In Part 1 of this series we defined what a Joint Venture (JV) is and how we need to start out our JV for maximum success. If you haven’t read Part 1 yet, click HERE to go read that part before reading this. In Part 2 we discussed how to go about finding JV partners and how to win them over every time. If you haven’t read Part 2 click HERE to read that (after you read part 1 of course). In part 3, we are going to explore some facets of the JV that you should always try to control. These finer points of doing a JV deal may seem unimportant, but they can lead to massive growth for your business if you know what you are doing. So let’s take a look at what they are
The first is to always insist that you can collect email addresses as part of the JV. Growing your email list is a critical component of any JV deal and if you aren’t allowed to keep the information of the people you are being exposed to then this is likely going to be a deal breaker for any JV deal (at least for me it is). I want to collect their information so that I can market other things to them down the road. Perhaps they aren’t interested in what I have to offer today, but will be next week.
So, what exactly does control of the information mean or look like? Well here are some examples of what I mean. First and foremost, if you are doing a webinar or other online hosted event, you should insist on being the one to manage it. This way when anyone from your partners list registers you now have their information, at the very least an email address. If you are doing a joint live event, again, you should be the one that controls the page where they register for the event and the one managing collecting information from anyone at the door.
The ability to collect and control the information will allow you to expand your business and your list rapidly with very little effort.
The second thing that you must always control is the money. Most JV projects include a financial aspect, generally this is for you to offer your products or services to the JV partners customer base. Assuming this is the case, then when payments are being processed, you want to be the one handling that payment processing. You can then pay your partner whatever the agreed upon percentage is. Since you are a trustworthy and honest business person, someone paying will never be a problem but for others who are not like you it may be. You don’t want to go through all the effort to complete a JV deal only to not get paid.
These are just two examples of things you should control in a JV process, but they are two of the most important. Keep doing JV deals for as long as it makes sense!
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