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In this section are a sampling of my published articles and links to media appearances.
by Deborah A. Bailey
Instead of falling into negative thinking about the economy, think out of the box in order to create opportunities for growth. For instance, if you feel you can’t make large business investments at this time, consider doing joint ventures. If you’re not sure what to do or how to start one, here are some points to keep in mind.
1. Do your homework and discover who the best partners will be for your venture. Just as everyone isn’t your customer, every business owner will not be the right joint venture partner. Don’t just send out blanket requests to everyone you know or have ever heard of. Select a business with a customer base that compliments your own.
2. Don’t expect that someone will want to do a JV with you just for “exposure.” The venture should fit into your partner’s marketing strategy or it won’t be worth it for them. You may not mind throwing everything out there to see what sticks, but that may not be their idea of a beneficial venture.
3. When you approach a potential JV partner, have all of your materials ready. For instance, if you’re launching a product have everything prepared before you contact prospective partners. It’s hard to take someone seriously if their website is under construction or their product isn’t ready. There’s nothing wrong with lining up partners prior to your launch, but it doesn’t send a good message if you’re throwing things together at the last minute.
4. Be prepared to invest in order to make your venture a success. I’ve encountered a few business owners who expected their JV partners to provide all of the materials – including donating free products and services. Don’t use a joint venture as a way to profit from someone else’s work. It’s called a “joint” venture, which means both parties are contributing.
5. Don’t forget to follow through and follow up. Things don’t always go as planned, but if you’ve promised to provide information don’t leave your partner hanging. Let them know what’s going on and follow through as soon as possible. The venture may be a one-time event, but it doesn’t hurt to check in afterwards and find out how things went for your partner (and let them know how it worked for you too).
Joint ventures are a way to build your business while you build relationships. You don’t have to go it alone during challenging economic times. When you join forces with other entrepreneurs, there are always opportunities for growth.
Copyright © 2009 Deborah A. Bailey
This article was originally published on Women&Biz.com.
Articles & Blog Posts
For more insights into career changes, check out the posts I've added here on my coaching blog.
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