Tag Archives | Business Relationships

A_Joint_Venture_Success_Story

By Randy R on August 18, 2010 in JV

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.

Is_A_Joint_Venture_Right_For_Me

By Randy R on July 24, 2010 in JV

Joint venture is the most powerful emerging marketing tool of the modern times. What exactly am I doing in a joint venture? It indeed is quite simple; you just need some elementary knowledge of business strategies. Joint venture forms a partnership in a way that benefits all the parties involved, a kind of referral relationship. You don’t have to be a “big fish” to make your mark in the business world, even for your small business joint venture can be proven out to be a lot beneficial.

Another common query that comes to your mind is What Kinds of Joint Ventures Can I Do? Joint ventures take many shape and forms but the most important thing to remember is that it’s always a “win-win” situation for all the business partners involved. There are many common joint venture ideas that have proven to be quite successful for “new fishes” trying to establish themselves in the market.

The most common venture is to trade the mailing lists and your customer databases with another company that targets the same demographic as yours. But before entering this venture, make sure you have chosen the right partner and your details are not going to the wrong people. Secondly, you can trade the advertising space in newsletters and other publications. Placing literature in each other’s stores or links on each other’s websites gives an added exposure to your business.

And lastly, creating a formal relationship is the key for a successful and last-longing business relationships.

It is important to remember that while some joint ventures involve formal written agreements and an exchange of funds others are as simple as a co-operative marketing agreement settled with a handshake.

Another question that baffles the minds of most of the business entrepreneurs is With Whom Do I Form a Joint Venture? In reality, any business can form a joint venture with someone. The most important element to consider when choosing a partner for a joint venture is whether your two companies have the same target audience. Notice that only target audience needs to be same not the entire product and services you offer.

You can have a successful partnership with a key customer, a non-profit or businesses whose services or products complement yours .All of them act as potentially valuable resources, you can cash on later for your business.

Simply think logically about what other products or services your customers would interested in buying .You should make sure both of your companies have quality products and services to sell though otherwise you both will end up losing on the deal by losing the trust of existing customers giving your business an extreme loss.

Is it starting to sound easier? Don’t get me wrong; joint ventures are time consuming and often-high maintenance. However, it’s not astrophysics, and it can be a no-cost way of generating far more business than you ever could have on your own—and of building a lasting friendship with your joint venture partner, which will give your business a great edge above your competitors.

Joint_Venture_Profit

By Randy R on June 19, 2010 in JV

Joint Venture is one of the most powerful marketing strategies ever discovered and if you have not been able to capitalize on it, you are missing out on a lucrative business opportunity. You cannot enter into a joint venture if you do not know what one is or what the benefits are. You have to decide whether or not a joint venture is the means to the results you want.

A joint venture is merely an agreement in which two or more partners work together on a joint goal, project, or marketing idea. It could be short term or long term, but in the end the motivation of a joint venture is profit.

There are many benefits of a joint venture that need to be considered.

* Developing business relationships for life.

Creating a joint venture with other business give you the opportunity to build relationship with them, In the long run, when their business booms and they have a good market reputation, the first person they will be looking for partnership will be those they “trust”.

* Developing an online ‘resume’

If you are able to work with business bigger then yours, you are not only earning a huge personal profit but also gaining credibility as a reputed businessman. You are also gaining references or credentials to promote your credibility further.

* Economically efficient

If you are new to the scene you are promoting, you will undoubtedly need startup capital. This can be quite cumbersome if you do not have it. Joint ventures are partnerships where the costs are divided just as the profits are. You may even be able to enter into an agreement where you yourself do not have to front any cash to begin with. Since a joint venture is also free to start, you may end up saving a lot more forming one.

* Leads and potential customers

With more people to help you reach your target audiences, you can create a few pyramids of traffic and leads. Joint ventures help you not only reach new customers, but guaranteed opt-in leads that your partners may already have.

The benefits of a joint venture may be obvious and appealing, but you also must know how to go about creating one. An efficient and proficient team is just what you will need to be successful. You should be asking yourself what you want to achieve through a joint venture. You will also want to determine who you want in your team and what you have to offer them. After all, what is to make them join you if they are going to be doing all the work? Can you offer them something they cannot refuse?

Joint ventures are a goldmine and valuable asset to e-commerce. If you want to get a head start on any of your projects, they are the means you need. Just as with any other business agreement, take the time to establish what you want and need from a join venture and work it out.

Navigation

Tag Archives | Business Relationships