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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 drainÖ because thatís what happens when you spend $300 on an ad that doesnít 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 youíre 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 donít have to do that if you donít 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. Youíll 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 donít take much effort or time to implement.
If youíre 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 youíre approaching a joint venture partner that is a cold contact, time youíre 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 otherís 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.
Joint venture specialist Habiba Abubakar, a.k.a. The Profit Diva, specializes in helping small business owners who are struggling to increase their client base and are tired of earning mediocre profits. To sign up for your FREE copy of her revealing Mini eCourse, ďThe Easiest Way To Skyrocket Your Profits In 90 Days Or Less,Ē and to receive other FREE marketing resources, visit http://www.profitdiva.com