Psychology of Joint Venturing

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Using Positive Psychology for a Successful JV

Posted on June 23rd, 2009

The use of psychology in business has taken a stronger position than ever before. Where once workers were expected to produce and be happy simply because it was their job, business leaders are now employing positive psychological factors that help make jobs more fulfilling, more productive, and with a better sense of self-identity.

You can use the same techniques when forming a joint venture. Since you and your JV partner are willing to work together in hopes of financial success, why not make it fun and exciting along the way as well?

So what can you do with positive psychology to make a more successful JV? Anything that makes you and your JV partner’s job easier and more fulfilling is the key. Here are a few ways you can design your JV with positive psychology in mind:

Job Design – What will your job be within the JV structure? You and your JV partner will need to determine who will perform what tasks and how you will get them done.  Rather than simply deciding, “you do this, and I’ll do that,” include certain factors that will make the jobs more interesting and thus more productive.

For instance, rather than simply agreeing to perform the bookkeeping duties, agree that your tasks be challenging and have a certain amount of control. Your joint accounting functions may be to create dazzling reports, graphs, and analysis of the JV income, expenses, and outlook. Give yourself a challenging job with a high level of control, as well as high expectations, will provide more motivation to do the job well.

Get Creative – Nothing sparks higher productivity than allowing yourself to explore your creativity. Creativity may be simply designing your work hours to match your highest and best productivity levels, or designing a workspace that is engaging, friendly, and fun. Creativity can also be unleashed in designing products and services for your JV.  Let your creativity run and watch the success follow.

Teamwork – There is a synergy to teamwork where the final result is greater than the sum of all parts. Flying solo can be fraught with unexpected challenges, counter-productive, and the results can be less than desired. Working with one or more people has added advantages such as healthy competition, motivation, and can better equip to meet the goals set out in the JV.

Rewards – Don’t forget to reward you and your partner for a job well done. One of the best psychological techniques in business is positive reinforcement. When you and your JV accomplish a goal reward yourselves with a nice celebratory dinner, or an extended weekend, or perhaps even a big celebration in the form of a vacation or retreat.

There are several qualities and techniques that can set apart a JV with a psychological promotion. Explore the possibilities of how positive psychology can give your JV an advantage for success.

Christian Fea is CEO of Synertegic, Inc. A Joint Venture Marketing firm. He exemplifies how to profit from Joint Venture relationships by creating profit centers with minimal risk and maximum profitability.

To discover more Joint Venture Marketing Strategies join his free Joint Venture Marketing Wealth Report.

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3 Psychological Factors That Affect Your Joint Venture Success

Posted on June 11th, 2009

Have you ever been afraid of success? Why is it that when presented with opportunities that can make your business grow or earn you more profit, most small business owners will reject it because it is too hard or takes too much effort? Your attitude toward making your business grow and become more successful plays a big part in how and if you succeed. That is why when presented with the option for a joint venture you should consider these three things that could make or break your success.

Carry a Positive Attitude

An attitude that says, “I hate that I have to go to work today!” will be your demise. Why are you in business if you dislike it so much? Only those entrepreneurs and small business owners that absolutely love their job will make it a success. Attitude carries over onto employees as well. If the owner is unhappy, the employees will be unhappy as well and produce less.

That is why your attitude needs to be in the right place. A positive attitude is what will make your business and any potential JV a success. Not your skill. Not luck. Not your extensive Rolodex. Give it ATTITUDE!

Deserve It

So many people carry around guilt or other psychological issues that weigh down their ability to create success.  Perhaps they had a rough childhood.  Or did not go to or finish college.  Perhaps a few failed marriages can get a business owner in a mindset that he’s not worthy.  With this kind of mindset, it is easy to see how someone may feel afraid of accomplishment or actually succeeding.

