Are you tired of working for yourself…by yourself? Do you want your business to grow consistently and constantly? Are you ready to take your business to the next level, but are not sure how?

“Partnering is the quickest, most effective way to re-engineer a business,” said, Curtis E. Sahakian, managing director of the Corporate Partnering Institute.

Simply put, a joint venture is a business agreement with another business. Done well, this can be a way for both businesses to grow. A joint venture can be either short or long term, there are no rules.

In the world of small business, a joint venture partnership has been one of the simplest and most mutually beneficial ways to reach new markets and gain a new client base, make more money and develop your business while sharing risk and cost with a like-minded partner.

Think how much your business could grow if you teamed up to offer and cross promote complementary products or services with your partners customers.

Fortune Magazine said, “Alliances have become an integral part of contemporary strategic thinking.”

In order to set up a successful joint venture there are a few steps to take.

Step 1: Identify Potential Partners

You have decided that a joint venture may be useful for growing your business, now it is time to decide who to partner with. Weighing your options carefully if very important, they will make all the difference between a successful and costly venture.

While looking for a partner, choose one whose products or services compliment your own without directly competing with you. There is no incentive for customers to switch retailers without merchants undercutting one another. Instead choose a partner that offers something new and exciting that would only help to sell your product. Think about your buyer first and you can’t go wrong.  Also, seek out established business partners, not someone who is just starting out. The results are unlikely to be successful.

Step 2: Brainstorm Promotion Ideas

Before approaching your potential partners, have specific promotions all ready in mind. Common joint venture promotions include mutual discounts, exclusive products and newsletter subscriptions.

Get creative, but be fair. Think of win-win scenarios. The best joint ventures allow for equal profitability, so think about how your proposed promotion will do so.

Step 3: Contact Potential Partners

Now that you have your list of potential partners and promotional possibilities, its time to approach people. Keep these things in mind:

Be Respectful- not all business owners have the time or interest in participating in one, but remain polite in all communications because you never know where these contacts will lead.

Build relationships first- most people want to do business with those they know and trust, so it may be helpful to build a relationship with your potential partners BEFORE you propose a large cross-promotional effort.

Clearly show benefits- what is in it for them? Make sure your intro clearly outlines the benefits to both parties and the actions you plan to take to make it successful.

Step 4: Define Terms Clearly

A joint venture is an exciting opportunity, but before jumping into it take the time to protect your financial and legal interests by establishing the terms of your agreement with proper documentation. In some cases seeking legal counsel to review the terms of your joint venture would be beneficial before moving forward.

Step 5: Promote the NEW Joint Venture!

The groundwork has been laid; it is time to start promoting! This is a great tool, so make it as successful as possible. The better the promotion, the more likely other business owners will want to work with you in the future and the more customers and profit you will gain!

Joint ventures are big decisions, but finding the right partner and the right promotional techniques can drive your business forward. Are you ready? It is time to exchange minimal risk for maximum profitability.

© 2012 Inspired Living, LLC

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Keri Murphy and the Inspired Living team is on a mission to empower people to use their unique talents in a way that allows them to Dream, Live and BE all that is possible through speaking, coaching, celebrity interviews and original on-line content. Get Inspired at inspiredliving.tv