7 steps to achieving joint ventures
Joint ventures are an essential part of growing your business and achieving success. However, many people view joint ventures as an intimidating or overwhelming idea. If you follow a few steps and make some preparations together, you can move forward with confidence.
First, before contacting anyone, have you established your business and do you know what you want to do a joint venture on. Many of the people you communicate with may already be receiving many offers, so preparation is key.
Then decide with whom you want to get a JV. If you're not sure, you can do some research to help you find some potential people. Research details can be an article in itself, but to highlight them you can:
Look at what your business is; What other business would complement your business. Then search the web for them. You can also ask in forums and newsgroups and ask for referrals. Once you've done this carefully, choose a handful you'd like to try.
Look at their websites. Ask yourself, what do I like about them and why would I want to do business with them. How about their site stands out for me that I can comment on.
Is there a report or course I can try to get to know them better. Is there a product I can try? Is this the right person for my JV? When you understand the other person, it will not only help you get closer to them, but you will also be able to see if you can actually nominate them on your list.
Now you can approach them. Think about your goal for the joint venture. Yes, there are thousands of dollars that can bring in, free advertising and benefiting from each other's resources, but what is the end goal of each joint venture.
What will your answer be when potential project partners say, "So, what's on your mind?" These projects revolve around writing and promoting books in competitions, entries, advertisements and book fairs.
As you think about your answer, be aware that WIIFM's potential JV partner is thinking. (what's in it for me).
Why should he or she take you (or so should) the other people who come close to them as well. Think about how this will help them. Do you have a big list, or contacts they might like? Do you have statistics that show how your plan will help them?
If they say no, and some will do so for many reasons, then go ahead. They may already have a lot of stuff on the go now.
There are also different rules and perspectives on initial contact. I've heard some people talking on the phone, receiving a lot of emails that will highlight the call. Others said, don't assume you're on the phone and interrupt them when you haven't already met them.
For example, send an email that you would like to contact. Send a letter through the post office. I've even seen people placing orders via express service and I've included a number of different trinkets, samples, and attention statuses. You may need to experiment, because everyone is different.
Ultimately, I think you should show that you took the time to get to know them on some level and know their products. When people feel that you respect them and their product or service, this can go beyond being seen as just a source of your revenue.
Eventually, plan, prepare, and then take action, and you'll find yourself attracting not only great JV partners but also making good friends along the way.
"I've always found it very important to do your homework first and then talk."