As single business owners we often find ourselves stretched beyond our means. Our list of leads has dried up and your email inbox is empty. What can you do what you are at the end of your niche market? How can you find new customers to breath life back into your business? The answer is to consider a joint venture.
Joint ventures are arrangements between two business owners who have products and services that compliment each other. Compliment is the important word to remember. You do not want to strike up an alliance with someone who offers the exact same product or service. Nor do you wish to join forces with someone who can potentially turn joint customers into primarily their customers instead. How is this balance achieved? There are three simple steps to help make sure that your joint venture is a successful one. The all familiar “know, like and trust” apply in this situation.
Know Who You Are Working With
Do you honestly know this individual? Have you done business with them? You should be aware of their professional and personal reputation. Both of these elements will let you know if this is a good match. Understand how they do business and their methods of operation. If you know them, you can begin to trust them.
Trust Is Non-Negotiable
Trust is a factor that I cannot stress enough. If you cannot or won’t trust the person you are engaging in this joint venture with, you need to choose someone else. Joint ventures only work when both parties trust that both businesses offer above par products and services. A great tip is to have a sit-down with the individual you want to partner with and discuss your goals, values and overall mission. If both parties are in alignment, then you should proceed. Once you know whom you are working with and you trust them, you may end up liking them.
Liking Your Partner Is Helpful
Once the foundation has been built between two businesses and they have decided to join forces, the question of whether or not you like each other will come up. The truth is, you do not have to be bosom buddies. If you trust them and know that their business is a good fit with your business, liking each other is simply the icing on the cake. While being civil is necessary, becoming best of friends is not.
Successful joint ventures can improve the bottom line for both parties. If two businesses are a “fit”, such as an SEO expert and a website designer, the potential for financial success are endless. The key is to know, like and trust the individual you are choosing to be your joint venture partner.
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