Most business owners have probably never thought about doing joint ventures with other local vendors, but if want to grow your sales and profits quickly, with little effort and virtually no risk, local joint ventures are one of the easiest and best ways to do that right now.
There are many benefits in doing these deals. Here are 5 of the main ones -
1 - In the majority of cases you will get 100% free advertising as your JV partners tell their prospects and customers about you and your business. You get very targeted promotion at NO cost.
2 - You can set these local joint ventures up quickly and easily. Once you know the other person, profitable JV's can be up and making money for both sides in just a couple of hours.
3 - You can have incredible results and make thousands of dollars in profits for an hour's work with a joint venture. And you can hand that work off to a staff member if you want to, and they can do all the setting up for you.
4 - You can get paid for YEARS from a successful strategic alliance if you set things up correctly. Many deals go for years and years; just look at Microsoft and how they've sold software through just about every PC maker in the world for over a decade.
5 - These kinds of JV partnerships give you another priceless benefit, and that is the brand recognition you generate in your local market. You really can go from a little known company to a well known brand virtually overnight.
Here's How To Grab The Opportunity...
The best way to approach a potential joint venture partner, especially if you are relatively new in business, or you are inexperienced at doing JV deals, is to realize that you don't hold many cards and act accordingly. What do I mean?
The end goal is get access your joint venture partner's customer database in an honest and ethical way. That means if you are the partner who brings less to the table, you'll need to take it slow until you have some JV runs on the board. You might over-compensate them for helping you get your product into their market the first time, as an example. Just remember that it never hurts to go out of your way to help the other side at the beginning of any relationship. It lets you create a profitable partnership for everybody.
If you work with other non-competitive businesses that are roughly equal to you in size and reach, you'll find JV deals much easier to set up because you both have so much to gain. So go out and look for some local or regional businesses that offer the kinds of products or services people buy before, during or after they buy from you, and start setting up some deals. Your Accountant and your Bank Manager will love you for it.
There are many benefits in doing these deals. Here are 5 of the main ones -
1 - In the majority of cases you will get 100% free advertising as your JV partners tell their prospects and customers about you and your business. You get very targeted promotion at NO cost.
2 - You can set these local joint ventures up quickly and easily. Once you know the other person, profitable JV's can be up and making money for both sides in just a couple of hours.
3 - You can have incredible results and make thousands of dollars in profits for an hour's work with a joint venture. And you can hand that work off to a staff member if you want to, and they can do all the setting up for you.
4 - You can get paid for YEARS from a successful strategic alliance if you set things up correctly. Many deals go for years and years; just look at Microsoft and how they've sold software through just about every PC maker in the world for over a decade.
5 - These kinds of JV partnerships give you another priceless benefit, and that is the brand recognition you generate in your local market. You really can go from a little known company to a well known brand virtually overnight.
Here's How To Grab The Opportunity...
The best way to approach a potential joint venture partner, especially if you are relatively new in business, or you are inexperienced at doing JV deals, is to realize that you don't hold many cards and act accordingly. What do I mean?
The end goal is get access your joint venture partner's customer database in an honest and ethical way. That means if you are the partner who brings less to the table, you'll need to take it slow until you have some JV runs on the board. You might over-compensate them for helping you get your product into their market the first time, as an example. Just remember that it never hurts to go out of your way to help the other side at the beginning of any relationship. It lets you create a profitable partnership for everybody.
If you work with other non-competitive businesses that are roughly equal to you in size and reach, you'll find JV deals much easier to set up because you both have so much to gain. So go out and look for some local or regional businesses that offer the kinds of products or services people buy before, during or after they buy from you, and start setting up some deals. Your Accountant and your Bank Manager will love you for it.
About the Author:
Visit our site and learn how to grow your business using proven, low cost strategies designed by business growth expert Eben Pagan. And this post gives you even more help on setting up profitable joint ventures with other business owners in your local area.
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