Joint ventures are an exciting and lucrative way to earn nice profits for your online business. This is one area that is largely left unexplored by most online marketers. There are many important advantages to doing JFS, though, so they are worth considering. You can instantly make your own business more powerful through the power of leverage. You and the other business can help make up for each other’s weaknesses and borrow each other’s strengths. It’s worth your time to learn how to do them and then do at least one and you’ll be hooked.
When you have decided to use joint ventures in your business, then of course you will wonder how do you find them. It is difficult to spot opportunities sometimes, despite the fact they are everywhere you go. Since very few people advertise when doing JVs, it is hard to find them even if you look. Need to ask in the right places, and also determine what path you want to follow. You need to join as many marketing forums as possible, especially if you do IM on the web. What this boils down to is networking with other small businesses and online marketers. You can find many opportunities, and all you need to do is look for them.
Another business is only going to want to do a JV with you if you can convince them it’s in their best interests to do so. If you’re approaching someone well known or a large company, though, you have to work extra hard. Keep in mind that your joint venture will be far from the first they’ve been approached with. Larger companies are approached constantly with offers of every description. What this means is that you must have something truly valuable for them if you want them to take your offer seriously. Just like in all other marketing and promotions, it’s the offer that really makes the difference. So work on that and structure it in a way that makes them stop and read what you have to say.
When you’ve got business contacts that can develop into potential joint ventures, you need to keep in touch with them and here are some reasons why. You can call and talk to them, which is easy enough to help you build an alliance for your JV. You should talk to them about their industry so that you can see whether or not the two of you are interested in the same things. This helps keep it from feeling like a joint venture in the beginning. If this is something that you both think will be valuable you can start to talk more seriously with them about it. If you’ve gotten a great idea you don’t have to share it right away; in fact it is better to work on developing it yourself for a little while. If the idea proves merit worthy, you can discuss it with the other person.
Many aspects of online marketing, such as social networking, have only been around for a few years. But joint ventures have been done throughout history. The idea is not complicated, but potentially very powerful. Everyone has to start somewhere, so why not see what kind of JV you might be able to put together? There’s a learning curve, as with anything else, but if you make a start you’ll soon be comfortable with the process.