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 Work at Home Moms > General Internet Marketing Articles > Growing Your Business With Joint Ventures

Joint Ventures and How To Achieve Them

Are you ready to grow your business and don’t know where to look for ideas or time? One of the ways to grow a business, and share the work growing it, is to find a Joint Venture partnership. Joint venture partnerships can be anything from swapping advertising in email newsletters or creating a product and marketing it. The sky is the limit to what two teams can accomplish. The benefit to finding the right partner is that you’re both able to focus on your strengths to profit and you can share the workload.
Of course the first step is to find the right JV partner! Here are some tips to get started:

Know what you are looking for in a joint venture partner. Know what you bring to the table and know what you need to get the project off of the ground and profitable.

Look for people in your niche market. This is important because they’ll already have a solid knowledge of the industry and target market – it will save time educating them on the important aspects. Additionally, their customers will also form a great target market for your business.

Look offline, and online for potential partners. If you sell toys online then a potential partner may be your local toy retailer (especially if they don’t have a website). While online markets and contacts are certainly beneficial, they only represent a portion of your possible partners. If you don’t know anyone with the skill set or resources you are looking for, ask your contacts both online and off to recommend somebody to you. If you get a recommendation from a friend you will already have the basis of a relationship.

Think “Partnership.” Build up a relationship with someone before you agree to a joint venture. You need to be sure you can trust them and that you really are going to be able to work together successfully.

Here are some ways you can begin to get to know a prospective JV partner:

• Look for information products such as e-books they have written, or forums they have posted on. Reading their previous work can give you an idea of their areas of expertise, their experience and their strengths and weaknesses.

• Join forum discussions that they have started, or that they are commenting on so that they get to know about you and what you are doing.

• Ask for their telephone number so you can speak to them in person. This is a much friendlier approach than an e-mail and is much more personal. You will get more of a feel for whether a JV partnership is likely to work on the phone than via e-mail.

Managing a joint venture partnership.

Each partnership is a commitment and will involve time, money, and effort. Too many partnerships at once means divided time and headaches. Instead, limit the number of JV partnerships you enter into. Each one requires a certain commitment of time and effort, so trying to work with too many people will mean that you can’t perform well in any of your partnerships.

If you do find that your JV partnership isn’t working it is best to address the issue upfront and if necessary end the project rather than risk animosity, loss of income, and a marred reputation.

Define the partnership. Perhaps the most important step in arranging a joint venture is to clearly define the scope of the project and each role in the partnership. Create and agree upon a contract to set guidelines and to establish a means of communication. This will prevent any misunderstandings and helps keep both parties on track and accountable.

Here are some suggestions for elements to include in your joint venture contract:

• Details of which partner will retain the rights.
• A clear description of the project.
• Measurable goals and targets.
• Timetables and deadlines.
• A clear definition of responsibilities.
• Legal aspects of the partnership.

Joint ventures are a great way to build your business. Of course, you have to find the right business partner. This takes time, commitment, and the ability to find a partner that has the same goals and work ethic you. Joint Ventures, when done right, can be a tremendous boon to your business. To your success!



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