A Joint Venture Success Story
The big selling point of a joint venture is the fact that all the parties involved will prosper. The question you have to ask yourself is by how much. As most joint ventures are short term contracts, you have to consider the profits in the short term as well as the relationships for the long term. As the more connections you have, the geater chance you have of gaining more joint venture opportunities or hep in your own ventures, you will certainly want to be able to maintain the relationships you form even if the first joint venture is not a success.
As with an business, the key to success is knowing your field. If you know the problems before they occur, you can troubleshoot them easily. If you know the challenges that come along with it, you can be prepared. Knowing the competition allows you to have an edge or even and insight in your field; after all, if you know what they are giving their clients to keep them as clients, you know what to offer yours. Speaking with as many people in your field as possible will let you know just exactly what you are getting yourself into. Not only that, but you will be developing business relationships that will give you some leverage in your field as well.
Once you are approached with a joint venture opportunity or looking to approach a peer in your field with one, you must do some research on the indiviual(s). These will be people that you are trusting to represent your name so you need them to be good representatives. Alternatively, these are people that you are expecting to pay you after sales are being made so you need them to be honest, trustworthy, and reputable. Also understanding what their goals and aspirations for the product are will help you know how to market it better. Knowing what they want and what makes them tick will also allow you to make a joint venture proposal that they simply cannot refuse. You may be able to gain a partner who never thought about forming a joint venture before!
Research also allows you to have a valuable negotion tool. You cannot be lowballed if you know the average market value, and you could make a sweet enough deal for a marketer if you know what they are currently working for.
Once you have done your research and made a joint venture proposal to a team of well qualified individuals, you will be well on your way to success. As with quality products, a quality joint venture will always produce profits. Once you have had once successful joint venture, others will know and seek you out for another. This is where you gain business for life; through successful joint ventures.