One of the fastest ways to grow your business is to find people to do a joint venture with. A joint venture is when you partner with someone to promote a product or service and both you and your partner benefit.
There are a number of ways you can use a JV to develop your business, even if you are just starting out and don’t have a list. The idea is to make it a win / win situation … for you, your partner, and potential customers.
Here are my 5 favorite forms of joint ventures:
1) Joint venture with local business owner.
This is a great way to start building your list. Find a local business owner who is open to a partnership and preferably has a related product. For example, if you are a health and wellness advisor, you may want to partner with the owner of a spa or massage salon. If you are a relationship coach, you may want to partner with a restaurant owner (one that has a romantic vibe!), Chocolate / dessert, or gift shop owner. A business coach can find the owner of an office supply store.
Any type of coach can approach a bookstore owner, especially if he has a book for sale or a restaurant owner. I have a client who gave talks on time management at a local pizza parlor and another client who gave talks on grief at a local funeral home. Use your imagination on this one.
With this type of JV, you could offer to give a talk on your topic. You could even give a talk series or a monthly or quarterly talk. Both you and the business owner promote the talk and both of you will be exposed to potential new business. Your call to action will be to subscribe to your newsletter or a giveaway. Your partner can provide discount coupons or a free sample. It is a way to attract more business for the entrepreneur in a different and interesting way than what he is already doing or has previously tried.
2) Joint venture with a colleague who has a related product.
If you’re just starting out, this may be with someone who has a list larger than yours. You can make a deal with them where they promote you to their list now and promote them to their list later, when your list reaches a certain size. An example of this type of association is a business coach who partners with someone who has a web design service or a health coach who partners with someone who offers nutritional supplements / health care products.
It is also possible to partner with another coach who has a specific product for an area that you do not cover to that extent, such as a business coach who has a training program for start-ups associated with a business coach who has a product on monetization with Marketing Ads. Facebook.
3) Offer your product as a bonus.
If you have an introductory product, such as a book, video series, or home study course, you can offer it as a bonus to a joint venture partner’s larger product. You’ve probably seen this before – you get an email about a 12-month coaching program and on the sales page you see bonuses that include another coach’s 30-day challenge or a series of CDs on a related topic, etc. That is an example of this type of association. It’s a way to put your foot in the door of someone who already has a list, and it makes their offer seem more valuable.
4) Recommend the products of others.
You can find a joint venture partner who has the same target market as yours and agree to recommend the other’s product or service. This will work for a related product or a different product. They can promote each other by putting a recommendation in their newsletters or by sending an individual email to their respective lists. Doing this with different partners each month positions you as a go-to center for valuable resources.
5) Create a product together.
Sometimes I run into someone who has a really great product but it’s not appropriate for my list or vice versa. After brainstorming, we can sometimes find a product that fits both lists and is fairly easy to create. This product would combine our knowledge in a unique way that our respective products do not cover.
For example, two business coaches I know were discussing how to use a particular software program and decided to create a product that would show their clients how to use it more effectively. Another group of partners combined mindset training with a business strategy to produce a course that covered both areas.
With all of these scenarios, you can use an affiliate program to keep track of which JV partners send you business so you can pay them a commission. Or maybe you want to do a joint venture partnership project at a time to find out where any new business is coming from. Either way, you need to keep track of the deals your partners send you and pay them your commissions right away.
A joint venture is a more advanced and more involved version of an affiliate program because it cultivates a friendship / relationship with that person that can last for years. It takes more time and work to develop joint venture partnerships, but they are generally more financially rewarding and create more lasting personal relationships. They can count on the support of others and their goal is to do projects together on a regular basis. You can still give them an affiliate link to promote your products, or you may want to give them their own web page on your site. A satisfied JV partner is one of your greatest business assets.