Why would you want to partner with another business?
One of the smartest paths to growing your business and making money is to partner with someone who is either already highly successful or has the ability and potential to become highly successful.
Of course, in order to become their partner in any business venture, you yourself need to bring something extremely valuable to the table.
In most instances, that would equate to one or more of the following:
a brand new and unique innovation, either a product or service
a mailing list comprised of thousands of “hot” prospects
the ability to market and promote something on a high-volume scale
Establishing the possibility of a joint venture can originate from one of two ways…
You don‘t have all the ingredients necessary to achieve growth. For example, you have a great product but no mailing list. Or, you’ve developed a substantial list of subscribers but you need products to promote to them.
In that instance, you would have to actively seek out joint venture partners, business people who could satisfy the need or fill the gap that you have.
The other possibility is that you run across a potential partnership at random. It might be an individual who is highly recognised and regarded in your particular niche area, someone who has already achieved a great deal of financial success.
Or it could be a website that experiences an incredibly large volume of traffic, countless viewers who would be interested in a product that you want to promote.
The other aspect is whether or not any given choice is even receptive to becoming part of a joint venture. Some individuals and businesses actually encourage this type of solicitation, openly stating on their websites that they would be interested in receiving viable proposals.
Most often, however, identifying someone who would be receptive to joint ventures isn’t easy. The type person or business you’re looking for is already involved in plenty of money-making tasks. In order to spark their interest (or even capture their attention), you’ll need to get very creative.
How you communicate with them has to be honest, compelling and open to suggestions for me. You don’t just provide a solution.
Creating that first contact could make or break the deal, so research into their interests and history as far as you can.
How could it work?
This would consist of two people forming an alliance for a particular product or service. For example, let’s say the business is based on a private membership site.
One partner agrees to create and develop the website. The other partner agrees to handle all promotion and advertising. But they both share equally in whatever profits the membership site generates.
This type of scenario would be the ultimate joint venture. Not just to conduct single instances of promoting a product or service but rather forming a permanent union in which both individuals enjoy an equal share of financial success.
Naturally, to achieve this kind of partnership, you’ll have to start at the bottom of the joint venture ladder. That’s where you mine for cold prospects through standard research and preparation… establish keywords, weed out the most promising websites and businesses associated with those keywords, contact the owners through joint venture proposals, and so forth.
Beyond that, you’ll want to cultivate any and all lucrative contacts and joint venture associates. That involves things such as finding additional ways in which to satisfy the needs and future income of those business people you’re now associated with.
These are some of the considerations you should think about. If you want to know more about growing your business and access case studies and practical help, explore our course. "Staying in the Entrepreneurial Zone" as part of the "Build It" Series.
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