For joint venture partners, this usually translates into more visibility, more clients and more profits than they could create on their own. For clients, benefits include saving time, saving money and getting added value from businesses. These are reasons behind popularity of joint ventures.

For any joint venture project to be successful, partners must possess certain skills that are required to choose right deal, right partners, and to promote project effectively. I’ve outlined a basic skill set consisting of five most important attributes below:

1.The ability to nurture client relationships

People buy only from those that they know, like and trust. You must therefore keep in touch with your clients on a regular basis in order to nurture your relationship with them and turn them into loyal clients. Apart from earning their trust, this will also enable you to determine what offers they’ll respond to and when to offer a certain product or service. Without a loyal client base, response rate will be very low when you endorse a product or service.

2.Creativity, and ability to “think outside box”

Here’s a partial list of most common mistaken beliefs about joint venture marketing. I’ve picked top five to shorten your reading time, but you can listen to more mistaken beliefs when you tune in to hear me being interviewed by Doug Hudiburg at http://tinyurl.com/cov4d.

Mistaken Belief #1: That There’s A High Risk Of Losing Money.

If you’re like most small business owners, then fear of losing money is inevitable because you’re probably on a shoestring budget to start with. However, you can’t lose money when you’re paying for results only. You only pay out a commission when your joint venture partners’ clients buy from you. So, you actually get revenue before incurring expense.

The only other pre-sale expenses are production costs and printing/postage costs for letters, coupons or vouchers. Whether you do joint ventures or not, these are costs you’ll incur anyway, because you’ll need those coupons or vouchers for other marketing tactics. So, belief that there’s a high risk of losing money is misplaced.

Mistaken Belief #2: That You’ll Lose Your Clients.

Your clients will purchase other products and services whether you like it or not. So, it would do your business good to recommend what they purchase and make a profit from it.

In fact, recommending high-quality products and services to your clients will strengthen your relationship with them. How? Firstly, you’re shortening their decision-making process by saving them time they’ll otherwise spend on finding and trying out those products and services. Secondly, by arranging exclusive discounts and bonuses, you’re saving them money. By saving them time and money, you’re adding value to what you already offer your clients, and this will therefore strengthen your client relationships.

Mistaken Belief #3: That Doing Joint Ventures Will Eat Your Profits

Most small business owners would rather struggle to get clients, and get mediocre profits at best, instead of sharing profits with a joint venture partner that sends clients their way.