The fact is that everyone is worthy. And though none of us deserve success by default, as though the world owes us a living, it is up to us individually to accept our worthiness. Accept that were you to succeed in a joint venture – you deserve it! There is nothing morally, ethically, or even legally wrong with creating JV success. Go get it!

Release the Anchors

Sometimes we just need to let go. The issues we carry around with us can feel as heavy as the weight of the world. You may owe the IRS thousands of dollars in back taxes. Or perhaps your marriage is failing and the failure is creeping into your business. Or worse yet, you’re constantly get nagged by your spouse, parents, or friends about this ridiculous notion of running a business. Whatever anchors you carry with you must be left at the door when you go to work.

Anchors, like those on a ship, will keep you stagnate and planted in one place without forward momentum. You must learn to let go of the issues that prevent your momentum and ignore those who do not believe. Only you have the power to believe in yourself.
Success is never easy.  But a positive attitude is always free. With your freedom from anchors that drag you down and a deserving attitude, you are unobstructed to move forward and enjoy a successful JV partnership.

Christian Fea is CEO of Synertegic, Inc. A Joint Venture Marketing firm. He exemplifies how to profit from Joint Venture relationships by creating profit centers with minimal risk and maximum profitability.

To discover more Joint Venture Marketing Strategies join his free Joint Venture Marketing Wealth Report.

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Getting Your Potential JV Partner to Say “Yes”

Posted on June 2nd, 2009

One of the most challenging tasks that you will have in forming a joint venture is not finding the right partner, but making the pitch and getting them to say “yes” to your proposal.  JVs are not the usual business paradigm that many entrepreneurs and business owners are accustomed.  Whether it is a lack of knowledge or experience of JVs, other business owners may be doubtful and unconvinced of the benefits a JV can bring to them.

What should your strategy be to approach and convince a potential JV partner?  Here are three important elements to keep in mind when you begin your path to JV success:

Build a Relationship

The most important thing about forming a JV partnership is trust in each other.  Relationships are the key to any business success.  When you approach a potential JV partner, it’s important that you are likeable and sincere so that you gain the trust of the other person.

  • Build rapport – Find the common ground.  What do you have in common?  Are you both in the same industry?  Did you go to the same college?  From the same state?  Find the common ground that will build a connection between the two of you.
  • Make them feel important – When you give a compliment or praise, your potential JV partner you make them feel important.  Building rapport and making them feel important are great ways to get them open to your ideas.

Teach the Benefits

The best way to overcome skepticism or resistance to a JV is to teach them the benefits.  When you help your potential JV partner understand what’s in it for him, it clears a path to the “a-ha!” moment when he ponders the possibilities.

  • Money money money – Hit on the lucrative points as often as you can.  Letting them know that a JV can help them make money with less effort is probably the biggest benefit they will want to know.
  • Autonomy – Agreeing to a JV does not mean they are jumping in as 50/50 business partners.  They still get to keep their autonomy in running their own business.  A JV simply means they will agree to join you in a specific business deal or venture.

Pitch the Proposal and Close the Deal

Once you have a good rapport going and softened the resistance to joint ventures, you are free to move ahead with your specific proposal.  What do you want your potential JV partner to do?  Give him the broad view of the proposal and then go into specifics on how you think it will be successful.

Don’t forget that your potential JV partner has opinions too.  Ask him what he thinks about your proposal and whether he has any ideas to add.  Giving them part ownership of the proposal will help them feel more attached to the deal.

Your JV proposal requires the steadiest of hands in convincing a potential JV partner.  Your respect and enthusiasm will go a long way in sealing the deal.

Christian Fea is CEO of Synertegic, Inc. A Joint Venture Marketing firm. He exemplifies how to profit from Joint Venture relationships by creating profit centers with minimal risk and maximum profitability.

To discover more Joint Venture Marketing Strategies join his free Joint Venture Marketing Wealth Report.

