One of the most efficient ways to increase your profits is to locate individuals to partner with. Joint ventures are when you collaborate with someone to market a product or service that both of you profit from the partnership.
There are many ways to use JV partnerships to develop your business — even if you’re just beginning and don’t have a plan. The goal is to create a win-win situation… both for both you and your partner and any prospective clients.
Here are my five favorite ways to collaborate:
1.) Joint partnership with a local business owner.
This is an excellent way to begin making your list. Find an owner of a local business who is willing to collaborate and, ideally, has a similar product. For instance, if you’re a health or wellness coach, you may want to collaborate with a massage or spa salon owner. For those who are relationship trainers, You might wish to collaborate with the owner of a restaurant (one with a romantic ambiance! ), Chocolate/dessert, or gift shop owner. A business coach may meet an office supply store’s owner.
Any coach is able to reach out to a bookstore’s owner, especially if they have a book to sell or are a restaurant’s owner. One of my clients presented talks on managing time within a pizza restaurant, and another client delivered talks about grieving at a nearby funeral house. Make up your own ideas for this topic.
In this type of JV partnership, you can propose to present a lecture about your subject. You can even offer talks in a series or a quarterly or monthly talk. Both you, as well as the business owner, can promote the event, and both will be exposed to new prospective customers. The call to action for you is to sign up for your newsletter or to get a freebie. Your partner may offer discounts, coupons, or even a free sample. It’s a means of attracting more customers for the owner of the business in a unique and exciting approach to what they are currently doing or has attempted.
2.) Joint venture with a partner with a product that is similar.
If you’re just beginning out, it could be an opportunity to work with someone with an even bigger list than yours. You could make a deal with them in which they add your name to their list right now, and then you add you to their list later after your list has reached the size of a certain amount. One example of a relationship is the business coach working with an online design service or a health professional who is partnered with a supplier of nutritional supplements and health products.
It’s also possible to collaborate with a coach with specific products that are targeted in a field which you don’t have to provide to the extent that you would like, for example, the business coach with an initial business training program that is partnered with an expert in business who has products on how to monetize by using Facebook ads.
3.) Give your product away as a reward.
Suppose you’ve created an introduction product, like the book or video series, or even a home study program you can give it away as a reward to an associate’s larger product. You’ve probably experienced this at some point: you receive an email about 12 months of coaching while on its sales webpage, you will see bonuses, such as a coach’s 30-day challenge, a CD series on a similar subject, and so on. This is an example of partnership. It’s a method of getting your foot on the floor with someone already on an established list of contacts, which will make their proposal more attractive.
4.) Share your recommendations for each other’s products.
It is possible to find a JV partner with the same market target as yours. They will agree to endorse the product or service of the other. This can be done for an identical product or a different product. You could promote each other by including a mention in your newsletters or by sending an individual email to the lists you have. Collaborating with various partners each month can position you as a central point that you can turn to for helpful information.
5) Create a product.
Sometimes, I see people who have an interesting product, but it’s suitable for my list, or the reverse is true. After some brainstorming, we often think of something that’s appropriate for both lists and could be relatively easy to design. This product would bring together our expertise in a unique manner that our other products do not provide.
For instance, two business coaches I know were discussing ways to utilize a specific software and came up with a solution that taught their customers how to use it better. The third group of partners combined mental coaching and the business plan to create an instructional course that addressed both areas.
In all these scenarios, you could utilize the affiliate programs to track which JV partners are sending your business so that you can give them a percentage. It is also possible to start one JV partnership at a given time so that you are aware of where every new business is coming from. In either case, you have to track the companies your partners provide to you and then pay them the commissions in a timely manner.
A joint venture partnership is a more involved and advanced version of an affiliate program because you culture a friendship/relationship with that person that may last for years. It takes longer and more effort to establish joint venture partnerships; however, they’re usually financially rewarding and build lasting personal connections. You can expect mutual support and aim to work on projects with one regularly. You may still offer them an affiliate link to market your services, and you may also want to provide them with a page on your website. A happy JV partner is among your most valuable business assets.