Home
>
Small Business
>
1-2-3 Steps To A Successful Joint Venture

1-2-3 Steps To A Successful Joint Venture

A successful joint venture marketing effort is the goal of many small businesses, and is a great way to increase market visibility and profits.

Joint venture marketing is rising in popularity everyday, but it does take some skill, good planning and foresight to execute. Here are the steps a business owner should take to be successful in this arena?

1. Write down your goals and desired outcome

Be sure to have specific, measurable and action-oriented goals for your joint venture, along with a realistic time frame for their execution. These should be written down and easily accessible so that you can refer to them when implementing your action plan.

2. Analyze the target market you want to reach

Begin by reviewing your current clientele, then choosing the clientele you want to attract. Analyze your target market for buying habits, marketing trends, etc. Brainstorm other products and services used by your target market and determine whether there's synergy with what you offer.

3. Identify potential partners who already serve this clientele

Think of potential partners that have influence and credibility with your target market. Remember that your network of business associates, suppliers, family and friends may be a good fit or can introduce you to prospective partners. Create a list of potential partners that offer the best expansion opportunities, and have the most desirable client base.

4. Determine your joint venture format

Do you want to offer a profit sharing format, or a reciprocal arrangement, or both? If you choose to pay your partner a percentage of the profits, then you will pay them a specific amount or percentage for each new client they send your way. If you choose a reciprocal arrangement, then you will systematically send clients to each other. Think of something that is of high perceived value to offer the clients.

5. Determine your budget

It goes without saying that you should control costs from the beginning of a project. That means you need to sit down at the start and list every item that's required to carry out the joint venture.

6. Create an action plan and implement it

Once you've listed your potential partners, create an action plan. This should detail the steps you'll take to approach them and implement your joint venture project e.g. "I'll contact Joe Bloggs of XYZ Corporation on July 15th." To keep you focused, refer to your goals when creating and implementing your action plan. Also note that the details of your action plan will change depending on the pace at which the project goes.

7. Contact your partners and open the door for discussions

Make initial contact with your potential partners and set up a meeting. You can contact them by phone, snail mail or email, but phone remains the best contact method. At the meeting, keep your eyes and ears open to make sure the market fit is as good as you initially thought. Also, ensure that the "chemistry" is good between you and your prospective partners. Emphasize the benefits of your proposal.

8. Decide on either a contract or a hand shake deal

If you choose a contract, ensure that it specifies terms for review, and doesn't lock you into any long term arrangement without specific criteria for profitability being met. If you choose a hand shake deal, be sure you trust your partner!

9. Launch your joint venture and test the results

Start small by doing a test run first. Write, print and send the endorsement letter and implement the tracking system. Make sure you're equipped to handle the flood of new clients once you've set the joint venture into motion.

These steps are simple and easy to execute. If you follow them appropriately, you can look forward to having profitable, win-win joint venture projects! As with any marketing strategy, remember to test, tweak, track and review results until you find the best fit.

Note: You are welcome to republish this article as long as the resource box at the end is included fully and unaltered.

Habiba Abubakar, a.k.a. The Profit Diva, specializes in helping small business owners who are struggling to increase their client base and are tired of earning mediocre profits. The tips in this article have been excerpted from her home-study program, "Joint Venture Profits For Small Business Owners."

To learn more about this step-by-step program, and to sign up FREE for her revealing Mini eCourse, "The Easiest Way To Skyrocket Your Profits In 90 Days Or Less," visit http://www.profitdiva.com

elite cleaning services Mundelein ..

In The News:

Major Marquis fintech breach exposes 400,000-plus Americans' data through unpatched SonicWall vulnerability, with Texas hardest hit at 354,000 affected.

Free up iPhone storage fast by clearing large photos and videos from Messages app. Simple steps for iOS users to delete attachments without losing chats.

Scammers are flooding inboxes with fake tracking alerts that mimic real carriers, exploiting the holiday rush to steal logins and personal data.

The Fox News AI Newsletter brings you the latest news on AI technology advancements and the challenges and opportunities AI presents now and for the future.

Texas family reunites with missing 11-year-old cat Grayson after 103 days using Petco Love Lost's AI photo matching technology and community help.

Tired of AI customer service loops? These insider tricks help you escape "frustration AI" and get real human help when you need it most for urgent issues.

Unlock richer audio from your streaming apps with simple tweaks to volume normalization, equalizer settings, and quality preferences for cleaner sound.

Scammers are sending fake Facebook settlement payout emails that mimic legitimate notices from the privacy settlement administrator to deceive users.

Holiday shopping scams surge as fake refund emails target distracted consumers during Black Friday and holiday seasons, costing Americans billions annually.

The AI-powered IRMO M1 exoskeleton features four modes, including turbo, eco, training and rest for hiking, running, cycling and sports with eight-hour battery life.

OpenAI announced upgrades for its ChatGPT Images platform on Tuesday, saying the program can now make more precise edits and produce images more quickly.

Chrome for Android now turns web articles into AI-powered podcast conversations. Get hands-free browsing with Google Gemini's natural audio summaries.

LastPass faces $1.6 million fine from U.K. regulators after 2022 data breach exposed 1.6 million users. Password manager failed proper security controls.

Petco disclosed a data breach exposing customer Social Security numbers, financial account details, and driver's license information due to a software error.

Baseball teams can now analyze complete swing mechanics in normal training environments using Theia's markerless AI system that processes standard high-speed footage.

Smart home hacking fears overblown? Expert reveals real cybersecurity risks and simple protection tips to keep your connected devices safe from hackers.

MIT develops needle-free glucose monitor using light technology. Revolutionary device could replace painful finger pricks for diabetes management.

The ClickFix campaign disguises malware as legitimate Windows updates, using steganography to hide shellcode in PNG files and bypass security detection systems.

Researchers from Osaka Metropolitan University designed a 21-foot dome that combines aquaculture and hydroponics to create a self-sustaining urban food system.

The Fox News AI Newsletter gives readers the latest AI technology advancements, covering the challenges and opportunities AI presents.

ChatGPT data breach exposes personal info of users through partner Mixpanel. OpenAI confirms names, emails compromised in security incident.

Android rolls out Emergency Live Video for 911 calls, letting dispatchers see real-time scenes during emergencies. Great for holiday travel safety.

Malicious Chrome and Edge extensions collected browsing history, keystrokes and personal data from millions of users before Google and Microsoft removed them.

Google's new Call Reason feature lets Android users mark calls as urgent before dialing, displaying an urgent label to recipients using Phone by Google app.

Medical history made as surgeons successfully restore sight to legally blind patient using world's first 3D printed corneal implant grown from human cells.