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Joint ventures are an agreement between two entities, such as two businesses, two entrepreneurs, a business and an entrepreneur, or any other legal combination. Anyone can enter into a joint venture; it simply requires a meshing of products or skills that benefits both partners.
The concept of a joint venture is pretty simple when you're the one with the products. Obviously you'd want to look for a partner who can help you sell more products. Perhaps they'll have an established customer base you can use in return for a portion of the profits. Or, perhaps they have a complimenting product that you can sell as a package. The benefits to both sides are fairly easy to see and explain.
If you don't have a product to offer, you may have a harder time understanding or helping others to understand how a JV works. When you don't have a product, you're most likely offering skills and knowledge. In this case, you'll be marketing yourself as a "dealmaker."
The first step toward entering into a joint venture is to find a company that offers a product or service that compliments your business or skill set. For example, if you are an expert at online marketing, you could search the Net for quality products that need marketing help. There are plenty of sites out there selling excellent products that just don't know how to market them. Once you find a few of these, begin planning how you could help them.
Once you determine how you can benefit a potential partner, it's time to think about what you will ask for in return. When you think of a deal that sounds fair to you, write out a proposal to present to the company. If they accept, then it's time to begin the process of creating a joint venture, including writing a business plan, a binding legal contract and an exit strategy.
Still another way you can use joint ventures when you don't sell products is by using them to actually obtain products. Traditional methods of obtaining products can be very costly. However, when you use JVs, you can get products for free.
Joint venture marketing, or JVM, is also becoming more popular as more and more people move to working online. JVM allows you to download free e-materials to sell on your website.
There are a lot of E-products and services available at no cost via the Internet. Many of them come with Private Label Rights or Master Resell Rights, which means they come ready to go. They have all the graphics and packaging necessary -- you just need to add your contact information. Once you've done that you can upload them to your website and offer them there.
The benefit to you, as the small business owner, is offering a product on your site, and the benefit to the creator of the product is free advertising. You might also have an agreement that the product's provider receives a portion of the sales of the package on your site.
There is also a growing crowd of people joining what are known as joint venture collaborative pools online. These groups of Internet marketers' policy is: "I'll scratch your back if you scratch mine." They all advertise on each others' sites, thereby giving each other access to everyone's visitors and customer base. If you joined one of these groups, you might add a link on your site where a customer could sign up for an email list or newsletter in which members of the collaborative would advertise. These subscriber boxes help to build a large subscription list -- which means more potential customers. Plus, any e-products you sell can include your ads and links as well.
Regardless of whether you have products to offer, joint ventures are an excellent way to increase your profits and build a solid customer base. When entering into any JV, make sure you understand all aspects of the venture -- what's expected of you and what you expect of your partner.
Category: Joint VentureJoint Ventures for the E-preneur was written by:Author:Justin BryceAdded: Sun, 08 Apr 2007 01:44:04 -0400 This Article Has Been Read 345 times View all Justin Bryce's articlesAbout the Author: Justin Bryce has been a contributing author for this website and is an acknowledged expert in the field of Marketing Emails. He can be found on the Internet at this website: http://www.emailsthatsell.com |
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