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.
Finally, joint ventures can only work if you pursue them. Send out joint venture proposals on a regular basis. Through persistence and hard work, your joint ventures can grow your Internet business nicely.
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Monday, October 22, 2007
Grow Your Business Using Joint Ventures
Thursday, October 18, 2007
Initiating a Joint Venture
A joint venture is a mutually beneficial arrangement between two or more businesses or individuals. It is easily explained with an example.
Imagine that you just completed a great product on knitting patterns and techniques. You have a great product, but no list or subscriber base to recommend it to. After doing some research, you contact Jill’s Knitting supply Company. She has a large customer base and has been in business for five years. You contact Jill via email or phone and propose a joint venture. She will send your product information to her list and you and Jill will split the resulting profits.
It’s a win-win situation and everybody benefits. You and Jill will each make some money and Jill’s subscribers will get access to a great product. Of course, there are some details along the way:
You need to have a good sales page.
You need to have a process in place where buyers can download your product.
You need to know the conversion rate of visitors to sales. That is, out of 100 people that visit your sales page, on average, how many of them buy your product. This figure is important because potential joint partners will want to know this information before they commit to do business with you. If you just developed your product and do not have this information, make sure that your potential joint venture partner is aware of that fact. While it is true, you may find it more difficult to find a partner under these circumstances, you must have an honest and open relationship with all of your business associates. By fudging the facts just one time, you could destroy your reputation and ruin any future business opportunities.
When you decide to do your first joint venture, you need to do a little research. Learn about the business and person you are considering doing a joint venture with. How long have they been in business and how long have they been marketing to your niche? Is their website brand new or have they been around for a while? Do you feel comfortable with them? Would your product benefit their customers?
After completing your research, it is time to contact them with your proposal. Tell them about yourself, your product, how it is converting, and how it might benefit their customers. Offer to send them a copy of your product. Be professional and do not try to hype your product or say that it will make them rich. Be absolutely honest and up-front. If they pass on the opportunity, do not be discouraged, move on and get started on your next proposal.
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