One of the best and fastest ways to build your business and maximize your profits is to develop joint venture partnerships. Here a five powerful tips that will greatly enhance your ability to build strong, lasting, and mutually beneficial JV relationships.
Tip #1 – Don’t Let Fear of Rejection Hinder Your Efforts
Dr. Joe Vitale, www.MrFire.com, is a very successful copywriter and best-selling author. I’m sure he’d never heard of me when I contacted him via email about my recent “Networkaholics Revealed” ebook project. So I didn’t really expect a response from Joe. But I sent him an email anyway. After all, I really had nothing to lose… and a lot to gain if he responded.
And he did!
Why? Perhaps because I was doing what he himself had done early in his career -– reaching out to someone of a higher level.
Joe said, “When I was first starting out as a writer, people way above me, such as famed copywriter Bob Bly, helped me. In later years, marketing gurus such as Murray Raphel and later Paul Hartunian, all helped me. I simply wrote to them. They sensed my sincerity and offered guidance. Today I do the same for others.”
Joe did that for me.
Was I nervous about contacting Joe and other big-name successes? You bet! But I didn’t let that stop me.
According to Chip Tarver, www.FirstContactSecrets.com, you must put your fears aside. “Most people have a fear of rejection,” Chip said. “The most important thing to keep in mind is that you are typically not rejected, your idea is. So try not to take that personally.
“Remember that failure is something to be cherished, because it gets you closer to success. Every failure is just a test that didn’t work. It is not a personal failure. When you get a ‘No,’ just think ‘Next’ and move on to the next person.”
Was I rejected by anyone? Of course! But my results were better than 50-50. If I’d been afraid to approach people, my ebook would never have gotten off the drawing board.
Tip #2 – Focus on the Relationship, Not Just the Deal
Regardless of who you want to develop a JV partnership with -– whether they’re already rich and famous, or unknown newbies interested in helping you while they learn -– remember they are people, not business deals.
As Chip says, “You will never, ever do any business anywhere in your life (online or off, in any industry, with anyone) until you learn that business is all about people; and people are all about relationships.”
Alice Seba, www.InternetBasedMoms.com, says “I like to meet other people, learn from them, interact with them, and build long-term relationships and partnerships.”
According to Alice, those relationships may ultimately develop into joint ventures or other business benefits. “When they do, they are stronger relationships than contacting someone and saying, ‘Hey, will you send this email out to promote my product? You’ll make a commission!’
“I have gotten some good joint venture deals with ‘big name’ people to promote my stuff,” Alice said, “but I was friends with these people for a long time before any business relationship developed. I’m nice, I give. Some people don’t get it. They are just focused on ‘How do you get the gurus to promote your product?’”
Build relationships/friendships first.
Tip #3 – Address Their Interests, Wants & Needs
My project dealt with the topic of networking. So when I decided to approach people about collaborating, I contacted those whom I knew had an interest in that topic, or had a list of people who could benefit from the topic.
Michel Fortin, www.TheCopyDoctor.com, said, “When you know that the other person has very specific needs, and you have a product that serves those needs, you can tailor your introduction to address those specific needs.”
Michel has had a lot of success with JVs, and knows what he likes. “In general, I like it when people offer me something that ties very, very well with what I do -- whether it involves copywriting or marketing. For instance, my main goal in every JV is to make my subscribers' lives easier. It must be relevant to my list and me. I want to do deals where, although it might not necessarily be specific to me, it would serve my list very well."
Show your potential JV partners how your project can make their life, or the lives of their clients and subscribers, easier, more convenient and/or more profitable, and you'll have much greater success.
Tip #4 – Show Them More Than The Money
Don’t let that famous line from the movie, “Jerry McGuire,” fool you. Not everyone interested in doing business wants you to “Show me the money!”
Michel says, “If you offer me something and the first thing you tell me is that I can make money with the deal, I'm not interested. Making money should be the natural byproduct of doing the right service for my clients. My favorite JVs are the ones that most benefit my clients. The commission is just a fringe benefit to me, not a direct benefit."
Chip suggests that your primary objective when approaching someone to do a JV must be to establish your value. “If you don’t establish your value, people will have no use for you,” he said.
This goes well beyond telling them how much money they’ll make.
Here are Chip’s three ways to establish value:
1. Offer to do something your potential partner cannot do.
2. Offer to do something your potential partner will not do.
3. Offer to do something your potential partner does not want to do.
“If you can do any of those three things, you immediately have value,” he said. “If you have value in a stranger’s eyes, he/she will think you’re worth getting to know. If you don’t have value, why would they care? Why do they need you?”
Tip #5 – Give Before You Receive
Best-selling author Bob Burg, www.BobBurg.com, says there is one thing that all people who are incredibly successful at building relationships have in common -– they give.
“In fact,” he says, “people who are rich financially, spiritually, emotionally, physically and socially are the biggest givers. They are always asking, not ‘What can he/she do for me?’ but ‘How can I help him? How can I add value to her life? Who can I introduce him to that he can help and/or who can help him?'"
As Chip says, “Your goal should be to help others. If your only goal is to help yourself, you’ll become known as a ‘taker,’ not a ‘giver.’ Givers have the greatest success, and they typically give out of a heart of giving, not out of selfishness to enrich themselves.”
In summary...
Of course there are several other things that will increase your odds of JV success, such as having a unique product or proposal; doing most of the work yourself (making things as easy as possible for your JV partners); and being patient and persistent without becoming a pest.
But for the greatest chance of succeeding with your JVs:
1. Don’t Let Fear of Rejection Hinder Your Efforts
2. Focus on the Relationship, Not Just the Deal
3. Address Their Interests, Wants & Needs
4. Show Them More Than The Money
5. Give Before You Receive
It worked for me, and it will work for you, too!
For more incredible insights into building your business, check out Bonnie Lowe's amazing new ebook, "Networkaholics Revealed! True Confessions From People Who Networked Their Way to Success (And How You Can Do the Same)" at Networkaholics-Revealed.com.com
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