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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.
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, “The Easiest Way To Skyrocket Your Profits In 90 Days Or Less,” and to receive other FREE marketing resources, visit http://www.profitdiva.com