May 31

Twitter Weekly Updates for 2009-05-31

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May 28

How to Build an Irresistible JV Offer

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If you are convinced that a joint venture can lead to great profits and other benefits, you may be on the hunt for a potential JV partner.  You have the enthusiasm, the spark, and the drive to make a joint venture work.  However, the only thing missing is a partner.  If you are going to recruit a JV partner to join your venture, you need to build an irresistible offer.

When you approach a potential partner for a joint venture deal, you’re really asking them, “Do you want to go into business together?”  You must remember that they are already in business and the real barrier you need to break down is their resistance and skepticism to joint ventures.  How do you do that?  Here are some tips you should use to build an irresistible JV offer.

Build Rapport

As a business owner or entrepreneur yourself, you know that people like to do business with other people they trust.  You must present yourself as a trustworthy and competent business partner.  Therefore, before you can even begin presenting an offer, you must present yourself.

Talk a while with your potential partner.  Perhaps treat them to a meal (all tax deductible, of course) where you can relax and get to know your potential JV partner.  Find the common ground you share, whether it is being raised in the same state, growing up cheering for the Cowboys, or being the youngest of siblings.  Your common ground is the basis for building rapport.  Find that connection that gets you both on the same level and playing field.

WIIFM?

While you are making your proposal your potential JV partner is thinking, “What’s in it for me?”  Your job, after establishing rapport, is to present exactly what’s in it for him.  Well before you meet with your potential JV partner, you must create a list of benefits that he will enjoy.  These benefits could be, but are certainly not limited to:

  • More profits – Who doesn’t want to make more money in business?  Show how the JV will put more money on his bottom line.
  • Less work – One great thing about JVs is the sharing of resources.  Sharing the work load means more time spent on developing his business or making money.
  • Bigger customer base – Don’t forget that you both will be combining current customer bases and building a new one as well.  Get him thinking about his future marketing contact list.

Show Specific Details and Data

Don’t give vague figures and ideas like, “This will be great!  We’ll make lots of money!”  You need to show specific details about how your proposed JV will succeed.  Work up charts, graphs, tables, or any visual element that will help your target partner visualize the success of your proposal.

Remember to keep it simple.  Though you want to provide specifics, keep the details simple to understand.  A potential partner bogged down in a mire of confusing details may not be ultimately receptive to the proposal.

Your irresistible JV proposal is just the beginning of a potentially long-term relationship.  Take the care it needs to develop into an attractive and stimulating offer.  The result could be a “yes” on your JV proposal and great success with your venture!

Christian Fea is CEO of Synertegic, Inc. A Joint Venture Marketing firm. He exemplifies how to profit from Joint Venture relationships by creating profit centers with minimal risk and maximum profitability.

To discover more Joint Venture Marketing Strategies join his free Joint Venture Marketing Wealth Report.

May 24

Twitter Weekly Updates for 2009-05-24

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May 21

Are You Ready For a Joint Venture?

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Joint ventures have long been touted as a smart and potentially prosperous business strategy.  Working in tandem with another business can bring big profits and open successful new markets. But before you ever consider approaching another business for a joint venture, you must determine whether you and your business are ready.

A JV can mean major changes to your business operations. It may mean changing your overall business strategy and goals, as well as adjusting and possibly expanding your employees and workers to achieve those goals.  It could also mean realigning your business resources to help assure JV success.  Are you ready for these changes?

If you are interested in pursuing a joint venture, give yourself some time to sit down and perform a self-analysis of your situation and readiness for such a venture. Here are some important questions you might want to ask:

What Are My Strengths & Weaknesses?

This is a big question that can determine what you bring to the table in a joint venture. Do you have particular expertise in technology or in sales? Are you a hindrance in organization and managing money? You need to know what you do best and where you need improvement. This will allow you to help narrow a potential JV partner who could help with your weaknesses and to whom you could offer benefits to as well.

Can A JV Help Me Compete With Other Businesses?

Are you struggling with competition? If you are trying to stand out from other competing businesses, you might think of ways that a JV can help you emerge as a leader in your industry. Rather than focusing on marketing directly against a competitor, a JV may offer ways that help attract new customers and help you stand apart from the crowd.

Am I Cooperative?

Do you consider yourself a person who is easy to get along with? A JV requires flexibility and cooperation between partners. If you like to only do things your way and run your business with an iron fist, you may not be a good candidate for a JV. However, if you are open to new ideas, like to explore creative ways to improve business, and enjoy working with other people, you may have an aptitude that fits well with a joint venture partnership.

Are My Employees Open To a New Venture?

If you have a business with employees, you should think of their attitude and morale if presented with a joint venture. Some employees and managers may view a JV as a threat to their job security. Or they may not like the idea and jump ship after you announce a JV to them. Be sure that your employees are open and ready for changes that may be necessary to help a JV become a success by talking to them beforehand and getting their input.

Your potential JV awaits you only if you know you are ready to enter into one. Get yourself mentally prepared and your business framed for a JV. With the right attitude from everyone involved, you will have the support you need to move forward with a JV idea.

Christian Fea is CEO of Synertegic, Inc. A Joint Venture Marketing firm. He exemplifies how to profit from Joint Venture relationships by creating profit centers with minimal risk and maximum profitability.

To discover more Joint Venture Marketing Strategies join his free Joint Venture Marketing Wealth Report.

May 17

Twitter Weekly Updates for 2009-05-17

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