36- Tips on getting Joint Venture Partners for your small business

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For many small business owners or startups and entrepreneurs, the necessity may occur after the glamour and euphoria of launching your business has died down that perhaps you cannot grow as quickly as you want by doing it alone — that is, you may need to partner with other small business owners. And one way of doing this is to seek and get agreement with others who would become your Joint Venture Partner.

In a recent post by Lisa R Wells of lisarwells.com, the idea was addressed with the title of “How to get a potential Joint Venture partner to say “Yes!”

And she did this with an email to those who subscribed to her mailing list and promoted a video. And since I was on her list, I received both the email and the link to her instructional video that discussed profitable joint ventures.

First, Lisa explained what a JV is in these words: “You may have heard the term before: joint venture, JV, or JV partnership… but simply put, a joint venture is when two experts agree to do or provide leverage to help each other either grow a list, make more money, or perhaps get more exposure…The main reason for doing a JV is not always so that both parties gain money, but to augment each other’s business goals, whatever these are.”

Lisa focused on the tactics for getting a potential joint venture partner to say “yes” to your proposal of this mutually beneficial and profitable joint agreement.

In her email, she hints at different strategies to gain agreement:

“Nowadays, popular ways to JV include getting involved in (or running):

Interviews on blogs or podcasts
Giveaways
Virtual summits
Endorsements
Affiliate marketing activities”

After viewing the 5-minute video, I noticed that having a large email list for marketing your offers — and the partner should also be leveraging lists. The process can help your business grow by getting the leverage from a great partner from a visible and greater email list. What is important is that the requesting party should really know how the JV process works with partners, and is not totally unaware of being a JV partner.

What was noted is that a potential partner will be looking for the requester to have most of the resources prepared and available.

Also, the requester must have clear objectives that will benefit the partner, as well as the requesting party, so that there is a clear incentive to compliment the partner’s goals (especially for a launch).

The biggest rule for a JV partnership is that there has to be a clear “WIN-WIN” situation, where both parties can benefit from a successful agreement and results from a strong partnership.

Now, I myself had been in several joint ventures with partners that were extremely sharp and profitable. And it was a process in which I became very selective, for I had both been the requester in one case and the requested party in another.

And what Lisa states in 5 short minutes is very much the truth about JV partnerships. However, they are not easy to get, as the requesting party is probably being bombarded with numerous requests and offers for partnership strategies from others (some self-serving and not relative, and others that can be more attractive). Thus, your approach must have the clear objectives of the win-win situation and it must show WHY an agreement with yourself is the best decision for a possible PROFITABLE partnership for both. And, if you need more information about JV partnership strategies, you may contact Lisa R Wells to see about her training, tutorials and mentorship on JV partnerships.

Thank you for your attention.