Joint ventures can be lucrative. They’re related to two or more companies joining forces to create a win-win-win.
Entrepreneurs realize they should have been “doing” JVs (JVs short for short)-but the biggest problem is how do you locate good JV partners?
You must locate partners with the same customer base you do. So, ask yourself: “who else do my clients purchase services from?” If, for example, you’re a personal coach, your clients might be using chiropractic services or an acupuncturist. Therefore, you should create a joint venture with massage therapists or chiropractors.
Where do I begin?
The most useful starting point is with the people you have within your circle. They have a relationship with you, are familiar with them, and trust you. Your colleagues and friends. It’s much simpler, to begin with, with people you’ve already developed an acquaintance with, isn’t it? (If they’re not good for you, they may be in a position to introduce you to someone else who’s.) Another way to connect with partners is through the communities you’re currently an active member of. Some examples of this include mastermind groups as well as networks in your local area. These are fantastic places to look for JV partners since there are often opportunities to be seen and network within a structured setting.
What About Online?
There are also JV partners on the web; however, beware, take your time and do your research in case they haven’t met you at all. Check out their business or their website. Make sure you are on their list. Examine how they function. Why? To make the case that there’s a reason for you to collaborate, it is important to prove that you’ve conducted your own research. It’s always better to establish some kind of connection prior to approaching someone cold. This is why social media can be extremely beneficial these days since it allows users to connect with people before they establish a relationship and then get noticed by them. I’ve had a few excellent JVs result from these channels. Two of the first JVs I’ve done within the first few months of my business were done via Twitter. They pay me dividends to this day in a variety of ways. People who are on my lists, customers, and returning customers. Another option? Create Google Alerts on certain keywords. You don’t know what you could learn from them. Additionally, sometimes, you can find possible JV Partners by looking through your current and former clients also, so don’t overlook this possibility.
Face Time goes A Long Way.
Personally, I’m a firm fan of being present at the place they are. There have been many times that I’ve experienced the value of attending events live in regards to seeding those seeds for cooperation. A bit of face-to-face interaction is tremendous. (Follow up afterward, too!) What’s your next step? Start by creating an inventory of all the people you know who could be an ideal JV partner or who could introduce you to individuals who could be good partners. Consider other companies, individuals, and websites that can reach your ideal customers. Who can complement your services without directly competing? What message resonates with your brand and your offerings? In the end, it boils down to building relationships built on authenticity and honesty. When you’re doing that, you’ll create multiple joint ventures with individuals who will introduce you to other people and help spread the word. The great thing about this is that people will begin to contact you. (We enjoy that!) This will happen if you just comply with these instructions.