I have the opportunity to speak with scores of women around the globe about smart ways to grow a successful business. One of the best ways to grow your business and collapse your time frame is through joint ventures. A joint venture is where you and another business owner come together for an agreed upon period of time and collaborate on a project or product. You agree to share revenues and expenses associated with the specific project or product.
Why is this so powerful? It offers you and the other person an opportunity to showcase your skill and expertise to a larger audience. When you meet someone who serves the same target market as you, but in a different way, it can be a wonderful boost for your business. Here are a few examples of potential joint venture possibilities:
1. Business Coaches and Web Site Designers – Both of these industries share similar clients; people who are looking to grow their business and create a brand that will get noticed by their ideal client.
2. Wedding Planners and Graphic Designers – Again, similar clients looking for a beautifully planned and memorable wedding.
3. CPA’s and Bookkeepers – You get the idea!
These are just a few of the many ways businesses can work together to achieve the same goal – elevated business growth. If you’re thinking about how you can create your own successful joint venture with someone, here are a few tips and solutions to make sure it’s a fit for you and the other person:
1. Compatibility – Do you and your potential joint venture “partner” have synergy? Do your conversations run smoothly and without conflict? This is an important first step before entering into any venture or agreement. If you don’t share the same values or have a positive energy or synergy between you, it’s likely your venture may not be successful. When I’m evaluating these opportunities for myself, I get present to my energy and excitement. This is the first tier of decision making for me.
2. Clarity & Vision – Set specifically defined goals for the joint venture. What is the purpose of the joint venture? What is the desired outcome? Get laser clear about who is responsible for each task in the project. This is where it’s helpful to identify possible strengths and weaknesses in each party. For example, one person may be an extrovert and love the marketing aspect of the venture while the other party may be more introverted and choose being responsible for the back end part of the venture.
3. Create a Written Agreement – To prevent misunderstandings and protect friendships, it’s best to put your agreement in writing. As you document the process for the agreement, you’ll also see possible costly loopholes in your venture that can be corrected before your launch.
Collaborating with another business owner on a project can be a ton of fun and profitable too! The key is to use the tips and solutions above to ensure that your joint venture is wildly successful.
Anything is possible. Everything is waiting for you.
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© 2012 Joy Chudacoff
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