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Grow Your Business Using Joint Ventures

Jo Mark

February 07, 2008

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Starting an Internet business is much like a start-up in any other business. It is not easy. You’ve got to make arrangements for products you intend to sell, design a professional looking website, develop effective sales pages, advertise, attract traffic to your site, and entice visitors to click on your links and buy your products. All this takes time to develop. If you are looking to get rich overnight, buy a lottery ticket instead.

One effective way to generate business for your new online company is with the use of joint ventures. A joint venture (JV) is a business partnership between two or more parties to expand business for both parties. In an ideal joint venture, the talents of one partner make up for shortcomings in the other, and are beneficial to both companies.  For example, if you have a great product but no list to sell to, team up with a partner that has a great list but no product. Of course, you should both be involved in the same niche, but not have products that compete directly with each other. 

By using joint ventures, you can quickly build the size of your list as well as your income. Less than 5% of Internet businesses have used joint ventures.

There are several types of joint ventures. Two large businesses may use joint ventures to try and dominate a particular area of the market. They may also combine resources to generate a huge payday for both. For instance, if company A has a new product launch in 2 weeks and company B has a new product launch in 2 months, they might decide to market each others products for their mutual benefit.

Small companies might team up to build their reputations, increase the size of their subscriber list, or generate income. There are many types of joint ventures that you can enter into. In fact, you are only limited by your imagination. 

Choose your partners carefully. Make sure your partner has a business mindset, attitude, and moral code similar to yours. Develop written goals for your partnership. Clearly define the responsibilities of each partner in writing. Many joint venture partnerships fail for this reason. Always be open and honest with your business proposals. Do not hype your business with facts that are not true.

With your initial joint ventures, team up with companies that are similar in size to your own. Send out press releases announcing your joint ventures. This publicity may entice larger companies to approach you with joint venture proposals.

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