Use others… It is a great way to grow, but lets be clear that when we do, they are also going to benefit 🙂 Have you ever noticed in your area of expertise that all the successful people seem to know each other? There is a reason for this. They are using each other! These people know that if they each bring their own success to the table they can help others grow while simultaneously helping themselves grow. It’s not a new phenomenon, but it is one that so many business owners ignore when they are getting started. This article is going to explore some great ways to start getting a jump on your business growth by using Joint Ventures (JV).
For the purpose of this series of articles I am assuming that you are a smaller business joint venturing with a larger business to see quicker growth. When you JV with a larger partner you are now exposing your business to their customer base. Now this must be done in the correct fashion or what ends up happening is a disaster. This series is going to explore how best to accomplish that deal.
When we are approaching JV partners, we need to make sure we do correctly, or all we will see is pissed of partners that don’t want a thing to do with us. Successful businesses are usually busy and don’t want to have their time wasted. So it is CRITICAL for you to take the right approach when looking to do a JV deal. This is where most small business owners fail miserably. They are so focused on what they want, they forget the fact that there is someone else that also is looking for something. So what is the secret sauce for finding and securing a JV partner? Well click read more below to find out!
It all comes down to 2 words…
The server approach, it’s a simple concept of approaching a JV partnership from the angle of “what can I do for you” rather than the normal of “what can you do for ME!” While this may seem overly simplistic, in today’s day and age, everyone wants to know what’s in it for them. So we need to play that up a little bit, we need to help them see what’s in it for them, and if we can do that in such a way that also benefits us, all the better!
The first thing that most small business owners immediately think is “well I don’t have anything to offer that they want”, and this is simply not true. If that were really true, you wouldn’t have a business. Everyone has expertise and valuable information in them, no matter how young or old they are. So before you ever talk to the potential partner, do your research, find out all about them and their business and their customers. If you can help their customers do more with what they already have or supplement what they are already doing to make it better / more profitable / more scalable / more anything, then inherently you have something to offer them.
Outside of that obvious fact though, don’t discount your own experience, tenacity, energy, appeal, or unique perspective that you have on something. As my mentor Blaire Singer says, “When two people come together, the one with the highest energy usually wins”. So approach every encounter with your partner with the energy of a child who just arrived at Disney World for the first time. You will find that ideas and thoughts will come out of nowhere and suddenly you have a whole lot to offer this partner that you never even knew you could.
When you do this, it may be that the immediate benefit to you is not apparent, but approaching JV deals like this is a long term gain. It may not pay off immediately but if it doesn’t then the long term gain which is coming is usually significantly larger than the short term.
So get out there and start finding some JV partners of your own, and stay tuned for the rest of this series!
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