Did you know that joint ventures can dramatically increase your income in very little time? And, if they are done right, they can even be fun? 🙂
What’s a joint venture?
In a nutshell, it’s a partnership between two (or more) businesses that creates a win-win scenario for all. For example, joining together to offer a conference to your target market, or collaborating on a teleseminar series to offer to both your audiences. It could be something as simple as a cross-promotion of products, where each of your products complements the other.
There are three key benefits to pursuing joint ventures:
1. You can strengthen your relationship with your current clients and customers by offering them something new and of value.
2. You can leverage your time and talent by promoting someone else’s offerings (while they promote yours) while still adding to your bottom line.
3. You can leave the lone ranger behind and add to your own body of knowledge and expertise by learning new ways to create and deliver your material by working with a partner.
Approach potential joint venture partners only after you’ve gotten to know them a bit through their work. Once you’ve been able to discern that a win-win relationship could be created, make certain you have an idea to offer to them that answers the question of “what’s in it for them?”
Then once you’ve narrowed your list to a couple of people and have developed an idea that benefits both your businesses, contact them either by phone or email. Be brief, polite, and authentic. Don’t push, just tell them in casual friendly terms what your idea is and see what kind of response you get. You might be pleasantly surprised.
After you and your partner have decided to work together, make sure that the terms of the agreement are spelled out in writing. Depending on the size and scope of the project, the agreement can be something as simple as a signed letter stating who will do what and how any proceeds will be split, to a more formal agreement involving your attorney’s input.
But to give the idea of a joint venture a try, just start out small. Connect with someone you admire in your niche, whose offerings complement yours, and see if you can’t come up with something simple to do within the next month or two. Consider writing a short ebook or offering a one-topic teleseminar. You’ll each increase the size of your email list as well as add to your bottom line. Now that’s a win-win!