Figuring Out What You Bring To the Table in a Joint Venture Partnership
There are lots of different people you want to work with in business. You’re sure that you could grow your business by leaps and bounds if you could leverage the assets of those who are already successful in your niche. And you’re right—there’s simply no faster way to grow your business.
Those you could joint venture with have their own customer lists and reputation. If you can get a prime spot in front of that audience, you can instantly improve your own lists, customer numbers, and reputation.
People won’t just work with you for nothing, of course. They’ll want you to bring something to the table. Different joint venture partners will want and need different things.
And remember, when someone does a promotion for you, they realize that the buyers they send you will be signing up onto your email list, and might start listening to you more and them less. Plus if your product isn’t great in their mind, they will remember who referred it to them and lose respect for his or her recommendations in the future.
This can be a scary thing to think about if you’re new to business or if you consider your business skills to still be in development. What can you offer? It’s daunting enough to make you want to just ignore the idea of finding JV partners altogether. Or, you decide to put it off until you’re sure you’re at the level they expect.
But time passes and you still don’t take the plunge. You wait for that ‘right moment’ that just doesn’t exist. Your business and life are passing you by because you’re just not sure what you can offer.
It doesn’t have to be that way. In fact, you have things you can offer and bring to the table even if you’re brand new. Not sure that’s the case? Well, I promise it is.
What You Can Bring to the Table If You’re Brand New
Figuring out what you bring to the table in a joint venture partnership is especially tricky if you’re brand new to business. There are definitely things you can offer, though.
• You can create an information product and offer it up to a joint venture partner, who will promote it to their list
• You can offer to do the writing, graphics, and/or technical work on a new project
• You can round up and manage affiliates who will promote a product you create together
• You can bring expertise you’ve had in a previous job, career, or business
Do your own brainstorming based on your life, skills, talents, and interests. Consider the people you want to work with and what they’d be most likely to respond to. Remember to approach JV partners on a very individual basis. What captures the attention of one potential partner won’t be what captures the attention of another.
Work on building relationships with others in your niche. Doing that will serve you well as you enter into the world of joint venture partnerships now and in the future.
What You Can Bring to the Table If You Have Some Experience
If you have some experience, you might be feeling a little more confident. Still, you might be wavering on whether you actually have anything to bring to the table or not… especially if you want to work with partners who are more successful or who have more experience than you have.
Don’t worry about it at all. You have experience, talents, gifts, and other things to bring to offer. You just have to figure out what will work with the potential partner you want to work with in particular.
Here are some examples of what you could offer to provide in a partnership:
• A customer email list you’ve built a relationship with over time
• Copywriting and marketing skills and expertise
• Product creation skills
• Unique relationships the heavy hitter doesn’t necessarily have yet
• Profitable ideas you’ve brainstormed over time
• The ability to work on a product or some other form of creation that’s funded or promoted by the more experienced/more successful person
Do some brainstorming. Hopefully, you’ll get inspired by the work you’ve done and the things you’ve experienced in your time in business.
Consider the relationships you’ve built with others in business along the way. You have a leg up since you already have those relationships. That will give you some more leverage when you approach potential JV partners with your ideas.
What You Can Bring to the Table If You’re Already Very Successful
If you’re already very successful and you haven’t yet considered approaching potential JV partners yet, then I highly recommend you get started.
You’re in prime position. You can work with those who have less experience with you or more experience than you.
You can work with people who will create products that you will then promote. You can combine talents and assets to create and achieve something incredible.
They sky is really the limit here—especially if you’ve been working on your own before this point.
• Your list
• Your contacts
• Your expertise
• Your authority in a niche
These are high, high leverage points. You can really negotiate something wonderful by leveraging one or all of these things.
Brainstorm what you bring to the table and who you’d like to work with. Then, just do it. You should see fantastic growth in your business.
Approach Potential JV Partners With Your Ideas
It’s one thing to come up with great ideas and even to consider who you’d like to work with. But you can’t stop at dreaming and planning. It’s time to move forward with your ideas.
Maybe your first idea or potential partner won’t work out. So, keep going. Figure out what you need to do, ask, and create. There will be someone who will be thrilled to work with you. You’ll grow your business from that partnership. Then, there will be someone else who will be thrilled to work with you. Your business will grow even more.
Joint venture partnerships are a really fantastic thing. You might surprise yourself at who you work with and what benefits it brings to you. Sure, there might be some disappointments along the way. Someone who you really wanted to work with might say no. That’s okay—just dust yourself off and keep on going.
Move Forward and Grow Your Business
It’s time to start dreaming and acting bigger. You don’t have to work in isolation. You don’t have to just dream about working with heavy hitters. Whether you’re brand new to business or you have a lot of experience, there are definite things you bring to the table.
I hope you’re really excited to figure out what that is and to start presenting your ideas to potential partners. It all starts here, today. Your business can grow in incredible ways as a result.