Sales & Marketing Authority, Bestselling Author & Business Motivational Speaker

How to Ask for a Joint Venture

It’s time for you to get out there and find a partner for your first joint venture. I assume you have a product you want to sell, but you can’t simply begin approaching people and asking them to market your product. So what will you do about finding a partner and formalising the venture?

Start by doing some research upfront. Understand the strengths and weaknesses of each person you are considering for your joint venture, and determine exactly why you want each one to participate. Have they participated in joint ventures in the past; were they successful? Simply stating that he or she is a great salesperson is not good enough, for them or for you. What skills will this person bring to the table?

Take a look at the people you already know. It’s much easier to form a joint venture partnership with someone who is already a friend or acquaintance than with a total stranger. If you have a partner in mind but don’t know him already, try to determine if you are friends with someone else who is. Can that person provide a recommendation on your behalf?

Put together a detailed plan. Don’t approach someone out of the blue with a half-brained idea and expect him to jump up and down with excitement. It isn’t going to happen. Write out a detailed plan describing exactly what you want to sell, how you want to sell it, what you hope each participant can bring to the table, and how the profits will be split.

Communication is essential to a successful joint venture. Once you’ve opened the lines of communication, keep them open. Honestly answer any question your potential partner asks and do not get discouraged if your first choice decides your project isn’t right for him. Don’t badmouth him to others, either – a business decision is a business decision. Besides, one of you may think of the other for a more suitable joint venture at another point in time.

Finalise the details of the actual project. Your initial plan may not have had a firm marketing strategy or pricing structure. These things will need to be finalised along with details regarding which partner will collect payments, how the other will be paid, how sales will be tracked, or who will be responsible for paying which costs.

Sign on the dotted line. Once you’ve finalised all of the details, make sure you formalise a contract for each of you to sign. It’s best to seek legal guidance when it comes to drawing up a contract, but you shouldn’t take offense to signing one at all. A contract is simply meant to protect both you and your business interests.

Finding a person to approach about a joint venture may be a difficult task, but getting up the nerve to actually ask that person for a joint venture is even worse. Remain professional and confident at all times and you’ll be amazed at what you can achieve. Maybe you’ll even find a long-term business partner in the process.

Happy Hunting!

Sean

Sean McPheat

Marketing Consultant - Internet Marketing Consultant - Sales Expert