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Know the Character of Your Potential JV Partner

Posted on March 24th, 2009

Before you solidify a potential joint venture partnership, keep in mind some of the inherent human natures that could hinder your success. Joint ventures are a great way to increase your profits and reach new markets. But with the wrong person, you could face heartache and aggravation.

One thing to keep in mind is that people have a wonderful tendency to say, “yes” to great ideas, but some are lousy at finishing or following up on their side of the bargain. If you form a JV partnership, you need to know that your potential partner can be counted on to fulfill obligations set forth in your agreement and not harm your business or reputation.

Nobody Cares More Than You

Remember that no one cares more for your business and its success than you. When you form a JV partnership, your partner’s intentions are not for you business to succeed, but for his. Nobody else will work as hard as you on your business, and you need to make sure that your JV agreement is a win/win situation for both parties.

A new joint venture can be exciting for the parties involved and provides encouragement for the successful outcome. But when the week-to-week and month-to-month management of the joint venture reveals problems, either by low revenue, higher expenses, or more work than expected, you can be sure you’ll find out the full commitment of your JV partner. A partner with bad character will find ways to bail out or simply profit himself with no benefit to you. Though it’s nice to believe the best in people, you may find it wise to have an attorney draw up your joint venture agreement to protect your business interests.

Depend On Experience

If you are on the lookout for a potential joint venture partner, look for one who has had years of experience running a business and has a good reputation for being trustworthy. New business owners and inexperienced entrepreneurs may not fully understand the commitment required in a joint venture deal and can easily be tempted to take advantage of you. Rather than become equal partners, they may turn out to be followers, and you’ll be stuck doing most of the work but still sharing the profits.

With someone experienced in running a business, you know they are familiar with business elements, such as sales and marketing, production, HR, management, and even technology development like websites. If you think it will help, even ask your potential joint venture partner to provide references. Call them and ask about the individual’s trustworthiness and ability to handle a tough situation.

Be Cautious With Promises

Generally, you want to be careful when making promises to your potential JV partner. It is always wise to sit down with your JV partner and formulate your mutual goals and outcomes. However, be careful of obligating yourself to a situation that could mean more time, effort, and money than you are willing to exert.

For instance, you could determine that your JV partner will handle all print advertising and you will be in charge of all online marketing. Without realizing it, you could end up putting hours of your time developing a website, or hiring a professional to design one. And your online promotional efforts may take a lot more than just updating a website. You may want to try social media marketing, or even perhaps start a blog about your joint venture products and services. All that could mean a whole lot more effort on your part to maintain a website, write blog articles, and find other ways to promote your JV partnership online. Make sure you all the duties are equally divided between you and your JV partner so there are no hurt feelings or dissatisfaction.

Ultimately, you must be willing to trust your partner and take a chance on forming a successful JV. But taking steps to get to know your partner and determine whether they possess the right character that leads to a successful venture can be the critical insurance you need to protect your interests.

Christian Fea is CEO of Synertegic, Inc. A Joint Venture Marketing firm. He exemplifies how to profit from Joint Venture relationships by creating profit centers with minimal risk and maximum profitability.

To discover more Joint Venture Marketing Strategies join his free Joint Venture Marketing Wealth Report.

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Personality Traits That Help Resolve JV Conflict

Posted on March 17th, 2009

Within any partnership, there will be conflict. That’s simply a natural facet of relationships. Hoping for zero conflict in a joint partnership is storybook thinking and can get you in trouble when disagreements arise, especially when two or more entrepreneurs with big dreams and egos are put together. However, when you approach a potential joint venture with the expectation that there may be conflict, you are already a step ahead in dealing and resolving issues.

Resolving conflict between joint venture partners requires the same amount of creative thinking as starting and running and entrepreneurial business. It also requires a large amount of personality to resolve conflicts in a genial and professional way. There are three major personality traits that will go a long way in resolving conflict:

Maturity – There is no need to revert to junior high pouting and tantrum tactics.  It is an amazing sight to watch some grownups behave like a child, and it happens frequently. You and your JV partner are mature grownups and can handle conflict without the “drama.” A dose of maturity in a conflict situation can be the catalyst for solving the problem.

