How to Pick the Best Joint Venture Partners
Posted by RevenueGal on
July 12, 2009
How to Pick the Best Joint Venture Partners
Picking joint venture partners is not always an easy task…in fact, in can be quite a scary thought. After all, not just any internet marketer would be a perfect JV partner for you. The good news is that I’ve listed some points below to help you pick that perfect business partner.
3 important traits to consider when picking the perfect JV partner:
1. The JV partner should be one who compliments you. This is a person that takes what you do and makes it better. You should compliment them too. Both of you should make each other better and make it so you both are more successful thanks to the help of each other.
Let’s face facts, we’re not all good at everything. The perfect joint venture partner for you will be great at what you don’t do well and perhaps won’t be quite so good at what you’re great at. Together the two of you will do the important things really well. So you’ll make each other better. You’ll compliment each other…and make a great team.
2. The JV partner should be compatible. In other words, you want someone who you get along with. You have to at least match up with your JV partner in the business sense. You don’t have to be best of friends with the person but you do have to be alike in the way you run your businesses and the outlook you have for your business. This brings us to the last of the important traits of the perfect JV partner.
3. The JV partner should share the same goals as you do. Your JV partner has to want the same level of success as you, and your JV partner has to have a similar idea about how to get to that level of success.
Your JV partner should also have the same ethics and ideals concerning business managemet and making money. Having the same goals will make it much easier to make decisions as you move forward together.
Picking the perfect joint venture partners can make your business ventures pleasant and more successful. Consider well the three tips above to help you make the perfect choice.
I highly recommend that you pick up your copy of Easy Partnerships to further explore your profit potential with JV ventures.
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7 Tips How Service Providers Can Benefit from Joint Ventures and Grow their Business
Posted by RevenueGal on
March 19, 2008
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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