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Thread: Your First Joint Venture - By Peter Twist

  1. #1
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    Your First Joint Venture - By Peter Twist

    Your First Joint Venture

    By Peter Twist

    Many people often disregard the benefits of running consistent
    joint ventures, because they don't understand how to find the
    right partners to work with or how a joint venture is intended
    to work.

    If you do not know where to find the right joint venture partners,
    related marketing forums and facebook groups are a great way to
    start. Ask colleagues and other sources for their recommendations
    and if they would not mind sharing their experiences.

    For even extra leverage, you might also want to consider hiring
    a joint venture broker, but do your due diligence in investigating
    their reputation as a broker. Not all brokers are created equally;
    some have high fees, high expectations and ridiculous contracts.
    Some are just plain dishonest of their capabilities and the list
    goes on, so a lot of research is key in this arena.

    A joint venture is intended to benefit both parties and within new
    formidable relationships it is sometimes best to go the extra mile
    to ensure that your new partner is more than satisfied, meaning;
    offering them extra perks, bonuses etc. Some people will advise
    you to pay out larger percentages on commissions, have bigger
    prizes etc. Again, this is especially true when working with your
    new joint venture partners, because if the first joint venture is
    truly a success, your partners will not hesitate to work with you
    again and recommend you to others. This in turn means a larger
    contact base for you to work with and pitch your product or
    services to. In the end this means more dollars in your pocket!

    As with anything in life and in the world of technology, things
    can go wrong and product launches are a huge victim of this,
    so it is imperative that you keep your joint venture partners
    updated and in the loop. As failing to keep them updated
    regularly might just cost you a partner or two and possibly
    even more, your reputation and credibility. This is something
    you definitely do not want to happen, especially if you are new
    to the business world. Starting off on a bad foot is never a good
    idea for any one. Successful joint ventures often lead to long
    lasting business relationships, consistent multiple streams of
    income, a wider and broader target audience, a bigger business
    arsenal, larger rolodex and many other benefits.

    Overall, joint ventures can be especially beneficial to any type
    of business, as long as they are carefully thought out and the
    right amount of consideration is given to running them. They
    can also be extremely beneficial to new business owners whom
    are willing to go the extra distance on the “playing field”.

    The reality is that people give more credibility and
    recommendations to those whom are movers and shakers,
    not necessarily those that just say they are. Thus this leaves
    the door open to any one being able to run successful joint
    ventures and reap the benefits as well.

    Cheers,

    Peter

    ==================================================
    Peter Twist is an internet marketer and broadcaster based in the UK

    His next JV and Mastermind Meeting is on November 28/29th in Birmingham, UK

    Click Here For Details http://petertwistmarketing.com/jv6457
    ==================================================

  2. #2
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    I have found trade journals a great way to find like-minded partners. If you do have partners who are promoting your venture and have no idea what they are talking about, the venture may be doomed.
    Greg
    5MinuteCure.com

  3. #3
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    Greetings Mike,

    Great article, and I'd like to add my two cents about JV brokers. Before I created my third successful JV partnership, I wanted to 'test the waters' and see what else there was out there that I might be able to involve myself with. I was interested in finding JV partners in outside industries, and I thought it would be a perfect idea to enlist the services of a JV broker to do so.

    I hired someone that I found on LinkedIn, and we created a contract. Although there was many promises of working hard to find great potential JV partners, I rarely heard from this person, and when I did, the proposed JVs were in industries that I had previously stated were not suitable for my business. I tried my best to direct my JV broker to help us secure success, but it was a losing effort. It ended with me giving up on using a JV broker altogether, and working harder myself to do whatever was necessary to create JV success.

    In the end, going it alone worked for me, and the experience of working with a JV broker was futile. But (as Peter's article says), it was mostly an indication of me not doing my due diligence with regards to hiring a JV broker, rather than a reflection of the inadequacy of JV brokers in general.

    In conclusion, I would advise that anyone thinking of working with a JV broker do their homework before moving forward with a contract. That includes making sure that the broker has a solid understanding of your industry, your offer and potentially relevant markets that you can enter in attempting to secure a JV partner(s).

    If you do the leg work before you decide to work with a JV broker by following 'best practices', you'll be that much better positioned for success.

    Happy JVing!

    Richard
    Richard Andrews, M.Ed
    VP, Inspiring Speakers Bureau
    www.inspiringspeakers.com
    Founder, Motivational Speaker Academy
    www.buildyourspeakingbusiness.com
    "Helping You Inspire The World!"

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