6.Create an action plan and implement it

Once you’ve listed your potential partners, create an action plan. This should detail steps you’ll take to approach them and implement your joint venture project e.g. “I’ll contact Joe Bloggs of XYZ Corporation on July 15th.” To keep you focused, refer to your goals when creating and implementing your action plan. Also note that details of your action plan will change depending on pace at which project goes. 7.Contact your partners and open door for discussions

Make initial contact with your potential partners and set up a meeting. You can contact them by phone, snail mail or email, but phone remains best contact method. At meeting, keep your eyes and ears open to make sure market fit is as good as you initially thought. Also, ensure that “chemistry” is good between you and your prospective partners. Emphasize benefits of your proposal.

8.Decide on either a contract or a hand shake deal

If you choose a contract, ensure that it specifies terms for review, and doesn’t lock you into any long term arrangement without specific criteria for profitability being met. If you choose a hand shake deal, be sure you trust your partner!

9.Launch your joint venture and test results

Start small by doing a test run first. Write, print and send endorsement letter and implement tracking system. Make sure you’re equipped to handle flood of new clients once you’ve set joint venture into motion.

These steps are simple and easy to execute. If you follow them appropriately, you can look forward to having profitable, win-win joint venture projects! As with any marketing strategy, remember to test, tweak, track and review results until you find best fit.

Copyright © 2005 by Habiba Abubakar and Emprez. All rights reserved.

Note: You are welcome to republish this article as long as resource box at end is included fully and unaltered.

4.You’ll increase visibility.

You’ll be exposed to new markets that you may not have been able to reach on your own. I strongly believe in dominating a niche market. However, I also believe that you shouldn’t throw business away when it comes from other industries/sectors that can benefit from what you have to offer, even though you may not necessarily target that market. By doing joint ventures you’ll easily get introduced to other potential markets, and this will in turn increase your visibility in market place.

5.You’ll build long lasting business relationships.

Through wise endorsements, you’ll strengthen relationships with your clients and increase your network of business associates. This is great for future joint ventures, getting testimonials and other marketing opportunities.

6.You’ll save time and money.

Joint Venture marketing is a very low-cost and sometimes even no-cost strategy. This enables you to protect your cash flow. You’ll save time on production and save money on operational costs by offering your clients new products and services (from your joint venture partner) that you didn’t need to create yourself. You’ll also slash marketing and advertising costs by sharing these costs with your joint venture partner.

7.You’ll survive any economic climate.

It doesn’t matter if there’s a downturn in economy or whether political climate is unstable. You’ll survive all seasons and a slow economy… and even during wars, joint ventures will have you laughing all way to bank!

Joint ventures can mean difference between mediocrity and millions in a small offline business and any business for that matter. Start today by doing simple, short-term joint ventures and you won’t regret it.

Copyright © 2005 by Habiba Abubakar and Emprez. All rights reserved.

Note: You are welcome to republish this article as long as resource box at end is included fully and unaltered.