Maturity requires a careful balance of consideration for others and emotional management. Often during conflict, we get a rush of adrenaline, which tends to set our emotions in a tailspin. We transform into an attitude of “I’m right, you’re wrong,” and become defensive in order to protect our integrity and reputation.  Always keep your emotions in check.

Give your JV partner the consideration that he is entitled to an opinion, especially when it comes to the success of his business. If you will resolve problems, walking a mile in the shoes of the other can give you a keep perspective in finding a solution.

Professionalism – No matter what occurs, you need to maintain your professionalism during conflict. That means keeping a check on your maturity as noted above, and behaving in a warm and professional manner throughout a conflict. That means allowing others to speak, remaining calm, and communicating in a diplomatic manner in order to convince others of your position. Never be pushy, arrogant, or abrasive. Professionalism sometimes requires practice to get it just right. But when you do you will have the ability to remain emotionally level, communicate effectively, and continue a good relationship.

Integrity – Throughout any conflict, you must keep your integrity if you wish to maintain your business reputation and image. That means keeping your promises, remaining loyal to those joint venture partners who have put their trust in you, and treating everyone with the same set of principles.

Integrity also means owning up to mistakes and taking responsibility for things that were in your control. Pointing fingers is never a good way to start resolving conflict. Resolution requires the parties to look at the situation and discover what went wrong without blame.

Your successful joint venture can happen not just with a solid plan, but also with the interpersonal business ethics noted above. Maintaining your maturity, professionalism, and integrity will get you a long way in managing your business relationships.

Christian Fea is CEO of Synertegic, Inc. A Joint Venture Marketing firm. He exemplifies how to profit from Joint Venture relationships by creating profit centers with minimal risk and maximum profitability.

To discover more Joint Venture Marketing Strategies join his free Joint Venture Marketing Wealth Report.

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Your Character and Ethics Create a Strong Joint Venture Bond

Posted on March 3rd, 2009

Becoming a successful entrepreneur requires many skills: creativity, tenacity, diplomacy, and an arsenal of patience to make it all come together and work. However, you, as an entrepreneur, do not have to go it alone. That doesn’t mean you need to acquire a full partner in your business. But you can achieve even more success through joint ventures.

A joint venture requires all the skills of an entrepreneur and more. In particular, the psychology of your behavior toward your JV partner plays a big part in the success of the venture. What characteristics do you need that contribute to a successful joint venture?

Beliefs and Values

Your beliefs and values in how you run and operate your business can make or break a potential joint venture deal. Are you extremely competitive, one who tries to win at all costs? And do you rant when you fail? This could be a sign to a potential JV partner that you are not easy to deal with when times get tough and could jeopardize your potential venture.

Though competitiveness is just an example, there are many beliefs and values that can contribute to a successful joint venture partnership:

  • Creativity – Your ability to generate ideas and innovative ways to market and sell your product or service can be a great asset.
  • Quality – A value of achieving the highest quality in your business output can attract many joint venture partners who also want to produce quality.
  • Fairness – No cheating allowed. Do you hold fair business practices sacred?  Those who like to “skim the books” or perform underhanded tactics to be successful do not usually succeed in the long term. Take a position of following business laws and avoiding the urge to steal secrets of other organizations to continue long-term success with a joint venture partner.

Positive Attitude

Do you always have a positive attitude, even in the darkest of times? It may be difficult, but having a positive attitude can help you and your joint venture partner solve problems that you face in your road to success. Besides, a positive attitude is what inspired you to become an entrepreneur and a business owner in the first place, right?

Be open to ideas from your joint venture partner as well. Having a positive attitude can help you both be creative in solving problems and developing innovative business ideas.  Though you and your joint venture partner may not use every idea, the more ideas you generate together give you more opportunity to discover the most feasible one.

