Internet marketers often work alone to generate income for themselves, but sometimes it can be mutually beneficial to form a joint venture with other like-minded folks working on similiar projects.
The ability to spread out effort and risk, while increasing returns, can be somewhat risky, but one worth taking because, if the exercise is successful, you have made a new friend and maybe even developed a permanent working relationship.
As with any worthwhile pursuit there are some core basics and guiding principles that joint venture participants should practice when seeking partners and executing a plan.
Before proceeding, it’s essential to know what a joint venture is. A “JV” is an agreement between two parties each seeking to cooperatively leverage the assets of each other, be it a skill, a product, a trade secret, or a customer or prospect list. In the case of an internet marketer, the agreement usually involves one marketer mailing to the other’s mailing list.
Once it’s been determined that a joint venture will be undertaken there are some fundamentals that should be followed to assure the best outcome.
Assessing your partner is a critical first step when forming a joint venture. Analyzing each other’s strengths and weaknesses and discerning each other’s agenda beforehand will serve to lessen negative surprises later.
You can get a free Joint Venture Agreement form here.
Strategy development is an initial activity where both participants assess the viability of their effort and any potential obstacles to the outcomes they plan to achieve. Concurrently, the partners can set milestones and financial agreements during this period. A 50-50 profit split is most common. In some cases, a newer marketer may forego some of the proceeds in order to establish a presence in their market.
Once these tasks are found to be suitably addressed, the new associates can move on to carrying out the campaign. Of course, this is not a static operation. If time and duration allows, testing and improvement should be ongoing as the campaign proceeds to its conclusion.
Finally, the hopefully happy and prosperous end is reached and various goals realized. It’s important to note that any end-defining milestones should have been during the assessment and strategy sessions. This will prevent misunderstandings and promote further collaboration.
Another pointer is to aim high. Sure, rejection may be the first response, but perseverance rules the day and a big player could be the tipping point to reaching a critical mass of success and security.
Lastly, always operate with a win-win mentality while following the sequence. Do it right, and it will be the first of many join ventures…or the last one you’ll ever need.
For more information, you can get a free copy of “Joint Ventures: Tips for Successful Partnerships” from this link or by clicking on the book below.