If you are interested in joint venture or wondering what it is and how it works, this article may help you to find out. In this article you will know why this business model works very well, they key to successful joint venture and some ways to find and approach a potential JV partners. After reading this article, you will be able to get start using this business model to make money for your business.
Joint venture will work for you
The core mindset of running a successful JV is that, what you need is already there, all you need to do is to find it out. You do not need customer because other businesses have it already. You do not need product because of the same reason. You don’t even need money because you do not need to invest anything in a JV deal. One thing to remember is that only single person/company cannot conquer the world, but if you are cooperating with each other, you will get what you want.
Understand the value and money
The key to a successful joint venture is to leverage other people’s assets. You do not need other people’s skills, employees or inventory to do business. As said before you just need to find out what other people needs and bridge two or more parties together and make money from it. A successful JV broker, Robin Elliott, once said in his book: You don’t need to buy an airplane to fly somewhere. So don’t buy an airplane, but go to the organization which has airplane to offer!
Ways to find and approach a potential JV partners
Once you understand the value of joint venture, you may start working on finding partners. The principle here is that you need to find good, honest and smart people you know and trust, and who know and trust you. Try to list those people and find if there are any potential cooperation. When you are talking to your potential partner, you need to focus on other people’s interest, but not you. Find out what they really want and give it to them. If you solve their problem nicely, they will help you nicely also in return.
Now that you understand some basic ideas on doing joint venture and how to approach a potential partner. This business model is actually very effective, especially if you have no money, no product or even no business. And the key to success is to leverage other people’s assets that exists already, you do not need to have everything in order to do business. Finally, approach to some you know and trust, and offer to them what they want, they will get back to you with what you want. So I hope that this guideline can help you make more money for your business.