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It is important to feel okay leaving your comfort zone before you can even hope to plan or execute a joint venture. For some of you this will be incredibly difficult, for others it will be pretty simple. And maybe there’s a fear factor that stops them, or you, so you may need to address that. Joint ventures do not rely on business size for their success. Make sure that the people you partner with for JVs are good matches for you and your business.
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Some of these suggestions really are critical to your understanding, and there is even more going beyond what is about to be covered. Joint ventures are completely different from any other kind of marketing method. JVs demand more focus and determination than any other type of business venture. You will hear various kinds of negative responses most of the time. Perhaps the most typical way businesses will reject you is to simply never respond to your email, phone call or other type of message. You can’t focus on the failures, though; you have to keep trying until you find someone who’s willing to work with you. It’s best to start out with a very long list of businesses to contact so you realize that your options are not limited. If you want to put together joint ventures, you have to be willing to deal with a certain amount of rejection.
One of the ways you will sell your joint venture offer is by doing the same thing when you sell to others. In your package, sell them the benefits they will enjoy by doing the JV with you. Make these people offers they won’t have any choice but to accept. The offer shouldn’t be hyped up and then later on toned down because this is a major JV killer. You’re trying to offer them something highly valuable and it’s what you would do if this were a straightforward sales pitch. When your prospects are getting JV offers from other businesses it is important that you know how to compete with them. But tread carefully when it comes to delayed offers that aren’t a part of the primary offer, like bonuses. It’s typically something that doesn’t happen unless you can offer something truly great and interesting.
When you’ve got business contacts that would be highly valuable in joint ventures, make sure you keep in touch with them--there are lots of reasons to do this. You should be able to call and talk to them which helps you build JV worthy alliances. Just talk to them about the industry and see if the both of you are interested in the same things. This approach helps it seem like you aren’t simply trying to develop a joint venture. If it’s something that can provide high value for both of you, then that is when the talks can get more serious. When you have an idea, avoid mentioning it--develop it on your own first. If it has merit, then you can put it on paper and run it past the person. Because the financial environment has been so gloomy, more businesses should look into doing joint ventures. It would be easy to form many of these alliances. There are plenty of ways in which you can make money from this. Make a commitment and learn how to leverage well for your business.
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