Things to Do Before Getting Into a Joint Venture

Things to Do Before Getting Into a Joint Venture

Do you know that one of the best ways to build a successful online business quickly is through joint ventures?
I know this concept can bit a bit hard to grasp to those of us who like being a lone ranger (kind of one of the common traits of being an entrepreneur, right?). But I hope you'll join me as I more fully embrace the "no one reaches success alone" philosophy myself.
To begin, what exactly is a joint venture?
Simple: a joint venture happens when two or more business owners decide to do something together that benefits all parties.
For example, when two authors write a book together. Or when three colleagues produce a live event together. Or when twelve experts come together to hold a telesummit.
The purpose is for each of the business owners to promote the others' wares. In other words, you tell your list about my stuff and I'll tell mine about yours. :)
Besides the obvious benefit of helping each other build your email list of potential clients and customers, there's also the added value you give to your own list by introducing them to something that can benefit them in addition to your own offerings.
And you simply make more money!
How? Well, if you've been following along with me for awhile, you know that the way to build a successful and sustainable business online is to 1) find out what you niche wants; 2) create it; 3) offer to them via the list you've been building all along.
Because it's those people on your list who have raised their hand to tell you that they want more information from you. They are the people who will tell you what they want and then buy it from you when you offer it.
Joint venturing can also make the work you do easier, more creative, and more fun simply by sharing the idea and tasks involved.
To get you started, here are some things you should do when considering a joint venture:
1. Get to know your potential partner first.
Sign up for their Free Taste and/or ezine. Do some research and reading to see what they are about and how you can potentially complement each other.
2. Partner with someone who shares the same audience as you.
A great potential joint venture partner is someone who already has an email list whom they've developed a relationship with and to whom they can and do make offers to periodically.
3. Pick 1 or 2 potential partners to approach first.
Create a list of 5 or so potential joint venture partners, and pick your top 1 or 2 to approach with an initial "I was wondering if perhaps we could do something together - here's my idea" email. Be sure to tell them what's in it for them, but keep this first contact simple and somewhat casual (yet professional) in tone.
Once you do your first successful joint venture, you might find that it was so easy and enjoyable that you'll start doing more and more of them. I know I will!
I'd love to hear about successful joint ventures you've done already, and/or your comments or thoughts about teaming up with other like-minded colleagues.

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