How to Pick the Best Joint Venture Partners

7 Tips How Service Providers Can Benefit from Joint Ventures and Grow their Business

7  Tips How Service Providers  Can Benefit from Joint Ventures and Grow their Business

Many business owners assume that joint ventures only work for those selling products.  The truth is that many online service providers can also benefit and profit from joint venture partnerships.
 
Here’s 7 tips that can help service providers create joint ventures:

1.  Ad swaps.  Most online service providers – whether they are virtual assistants, copywriters, designers, professional or personal coaches, bookkeepers, transcriptionist etc…have a website.  Chances are they have an ezine too.  One potential partnership might include the swapping of advertising space with a relevant business.  This can be particularly helpful if you’re on a budget and looking for new clients. 

For example, a business coach could swap ad space on a website or in an ezine with a virtual assistant.  Many people using a business coach are often looking for ways to optimize their time, and a virtual assistant may be exactly what they’re looking for.  Likewise, people using a virtual assistant might be able to benefit from the services of a business coach, particularly if they’re looking for ways to grow their business.
 
2.  Email and promotions.  If you have an opt in list, or at least a list of customers, you can promote the services of a relevant business in your communications, or even as part of your next business promotions.  Likewise, your partner can do the same for you.  One idea to consider is not merely swapping, but placing an ad in your regular email communications with the agreement that you receive a small percentage of the profits.  You were going to send out the email anyway – now you can make a little bit of money with it.

3.  Guest bloggers.  Blogging on your own site connects you with your customers.  Blogging on another site connects you with their customers – who may become your customers.  Blogging is an excellent way to establish not only a rapport with prospects; you can also demonstrate your skills and knowledge, thereby increasing your credibility as a service provider.  You can swap guest blogs or you can share any profits that come your way by virtue of the blog, or you can make some other arrangement that works well for the both of you. 

4.  Ezine content exchange.  Like blogs, swapping ezine content is something that will help build your exposure and credibility.  Additionally, ezines are easily shared with others and archived for lasting stickiness. 

5.  Product creation.  Many service providers also offer information products like ebooks to give away with a newsletter subscription, or even books or audios to sell.  Partnering with another business owner to create a product can be a tremendous opportunity.  Create a promotional product to give away for free (OR sell the ebook), distribute it to both of your lists, and include advertisements and offers in the book for both of your businesses. 

6.  Swap services.  What tasks have you considered outsourcing?  Administrative tasks?  Copywriting?  Bookkeeping?  Graphic design?  As a service provider you can offer your services in exchange for a partner’s services.  For example, a copywriter may be excellent at writing copy but horrible at designing a website.  Trade a comparable amount of copywriting projects for a complete website overhaul and you’ve both benefited tremendously from the deal. 

7.  Cross-sell.  This is a fun one that many service businesses forget about.  Consider cross-selling.  For example, as a virtual assistant you could promote and offer copywriting services to your clients as a partnership.  Your copywriting partner could advertise that they also provide transcription, web updating and other tasks the virtual assistant handles.  This way you’re bringing in business for each other. 

As you can see, opportunities for service providers to benefit from online joint venture partnerships is tremendous.  Can you add any ideas for joint ventures to this list?

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P.S. – Learn to Create, Manage & Profit from Internet Marketing Partnerships!  

Click Now:  http://mommyrevenue.com/easypartnerships/

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Monday Madness Giveaway – Profiting from Membership Sites and Partnerships

Monday Madness Giveaway: Profiting from Membership Sites and Partnerships

Here’s a free report that I’m giving away on the advantages of creating membership sites and partnerships. If you’ve been thinking about the possibility of joint ventures, then take a moment to read this report. I promise ~ it won’t take you long!

Click here to grab your free report (pdf): Profiting from Membership Sites and Partnerships

*Share with your downline / team members and help them profit too!

Your Revenue Partner,

_____________________

Biz Resources:

http://mommyrevenue.com/membernaire

http://mommyrevenue.com/ebizcenter

http://mommyrevenue.com/wahmcart

Please Don’t Send Me Another “Dear Harry” Line

“Dear Harry, Your site is soooo Amazing!!!!  We would like to exchange links with you.”

