Everyone who has heard about them knows that joint venture deals are the fastest, easiest and most effective way to build a business and boost profits.
That is because you are leveraging the established trust and reputation that your joint venture partner has built with his or her audience.
Joint ventures can help you make more sales, make them more easily, and make higher value sales with bigger profit potential. Joint ventures are also EASY - if you know how to engineer them.
Of the many things I've learned over years from top class marketing gurus like Jay Abraham, by far the most valuable skill is the art of negotiating powerfully profitable joint ventures.
Here are 4 secrets to create successful JV deals.
1. Bring Value To The Table
When you are approaching a prospective partner to joint venture with you, you cannot go about it with a mindset of "Me, Me, It's All About Me!"
No. This is truly a case of 'giving to receive'... and YOU go first.
Ask yourself what value you bring to the table. What can you do that will add value to your partner, your partner's customers, your partner's business? No matter where you are in your own business just now, you can ALWAYS come up with some cool ways to bring value to someone else's business - if you get creative.
Understand that this lies at the heart of ANY successful JV deal. Take the time to come up with a list of all the talents, resources, skills, connections and experience that you have - and which can be deployed to benefit your JV partner.
2. Take The Initiative
If you're the person asking for someone's participation in a joint venture, be ready and willing (even eager) to take the initiative - and go first.
Yes, I know you have the most fantastic product or service ever. Yes, I know you worked long and hard to create it. Yes, I know you feel you deserve everyone's support in spreading the word, making more sales, reaping the rewards of your effort and persistence.
But still, YOU must take the initiative - and make things happen.
Why should you? Because otherwise, nothing happens.
Yes, I agree with you... it's "unfair" that you've got to put in even MORE effort after all that you've done. But whenever you see a joint venture deal that's raking in cash and making the partners rich, understand that SOMEONE took the initiative - and usually, it's the person who made the first overture towards the other partner!
3. See It Through
Joint venture deal making can sound exciting and fascinating. It is. But it's also a lot of dull, boring, routine work. And someone has to do it.
It's a constant process of avoiding pitfalls - and getting out of tangles, misunderstandings, near 'deal-breaker' problems, and technical glitches. It's an ongoing attempt at sustaining the energy and momentum, networking with partners, and doing whatever it takes to keep the deal on the table.
A successful joint venture is dependent upon YOUR ability to see it through.
4. Be Flexible and Adapt
"It's my way or the highway!" can be the worst mentality from which to approach a joint venture.
No matter how big your reputation or success, no matter how fantastic your product, no matter how hard you worked for it, when you request a joint venture deal, you should be willing to adapt to the circumstances.
Some partners will be choosy and stubborn. Others will be hesitant and suspicious. A few will be downright lazy and clumsy. You've got to accept that, work within those constraints, and even make up for them by putting in an extra effort. (And you thought making JV deals was a piece of cake, huh?!)
The benefit of doing this is that you short-circuit the need to create a fan base, nurture it, and develop trust to the point they are ready and willing to do business with you. You get to tap into this ready-made asset by creating joint ventures - and this is the price you'll pay for it.
- Dr. Mani
In a short report I put together with Chris Jones, I go deeper into the process of creating win-win JV deals. If you'd like to learn more about how to JV on a special offer quickly and easily (we created an infoproduct over a weekend, sold 70+ copies in a WSO, and banked $636 for 3 hours of work), check out "LIGHTNING FAST JV" at http://bit.ly/lightningjv I also publish articles about joint venture deal making at my "Infopreneur Blog" at http://EzineMarketingCenter.com/blog/