3.Resilience

Many small business owners don’t really understand benefits of joint ventures and may be skeptical at first. You need endurance to educate them about many benefits a joint venture brings, and to put their minds at ease concerning any issues they may have. You will also need resilience and patience after launching your campaign, as results may not be immediately forthcoming.

4.The ability to visualize synergy

Even if you choose partner with largest client list in marketplace, if there’s no real synergy, partnership will not jell. It is critical to make sure that combination of products and/or services fit together, and are not proverbial “round peg in a square hole.”

5.Effective negotiation skills From minute door is opened to possibility of a joint venture, serious negotiations begin. Negotiating skills are necessary in making sure that both parties reach a win-win agreement, and also so that you achieve goals you have set in planning stages of your project. The ability to present all benefits of joint venture to your prospective partner in early phase of negotiations is critical to their acceptance of your proposal.

Joint venture marketing is rising in popularity everyday, and is an excellent way for small businesses to springboard their efforts to new success levels. These skills are all acquirable skills, and many resources are available to small business owner wanting to reach out in these directions.

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.

With a joint venture, you only pay for results. So, giving a percentage of your profits away has got to be better than flushing money down drain… because that’s what happens when you spend $300 on an ad that doesn’t generate responses.

Mistaken Belief #4: That Joint Ventures Are Complicated

Of course there are complicated joint ventures, but there are so many simple and short-term joint ventures that a beginner can start with.

It only starts getting complicated when you’re looking at joint ventures like one between Merrill Lynch and HSBC a few years ago. The two banks combined logos and actually had a service called Merrill Lynch HSBC, which had a building on Regents Street in London. That might have been profitable for Merrill Lynch and HSBC, but you don’t have to do that if you don’t have tools or resources.

Any small business owner can do joint ventures that are a lot simpler. For example, you could host a seminar with your partner and both promote it to your client lists. You’ll both walk away with more clients and huge profits.

Mistaken Belief #5: That Joint Ventures Require A Lot Of Time And Effort.

Of course time and effort go into preparation. However, joint venture marketing is one of very few strategies that don’t take much effort or time to implement.

If you’re joint venturing with people that are in your network or people that can be introduced to you by someone in your network, then relationship-building process is shortened. This is because you and your joint venture partner already know, like and trust each other, or you have a mutual friend that introduced you to each other. For this reason, it can take as little as thirty days to execute your first joint venture.

On other hand, if you’re approaching a joint venture partner that is a cold contact, time you’re looking at is relationship-building time. If you have great networking skills then you should be on your way in a few weeks or a few short months. It simply boils down to evaluating each other’s character and business.

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.