenues that I will be focusing on this year.