This week, I had a conversation with a few trainers and consultants who asked, “Sohail, are joint ventures just for big businesses?” and I replied, “Joint ventures are just what they are called, a venture joining two or more companies with the same goal!”
You see, many solo entrepreneurs work from a home office. Their only connections to the outside world are the internet, e-mail and their telephone. Cold calling, “warm” calling and sending e-mails may seem like the most obvious way to let people know about them and to generate sales, but there’s another way that works even better.
An alliance is usually an agreement between two businesses whose services or products complement each other. Each agrees to recommend the other’s services to their respective clients and to pay a percentage to the other if the referral results in paying work.
Let’s say you’re a marketing expert, but you don’t do public relations. Sometimes your clients require public relations as part of their marketing strategy. You meet with several public relations experts who specialize in different fields, but who don’t offer your type of marketing services, and you form 3 alliances.
A 10% commission is what you agree on for mutual referrals that result in work. Now both you and your alliance partners are more “full service” providers.
You can offer PR services to your clients and your partners can offer marketing services to theirs through you. In addition, you could add them as “partners” on your website, giving your company the advantage and versatility of an expert team. It’s a win–win situation.
A joint venture is formed when you not only have an alliance, but you also come up with a strategy to find customers together.
Suppose you make custom window treatments. You decide to speak to a local fabric shop that specializes in upholstery and window fabric.
If you could be their exclusive referral for customers that need someone to make their fabric into beautiful draperies, and you are willing to pay them a commission for each referral, what happens?
They can say they now offer a new value-added service to their customers, which may mean a customer chooses their store above another. You have a steady source of customers and you may even get them to display some of your draperies made with their fabric in your store.
They agree to allow you to advertise in their store, perhaps even offer a workshop and in return, you’ll recommend them exclusively to your clients. You may even advertise together.
The possibilities are limitless.
There are numerous ways to put together alliances and joint ventures. Thinking outside the box and being clear about what benefits both parties would receive are essential. As always, getting the agreement in writing is a good idea, as is being sure the person you’re dealing with is honorable and reliable.
Try to discover ALL the alliance possibilities that exist for your business. Our custom window treatment business owner above could also contact interior designers, furniture stores, residential real estate agents, home builders, sales offices and even paint stores.
So, what are you waiting for? Start today by:
─ Making a list of at least 5 prospective alliance partners.
─ Making a list of 5 ways the alliance would benefit them and you.
The Million Dollar Joint Venture Mindset
Having the right JV mindset is the most important element of doing JVs. Without it, you’ll find doing JVs frustrating. With it, you’ll enjoy the process and the fruits of your labor.
Mindset is very important in this business. If you don’t have the mindset of success, then you’re destined to fail.
Therefore, you need to understand the Law of Attraction, and utilize it to enable your mind, body and spirit to work in harmony for attracting and manifesting your desires and goals.
Everyone is capable of success if they put their mind to it, believe in themselves and take action to make it happen—even YOU! The Law of Attraction, when properly utilized, helps enable you with the proper mindset and strategies you require.
Visualization is probably the best means of manifesting something specific using the Law of Attraction.
In general however, you may wish to generate a type of energy around yourself to continually be attracting certain energies that will serve you.
For example, using affirmations can be very effective. If you want to attract the energy of
opportunity, then you could use an affirmation such as “I am the right person, in the right place, at the right time, doing the right things, with the right people!” This is a great affirmation for manifesting beneficial joint ventures and joint venture partners and is one that I constantly use whenever I speak on stage or at my training programs and retreats.
If you want to attract joint venture opportunities specifically, you could use an affirmation such as “I am aware of and open to unlimited joint venture opportunities, I am involved in the best ‘high-level’ joint venture opportunities”.
When you start doing joint ventures, it is vitally important you start seeing yourself as someone who is on a mission to add value.
You want to help others. You know exactly what your partners need. You know exactly what would be of benefit to their clients and you make it happen.
If you want them to feel something, you must feel it first. If you want them to see you as an expert, you must first see yourself as an expert.