Think Win-Win

Using the 4th of Stephen R. Covey’s “7 Habits” can be the most sought after characteristic when it comes to joint venture partnerships. Who wants to partner with someone who is only looking out for himself? You must have the attitude of creating win-win business ideas that benefit both parties of a joint venture. With a win-win attitude, you can surely solicit and convince a potential JV partner to join you in a business deal.

Joint ventures are a great avenue for business success. However, you must remember that your personality, character, ethics, and attitude play a big part in determining a successful joint venture.

Christian Fea is CEO of Synertegic, Inc. A Joint Venture Marketing firm. He exemplifies how to profit from Joint Venture relationships by creating profit centers with minimal risk and maximum profitability.

To discover more Joint Venture Marketing Strategies join his free Joint Venture Marketing Wealth Report.

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The Importance of Trust in Your Joint Venture

Posted on February 24th, 2009

A joint venture can open up new lines of business and additional streams of income for you by accessing larger markets, producing more and better products through shared technology, and ultimately increasing revenue. The benefits can be great, but in order to make a joint venture successful, you must have trust in your JV partner.

Trust: Give it and Earn it

When joint venture partners have complete trust in the other, then the partnership has wings in which to spread and soar. However, trust requires vulnerability. You must allow yourself and your business to become vulnerable to the actions of your joint venture partner. The success of a joint venture partnership may require you to share important information about your business. In doing so, you trust your partner in the venture to do the right thing and make the right choices.

You must also earn the trust of your JV partner. Of course, earning trust means not taking advantage of your JV partner, but in a proactive sense, it means that you keep your promises, are willing to help and put effort in the partnership, treat your JV partner as an equal and not an independent hire, and inspire confidence with your actions.

Expectation and Credibility

Along with trust comes expectation and credibility. If you allow yourself and your business to be vulnerable, you expect your JV partner to do the same. And in order to allow your JV partner inside your closed circle, you need to know that your potential JV partner is credible. Have there been any documented incidents or evidence that would stain credibility? Beware of hearsay. Gossip can ruin a business reputation. Always be on the side of giving the benefit of the doubt if your dealings with your potential JV partner have been positive.

Listen

During the time your joint venture is in existence, it is important to listen in order to maintain the trust between you and your JV partner. Listening well earns the trust of others. And remember that listening is the other half of communication. When you communicate with your JV partner, you have a relationship that involves trust. Be ready to be a good listener.

Empathy and Understanding

While listening gains the trust of others, and particularly your potential JV partner, empathy and understanding helps fulfill the need in others. Work toward building a solid relationship with your JV partner where you can both help fulfill each other’s business needs. Ask questions. Show that you understand the issues communicated to you. Offer compliments. When you listen and understand your JV partner, you have also earned their respect.

The joint venture partnership is a two way street. You must communicate effectively to help make it a success, but your ultimate test is the trust you put into each other. If you do not trust people, people will not trust you. Be willing to share and be vulnerable and you may be surprised at the positive response from your joint venture partner.

Christian Fea is CEO of Synertegic, Inc. A Joint Venture Marketing firm. He exemplifies how to profit from Joint Venture relationships by creating profit centers with minimal risk and maximum profitability.

To discover more Joint Venture Marketing Strategies join his free Joint Venture Marketing Wealth Report.

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Your Enthusiasm is Infectious to Your Joint Venture Partners

Posted on February 10th, 2009

What is one of the most efficient octane-filled fuels that propel your joint venture?  Enthusiasm! If you’re excited about the possibilities and potential of making more money, your JV partner will be too.

The psychology of business can be a real asset in helping you and your JV partner reach new heights with your joint venture. And enthusiasm is one of those psychological keys.  Webster’s defines enthusiasm as:

  • Strong excitement…inspiring zeal or fervor

Who wants to fail when inspired with zeal or fervor? With enthusiasm, you can make a new contact, sell more products, and even train employees to do better. And the best part of enthusiasm is that it is transferable.