If you’ve been working online for very long at all, maybe you’ve already experienced the very endearing email that says, “Dear Webmaster, We would like to partner with your site, blah, blah, blah.” 

They don’t even know my name!  You can tell it’s just another copy and paste email that I’ve received among the other 1,001 that they sent out.

Even the “Dear Harry, Your site is soooo Amazing!” doesn’t make my adrenalin rise when I’ve received the same exact email from countless other webmasters.  It’s so amazing that they all have managed to compose the same exact words in the same exact order.  Is there a club where they swap this stuff?  I think definitely, “Yes!” 

If you’re really interested in a real, genuine JV (Joint Venture) Partnership, then take these 7 Big DON’Ts Seriously when Approaching a Potential Business Partner:  

1.  Don’t entitle them “Dear Webmaster”.  Do figure out who they are!  Personalize your email by knowing as much as possible about them. (On the other side of the coin, you don’t have to know “everything” — after all you don’t want to seem like a stalker.) Above all, do be sincere. 

2. Don’t just consider page rank.  Do consider your target market.  Don’t pick a website to partner with over another one simply because they rank higher in the search engine.  You want to partner with someone whose business will not “compete” but “completment” perfectly with your home business. 

3.  Don’t have a negative attitude.  There’s nothing that ruins a proposal more than going into it thinking, “This is never going to work.”  Or, “Why would they want to work with me?”  It is self-sabotage.  If you go into a meeting or contact a potential joint venture partner with a negative attitude, you’ll be right.  They won’t want to work with you and it won’t happen.

Do approach your potential partner with a smile, even if you’re talking to them on the phone or sending an email.  A positive and enthusiastic attitude can and will be felt, and it will make a difference.  Go into a potential partnership with an eye toward the possibilities and start things off right.

4.  Don’t tell your potential partner what’s in it for you.  Your potential JV partner doesn’t care to hear how much you could use the extra profits, or what you stand to gain from the partnership.  Put yourself in their shoes: would you like someone to approach you and tell you how much they would like to partner with you because it would help them?  Probably not.

Do tell your partner what’s in it for them.  Stress the benefits for them.  How much are they going to make?  What do they need to do?  Will they benefit from building their opt in list?  Will they benefit by increasing their product base?  Will their credibility improve?  Present your offer in the most beneficial light for your partner.
 
5.  Don’t sell, particularly on the first meeting or communication.  No one wants to be ‘sold’ to, and jumping in with a heavy pitch is a turn-off.  Again, put yourself in your potential partner’s shoes.  How would you like to be approached for a joint venture partnership?  Chances are you wouldn’t want to hear a sales pitch.

Do praise and present.  Tell your potential partner why you want to partner with them.  Research your potential partner ahead of time and have practical knowledge of their business.  Instead of giving a sales pitch, consider it as a presentation.  Lay out your proposal, highlighting the benefits to your potential partner as you go.  Be ready and willing to listen to your partner’s ideas – in fact, it may be a good idea to ask them questions as you go so they feel involved in the presentation. 

6.  Don’t expect an immediate answer.  You’re excited about working out a JV partnership and that is understandable; however, you’ve had plenty of time to think about it.  The idea is new to your partner and they need time to mull it over.

Do give your partner time to think about it.  You can either make a date to check back in to see if they have any questions, or you can leave it open ended and contact them again if you don’t hear from them after a few days.

7.  Don’t stick to your guns.  Going into a partnership with an “It’s my way or the highway” mentality is a sure way to end a relationship before it even starts. 

Do be prepared to negotiate everything.  Remember that in the long run, a joint venture partnership will still bring you profits, more contacts and customers, and a new business partner.  Be willing to negotiate on tasks and profits – it not only demonstrates that you’re a smart business person, it shows your partner your willingness to work with them. 

P.S. – Learn to Create, Manage & Profit from Internet Marketing Partnerships!  Click Now:  http://mommyrevenue.com/easypartnerships/