1-2-3 Steps To A Successful Joint Venture

A successful joint venture marketing effort is the goal of many small businesses, and is a great way to increase market visibility and profits.

Joint venture marketing is rising in popularity everyday, but it does take some skill, good planning and foresight to execute. Here are the steps a business owner should take to be successful in this arena?

1. Write down your goals and desired outcome

Be sure to have specific, measurable and action-oriented goals for your joint venture, along with a realistic time frame for their execution. These should be written down and easily accessible so that you can refer to them when implementing your action plan.

2. Analyze the target market you want to reach

Begin by reviewing your current clientele, then choosing the clientele you want to attract. Analyze your target market for buying habits, marketing trends, etc. Brainstorm other products and services used by your target market and determine whether there's synergy with what you offer.

3. Identify potential partners who already serve this clientele

Think of potential partners that have influence and credibility with your target market. Remember that your network of business associates, suppliers, family and friends may be a good fit or can introduce you to prospective partners. Create a list of potential partners that offer the best expansion opportunities, and have the most desirable client base.

4. Determine your joint venture format

Do you want to offer a profit sharing format, or a reciprocal arrangement, or both? If you choose to pay your partner a percentage of the profits, then you will pay them a specific amount or percentage for each new client they send your way. If you choose a reciprocal arrangement, then you will systematically send clients to each other. Think of something that is of high perceived value to offer the clients.

5. Determine your budget

It goes without saying that you should control costs from the beginning of a project. That means you need to sit down at the start and list every item that's required to carry out the joint venture.

6. Create an action plan and implement it

Once you've listed your potential partners, create an action plan. This should detail the steps you'll take to approach them and implement your joint venture project e.g. "I'll contact Joe Bloggs of XYZ Corporation on July 15th." To keep you focused, refer to your goals when creating and implementing your action plan. Also note that the details of your action plan will change depending on the pace at which the project goes.

7. Contact your partners and open the door for discussions

Make initial contact with your potential partners and set up a meeting. You can contact them by phone, snail mail or email, but phone remains the best contact method. At the meeting, keep your eyes and ears open to make sure the market fit is as good as you initially thought. Also, ensure that the "chemistry" is good between you and your prospective partners. Emphasize the benefits of your proposal.

8. Decide on either a contract or a hand shake deal

If you choose a contract, ensure that it specifies terms for review, and doesn't lock you into any long term arrangement without specific criteria for profitability being met. If you choose a hand shake deal, be sure you trust your partner!

9. Launch your joint venture and test the results

Start small by doing a test run first. Write, print and send the endorsement letter and implement the tracking system. Make sure you're equipped to handle the flood of new clients once you've set the joint venture into motion.

These steps are simple and easy to execute. If you follow them appropriately, you can look forward to having profitable, win-win joint venture projects! As with any marketing strategy, remember to test, tweak, track and review results until you find the best fit.

Copyright © 2005 by Habiba Abubakar and Emprez. All rights reserved.

Note: You are welcome to republish this article as long as the resource box at the end is included fully and unaltered.

Habiba Abubakar, a.k.a. The Profit Diva, specializes in helping small business owners who are struggling to increase their client base and are tired of earning mediocre profits. The tips in this article have been excerpted from her home-study program, "Joint Venture Profits For Small Business Owners."

To learn more about this step-by-step program, and to sign up FREE for her revealing Mini eCourse, "The Easiest Way To Skyrocket Your Profits In 90 Days Or Less," visit http://www.profitdiva.com

---

Quality Controls for Franchising Companies Sample Outline

Quality control in franchising companies is paramount and all franchising... Read More

Fire the CEO

If you are the boss and you think your job... Read More

Pressure Washing Market Niche

Those who are in the pressure washer business should not... Read More

Overcoming Your Biggest Competitor

Before you read any further in this article, I'd like... Read More

California Department of Corporations Attempts to PR Their Benefits to Consumers

On Monday the Department of Corporations in California revoked franchise... Read More

Building A Business That Works For You

Before you want to build your business, you need to... Read More

Small Business Computer Security, the Basics

Anyone in business today realizes both the natural dependency on... Read More

10 Filler Activities for the Summer Business Slowdown

Summer is a time for the outdoors, for that well-deserved... Read More

Combating Over Regulation of Small Business

Many small businesses do quite well due to the blood,... Read More

Motorizing for Profit - The Craftsmen Have Left the Building

In the summer, I can't drive two blocks without seeing... Read More

10 Ways to Start a Business on a Budget

If you've been thinking about starting a business, but are... Read More

How to Sponsor an Event for Fun and PROFIT

How do you sponsor an event and get personal introductions... Read More

Reclaim Equipment Detailing Industry and NPDES, EPA, Storm Water Rules

It behooves every professional mobile auto detailer to stay up... Read More

Simple Business Tactics Are Your Key To Success

In a world full of complications sometimes we overlook the... Read More

Pressure Washing of Paving Equipment and The EPA

Many pressure washing companies will be glad to take on... Read More

The Key to Small Business Growth? Buyer Alignment

Unfortunately for all buyers, each selling organization and their individual... Read More

Explode Your Consulting Income

Here are just a few ways to increase and diversify... Read More

Why Small Businesses Need Both A Logo And An Identity System

Experts urge small business owners to "brand" their business ?... Read More

7 Tips To Improve Your Cash Flow

Cash is King?That is what everyone tells us and it... Read More

The Care and Feeding of Your Small Business

While I was hard at work last week, an everyday... Read More

Youll See It When You Believe It - Growing Your Business from the Inside Out

What unspoken message are you sending your clients and customers?... Read More

How to let go of your EGO

When does your ego get in the way?Let's go back... Read More

10 Cardinal Rules for Business Growth

After over 30 years of participating in hundreds of businesses,... Read More

Are You Ready to Own and Operate a Business?

How often has someone thought of starting a business based... Read More

Are You Really the Boss in Your Own Business?

I recently met with a very successful magazine publisher who... Read More

Choosing A Business Thats Right For You

Q: I really want to start my own business, but... Read More

Mobile Car Washes and Shoe Policies

Mobile carwashing is hard work, it is tough on the... Read More

Aircraft Washing Business Tip - Interior Private Jet Cleaning

Aircraft Interiors of personal and corporate jets have hundreds of... Read More

Debit and ATM Card Advice for Small Businesses

Your business account comes with an ATM, Debit card. Pick... Read More

New Habits, Rebounding Economy Help To Sell Giftware and Collectibles

Just a few years ago, when one thought of a... Read More

Professional House Cleaning - The Dirty Little Secret

Are you tired yet of all the books out there... Read More

Build Credibility with Expertise

As an Investment Representative you've worked hard to build trust... Read More

Going Public: Now that You Have Successfully Made the Transition, What Do You Do?

Ok, you have successfully accomplished your dream of being the... Read More