How do I start a Joint Venture or Business Partnership?
Jan 23rd 2007Nate MollerBusiness Partnerships & Getting Started & Joint Ventures
A Joint Venture is a “business strategy where two parties utilize one another’s strengths to positively grow their prospective businesses, creating a win/win relationship.” (dictionary.com). I truly think there is nothing better: utilizing one another’s strengths to effectively grow your business.
Here are a few steps I take when forming a Joint Venture:
- Step One: Set Goals about what you want to accomplish with this new marketing strategy - the more specific you are, the better chance you have of realizing these goals. Write these goals on paper so you can see them. “A goal unwritten is only a wish!”
- Step Two: Ask yourself: “Who already has a strong relationship with people to whom I might be able to sell a noncompetitive but related product or service?”
- Step Three: make a list of company names on paper, then DO YOUR HOMEWORK! Research the companies you think would make great partners with your company. Find out what their clients like best about them. Look at the companies marketing: What do they do now? Who do they target primarily? How could it tie in with what you do?
- Step Four: Contact those non-competing businesses and present them with a proposal that is hard to say no to. Show them how committed you are to making this work. Make a list of all the benefits your product or service will bring to their clients. Introduce them to your product or service. Supply them with plenty of information on what you sell, and some testimonials confirming its high quality.
What are steps you all have taken when forming partnerships or joint ventures?
Related Posts
Success in the making with Joint Ventures!
Sponsorship and Joint Venture Sales
7 Signs Your Business is Stagnant
3 Comments »
del.icio.us Digg StumbleUpon Technorati
Herbert Hidalgo on 26 Mar 2007 at 8:15 am #
As stated above a joint venture is the best way to grow my business as well as the partners business.utilizing each others strengths, as to how to do it, I think the four steps described above seem the right way to it. I will do it that way.
Sandrine Vondrejs on 20 Nov 2007 at 12:46 pm #
Thanks for the tips Nate. I will definately work on setting my goals and listing all the possible joint ventures that could bring us to a win/win situation. I’m sure my site will benefit lots from this. Just got to put this to work now !
Don Holt on 22 Jan 2008 at 7:38 pm #
Hi Nate,
As you know, I haven’t gotten to the point of forming joint ventures yet, as I am still building my site. However, it’s great to know that I have these guidelines to go by when I get ready for this aspect of my business.