What Joint Ventures Are All About
It’s hard to go it alone in business—exciting, sometimes, but hard. That’s often what happens for online marketers. They love the idea of working for themselves and seeing what comes of that. They enjoy being able to do what they want, when they want.
Inevitably, it becomes clear that there’s a better way—a way to achieve success more quickly. And that’s by not working alone. Now, I own my business and essentially work for myself, by myself. So I’m not saying that you should totally give that up. What I am saying is that you’ll get to where you want to be much more quickly if you can leverage the assets of others on certain projects.
We all have skills, talents, and ideas to bring to the table. You do some things better than I do and you have certain assets I don’t have. I do some things better than you do and I have certain assets you don’t have.
Now, can you imagine the power that can come from combining those assets, talents, and skills? It’s incredible. And that’s why I’ve joint ventured with others over the years on certain projects.
A joint venture is when business entities or individuals agree to work together on a particular project or even an entire new business. You combine assets, talents, and skills to create or promote something great. Instead of just relying on yourself, you rely on each other in combination.
This often means that promotions, products, and projects are much more successful than they would otherwise be. That’s an exciting thing—especially when you consider the fact that you get to tap into their customer list and they into yours. And you’re providing all around better value to all customers because of your pooled resources.
How to Choose the Right Project To Joint Venture On
So, which project are you going to get started with? This is where the brainstorming comes in. Sometimes, you’ll choose a joint venture partner first and you’ll have a fuzzy goal that you then solidify. Other times, you’ll have the project in mind first. You’ll later bring in a joint venture partner who’s perfect for the task at hand.
The project you choose to joint venture on should be one that will definitely benefit from both sets of talents, skills and assets. There’s no sense in working on something you could do just as well alone. There’s no sense in partnering up if you both aren’t going to bring something equally valuable to the table.
By the way, you don’t have to have a ton of experience to start a joint venture project. You can enter into a JV relationship even if you’re new. You might be the one to do the bulk of the work of creating a product, for example, while your partner brings affiliate connections and a customer list. If you’re new, that’s something you can consider. Many established business owners will be interested in such an arrangement.
Or maybe you are a skilled writer or are skilled with graphics. Maybe you’re the one with the great customer list. The point is to brainstorm a great project you’d like to joint venture with someone on.
This should be something that definitely moves your business forward in new and exciting ways. It should help you get a stronger hold in the niche, grow your list and customer base, and so on.
Go ahead and do that brainstorming. Brainstorm alone or with your joint venture partner, if you already have one. The perfect joint venture project will be a financial success as well as something that moves your business forward in important ways.
How to Choose the Right Joint Venture Partner
We’ve touched on this already, but it really deserves to be highlighted. It’s extremely important to choose the right joint venture partner. You don’t want to end up with someone who you’re totally mismatched to. You don’t want to end up with someone with an opposite personality—at least not someone who will cause you undue stress with little results. Not everyone is suited to work together.
You want to partner with someone who has skills or assets that complement your own. You should feel like you’re both bringing something to the table. No one should feel like they are doing more, or doing more important work than the other.
Find someone who it excites you to work with. You should feel enthusiastic about the possibilities. The right joint venture partner will match your enthusiasm.
Of course, you want to protect yourself as well. This might mean creating and signing legal agreements. Protect your assets and your business in every way you can.
Again, sometimes the joint venture partner comes first and sometimes the project comes first. Either way, make sure you can easily work with the person or company and that you both bring important things to the table.
You should share goals and very clearly lay out what’s expected of each party.
If you have no idea of where you can possibly find a joint venture partner, consider whether you’re at that point yet. You don’t have to be highly experienced or successful at this point, but you should have relationships with others in your niche. You should be present and active in your niche. That’s how joint ventures often start—with relationships and the spark of a great idea.
How to Maximize Your Joint Venture Results
You’ll maximize your results by being very clear about what you want and expect from this joint venture. You’ll each have goals you hold dear for your business, but you should also have goals for what you expect together.
Clearly outline what’s expected of you and of your partner. Make sure you’re on the same page and that you’re frequently checking in with each other. Communication will be key.
Brainstorm and share new ideas together. Two heads are better than one. You’ll maximize your results if you’re very well planned ahead… but also if you let your creativity shine through, on both sides.
Growing Your Business and Your Income with Joint Ventures
Joint ventures are extremely exciting both for new and experienced marketers. If you’ve never considered one, now might be the time.
You can achieve financial success more quickly when you leverage the assets of others. You can solidify your place as an authority in your niche when you combine forces with someone else.
There’s only so much you can do alone. Joint ventures are a great way to get what you want and work with others when you want, while remaining independent and strong with your own business overall.