Two or more heads are always better than one –that’s the thinking behind every joint venture. The ideal joint venture is a conglomeration of different talents, each with their own specialties to bring to the table. If a single marketer can make a fortune online, the right joint venture made up of various experts can make a fortune several times over. Whether you have some marketing experience or none at all, this short guide will show you how to get the conversation started so that you can begin your own joint venture partnership with other marketers in the game.
No Experience Necessary
A joint venture partnership does not have to involve experts. A group of completely green newbs could form a joint venture that makes bushels full of money. The key is all in the approach. This guide will help you even if you’ve just begun to get your marketing feet wet. As long as you have a solid approach, forming a joint venture partnership should be easy.
Step 1: The Approach
Here it is, the moment of truth. You are approaching someone for a joint venture partnership and it’s make or break time. The first thing you need to do is identify yourself and notify the person of your wishes to form a joint venture partnership. Just come out and say it. Don’t make it a sales pitch. Just be friendly. “Hello, my name is Fred Ship and I have been impressed with your online marketing knowledge. I have a great idea for a joint venture.”
Having an ‘idea’ for a joint venture is key. Don’t just ask the person to join your joint venture without an idea to back it. If the person is interested, give them a small presentation. This can be a couple of paragraphs, a slide presentation or a video of you speaking and it should describe the 5 Ws, the who, what, where, when and why. Get the details hammered out now and there will be no questions later on.
Step 2: The Presentation
Who: Who is involved in the joint venture? Is it just you and this other person or will there be others involved?
What: What will the joint venture be producing – a product or service? Will you be selling one product or service or will you have multiple? Will you sell to customers once or will you have a membership that they pay for monthly? Who will provide the materials and support to create the products and services?
Where: What locations online will you meet to discuss your joint venture partnership? Will you use online meeting platforms like Basecamp or will you use Google Chat or email?
When: When will the joint venture get started? When will you meet? How long will the venture go on for?
Why: Obviously you plan to make money with the joint venture partnership. How much do you plan to make (you should have figures that you’ve already calculated if you want to have a really solid joint venture presentation) and how do you plan to keep earnings straight? Will you hire an accountant? Keep separate online bank accounts?
This brings us to another W word – How, as in how will you all get paid? How will you bring the products or services to market? Will you use platforms like eBay or Amazon to complete your joint venture goals?
These are all details that you should organize well-ahead of time. Again, organize them and practice giving the presentation to someone else, even if you have to borrow the services of your spouse or your dog or cat.
To help you convince even the most stubborn joint venture partnership prospects, see if you can think of some possible negative responses the person is likely to give. This will not only help to make rejection easier if it does happen, but you can also use those negative responses to come up with some possible positive responses that you can volley right back.
As long as you have a great idea and you choose to target joint venture prospects that are knowledgeable and who appear to have the work ethic required to make a joint venture truly work, then it won’t be long before you’re joining forces with other likeminded marketers.
Step 3: Find Likeminded Marketers
This is up to you. It’s up to you to search online forums, social networks and all other online sources to find joint venture partnership prospects who exhibit a willingness to succeed and a desire to join forces and work towards a common goal.
Put this guide into action and you’ll soon experience the joy of putting our first joint venture partnership together.