Are you looking for a way to reach more people with your product or service? Would you like a fast and proven way to grow your email list with ease? — The answer might be right in front of you in the form of a joint venture partnership. Many successful marketers utilize joint ventures; it just makes sense once you understand the advantages of joint ventures. So, let’s unpack this strategy and consider how it might move the needle for your business success.
What is a Joint Venture Partnership and Why Would I Want One?
Simply defined, a Joint Venture Partnership is an agreement between two businesses looking to serve the same audience. It’s also an effective distribution channel for your product or service when you can tap into the audience of another respected business owner or individual.
There are many benefits of joint ventures. To begin, a few advantages of joint ventures include:
- More qualified leads
- Increased profit
- Highly engaged audience
- Strong professional relationships with other influencers and leaders in your industry
- Better visibility
- More engagement
- I could go on, but I’ll stop there for now (keep reading for our top 5!)
Joint Venture Examples to Get Your Creative Juices Flowing
Understanding how joint ventures work will help you figure out the best way to implement this in your business. To discuss how this might help in your business, schedule your complimentary Pathway to Profit Assessment today.
You can begin to visualize good potential joint venture partners as you read this section.
One of our mentors, and the individual who first introduced us to Joint Venture Partnership, Jay Fiset, founder of JVology: The Perfect Mix of People, Fun, & Profit taught us the upstream/downstream philosophy and showed us many advantages of joint ventures. The philosophy is brilliant and really quite simple.
Imagine your perfect client. Think about their needs when they first meet you? Now, think about their needs AFTER working with you. In both cases, think about the mentors, leaders, teachers, coaches, or businesses that your perfect client would encounter. If you are in the middle of the stream, downstream is where your clients are headed after you transform them, and your clients are coming to you from upstream.
To illustrate this, here are two joint venture examples. First, you are a real estate agent currently working with John and Mary. Before putting their house on the market, they worked with a local contractor to fix some stuff around the house to get it move-in ready. After you sell their house, John and Mary are going to need to move and will hire a moving company. So, in this case, the contractor would be an “upstream” partner who could refer clients to you and the moving company would be a “downstream” partner to whom you might make referrals.
Second, consider this joint venture example for someone in cosmetic sales. You are working with Susan. Susan just came from a wedding dress shop. Once she has her makeup all set, she’ll be off to a hairdresser. So, your upstream is the wedding dress shop, and your downstream is the hairdresser.
5 TOP Advantages of Joint Ventures to Consider
We promised you 11 Advantages of Joint Ventures, and above we gave you the first six. These next ones (our top five) should really get you motivated and ready to give joint ventures a try in your business.
1. You get more eyeballs on your offer.
After all, you only have so many people in your sphere of influence. You may have a couple thousand on your email list (or not) and perhaps thousands of followers on social media. You may even have a long list of friends and family ready to support your every move (usually not). Now imagine if you had several people sharing their audience with you. That’s more people (and eyeballs) taking a look at what you have to offer!
2. You can build strong, lasting relationships with other marketers.
When you are serving the same (or similar audience), you already have more in common than you realize. When you are “like minded” with another human being, there is a bond of familiarity. If you’ve been in the online marketing community for any period of time, you know we all tend to cheer each other on. When you can get past the mindset blocks and truly embrace each other’s successes, friendships are quick to form. If you have family or friends that don’t understand your entrepreneurial spirit, this advantage will definitely speak to you!
3. You don’t have to be the expert at everything.
What a relief! Many times, we think we need to know everything before we can move forward. Then we fail to move forward. When we realize that we can become joint venture partners with people who know what we don’t, we can refer our customers and clients to other experts when the time is right. When the partnership involves a commission agreement or referral fee, you also get paid!
4. You will make more money with less effort.
What if you could send out a couple emails for a joint venture partner and received a fat $500 check? How many times have you simply sent out one email and received money without getting on a call, going back and forth through social media messaging, etc.? Sure, those quick payouts happen, but it’s the norm with joint venture partners.
5. You will be seen as more of an authority.
When you tap into the audience of another leader who is already respected, you magically take on that same respect when they recommend you. When you have a good number of joint venture partners and do your part efficiently and professionally, you also develop a positive reputation with other prospective joint venture partners.
What Are My Next Steps to Become a Joint Venture Partner?
We call that being “JV Ready.” There are certain steps you need to take, including resource preparations and automations to put into place. In our program, Your Pathway to Profit, we teach about best practices for joint venture partnerships and how to get yourself JV Ready. For best results, we dive into it deeper with our private clients. We can make sure that you are JV ready in a matter of weeks! It’s an upper-level strategy, so it helps to have some guidance, so you don’t waste a lot of your time or other people’s time.
To see if you would be a good candidate for either of our programs, schedule a complimentary Pathway to Profit Assessment today.
God’s blessings to you!
David & Dana
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