So how do you transfer and build enthusiasm with your joint venture partner?

Inspire Motivation

Give yourself and your JV partners something to accomplish: a goal. A big one! Talk together and set a goal to earn a certain amount of revenue. It could be $2,000 or $2 million – whatever motivates you both to make it happen.

Your goal may not even be specifically revenue related. Your joint venture could be for the purpose of saving money on production or expenses. Even joining to save money falls to the bottom line and translates into more net income for you and your JV partner.

And don’t forget to reward yourselves. Part of motivation is enjoying a nice celebration when the goal is reached. Pop a bottle of wine. Take your JV partner to dinner at a nice restaurant (it’s tax deductible!). When you reward yourselves for a job well done, you set up a pattern of excitement and enthusiasm to reach the next goal.

Cultivate Trust

Trust can take a lot of effort on either part of you or your JV partner. If you truly feel you can trust your JV partner, tell them. A central part of motivation is the feeling of trust that someone has put into you. By telling your JV partner that you trust them, it gives them the incentive to do well and not let you down.

The Old Pat On The Back

Good old encouragement goes a long way. Find ways to encourage your JV partner. It could be by coming up with a creative idea. Even saying, “that’s a great idea” is a fabulous way to build enthusiasm in your joint venture.

And don’t forget to build enthusiasm by building teamwork. Talking together and getting excited about a big goal can really get the enthusiastic juices flowing.

Sometimes your joint venture partner may just need a little encouragement due to a setback. Tell your partner the setback doesn’t mean failure. Tell them, “We can do it!”  This kind of pat on the back can help your JV partner get back on track and running at full speed.

Your use of business psychology can have a tremendous effect on the people around you: your employees, your customers, and your joint venture partner. Enthusiasm is one of those positive psychology tricks that help reach a goal faster, produce more, sell more, and even just help people enjoy the job you’re doing.

Christian Fea is CEO of Synertegic, Inc. A Joint Venture Marketing firm. He exemplifies how to profit from Joint Venture relationships by creating profit centers with minimal risk and maximum profitability.

To discover more Joint Venture Marketing Strategies join his free Joint Venture Marketing Wealth Report

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Using Psychology to Stimulate Action in your Joint Venture Marketing Messages

Posted on January 26th, 2009

Consumers love to spend money. They want to purchase goods and services. But how do you get them to purchase from you? A joint venture may be a good way to develop the right marketing message to consumers. Through your combined efforts, you can convince them that the products or services you sell will fulfill their needs.

Marketers have used consumer psychology for years to help sell their goods and services.  Studies of consumer patterns and behaviors have helped them formulate a message that creates the desire to purchase. Understanding a bit of the consumer decision making process can help you find the right JV partner with whom you can develop a product or service that consumers can’t resist.

The Stimulus

You need to get the attention of a consumer in order to eventually make a sale. That means working with your JV partner to create a “package deal” or new product that you feel consumer’s need, and getting the message to them through advertisements, word of mouth, etc. Your marketing message must arouse a consumer’s interest and motivate them to act further. Make your ads attractive with photos, graphics, and colors. Use easy-to-read fonts that are large enough to read.

Do You Have A Problem?

Getting the attention of consumers is the hard part. Once you’ve grabbed hold of their focus, the rest is simply convincing them they need your product or service through problem awareness. At this stage of consumer decision, they must recognize that your product or service fulfills a desire or solves a problem for them in your marketing message. Does your JV effort potentially increase the consumer’s status? Can it help make life easier? Demonstrate the problem in your message.

More Info, Please

If your marketing message has grabbed their attention and highlighted a potential problem solver, consumers will want to know more through an information search.  Their search could be external, or your marketing message could contain additional benefits of your JV product. Always emphasize the benefits to your potential consumer.

What are the Alternatives?

Before making a final decision, a consumer may want to know what else is available. Is there a cheaper product? Can someone else offer better services for less? You could even point out in your marketing message the differences of other similar products or services and why yours is the best choice.

I’ll Take It!

The final process of consumer psychology is the decision to make a purchase. If your marketing message has fulfilled all five previous processes for the consumer, give them a call to action. Let them know what they need to do to buy your product or service. Do they need to come to your store? Can they buy online? Is there a limited time only? Always give consumers the final information on how to purchase through your marketing message.

If your JV partnership is to be successful, you need to send a convincing message to consumers about the benefits of the JV effort. Solve the problem for them. Convince them that yours is the best choice.  And always make it easy to know how to buy.

Christian Fea is CEO of Synertegic, Inc. A Joint Venture Marketing firm. He exemplifies how to profit from Joint Venture relationships by creating profit centers with minimal risk and maximum profitability.

To discover more Joint Venture Marketing Strategies join his free Joint Venture Marketing Wealth Report

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Tapping Into New Client Networks Through Joint Ventures

Posted on January 22nd, 2009

Being a joint venture partner has many benefits to you and your business. When you enter into a joint venture agreement, you agree to share strengths, creativity, and efforts for the prosperity of all parties. However, what are the main benefits of the teamwork and cooperation between joint venture partners?

Increased Revenue

Certainly the main goal in forming a joint venture is to increase your revenue. By sharing resources, your joint venture partner and you hopefully can experience more revenue streams in one or both of the following ways:

  • Revenue Sharing – A joint venture may be one where products or services are combined and packaged for sale to clients and customers. A package deal of services or products could result in more sales, and thus, more revenue for you and your joint venture partner. Though you would be splitting a portion of sales, don’t think of it as a smaller percentage of profits, but a percentage of a much bigger piece of pie.
  • New Business – Your joint venture partnership could be using the talents and strengths of each other to increase each of your respective businesses. For example, you could be sharing your graphic design expertise to provide great brochures to your partner, while he gives you access to lead lists of potential customers.  The result of this type of joint partnership is measured individually rather than combined.

New Networks

Your joint venture can lead to new networks of potential business partners and customers, which can benefit your business. It could bring your products or services to new channels of customers who otherwise would not know your business exist. Find ways to market to your joint partner’s mailing lists. Perhaps provide a free sample to your joint venture partner’s regular and loyal customers. But don’t forget to do the same for your partner.  Promote his or her business to your current customers as well.

Your combined networks could also allow you to find other ways to improve your business with other joint ventures. You could find other affiliates or individuals with strengths that could result in another business relationship. This may take time and effort outside your joint venture purpose, but sharing your partner’s business contacts can be beneficial as well. Just be sure not to steal or sour any business relationship for your joint venture partner.

Joint Venture Case Example: Saving Money and Increasing Clients

As an example, John was a freelance writer who found that he could offer copywriting services to his joint partner, Michael, in exchange for free web hosting that Michael’s company provided. While working with Michael, John was introduced to Joyce, who was a CPA and performed Michael’s bookkeeping. John approached Joyce in a similar manner and offered his copywriting and promotional services in exchange for tax advice for his freelance business. Joyce agreed, and the result was increased business for both Michael and Joyce, while John saved heaps of money on accounting and web services.

Save Time and Money

Your joint venture is a way to combine efforts and resources. By doing so, you could save money on your own marketing budget if you share marketing costs. And you can save time by sharing the required tasks with your joint venture partner. Freeing up your time and money to focus on other ways to grow your business, or even to spend more time with family, can be one of the best benefits you enjoy.

Christian Fea is CEO of Synertegic, Inc. A Joint Venture Marketing firm. He exemplifies how to profit from Joint Venture relationships by creating profit centers with minimal risk and maximum profitability.

To discover more Joint Venture Marketing Strategies join his free Joint Venture Marketing Wealth Report