In Part 1 of this series we identified how to start finding partners to Joint Venture (JV) with, if you haven’t read Part 1, click HERE to read that first. In part 2 we are going to explore some ways we can start to use JV’s to our advantage and really maximize the impact the partnership has. After all, we aren’t going to go through all the work to do this only to have nothing come out of it! So click the read more button ONLY if you are interesting in maximizing your JV relationships, otherwise go ahead and skip this part.
When two people come together like that, it creates something new, and while that something new is only designed to last for a little while, more often than not, it is so wonderful that each side of the venture wants to do it again. Hence the phenomenon of so many large players in one niche coming together over and over. You need to embrace this ideal and start implementing in your business immediately.
So if you followed Part 1 of this series you now are working to create relationships with people who can help your business grow. You must make sure that the person you are joining with has built trust with their customer base. Without that trust in place, this venture is likely to be doomed. Assuming that the trust is in place, the person who built the trust (the person you are doing the JV with) needs to be the one to introduce you to the existing customer base. This transfers the credibility that s/he has already built to you. So if they trust that person, and that person says they can trust you, they now do. This is the critical first step to completing any successful JV deal.
This credibility transfer can be done through email, a webinar, really anywhere, so long as it is stated that the two of you know each other. The more friendly the relationship the more credibility is transferred. So, when you are having your JV partner introduce you, try some of these lines to really maximize the impact of that transfer:
“My good friend”
“My longtime friend”
“A great partner I have worked with”
“An expert who has helped me [a success or monetary figure for that success]”
“An excellent teacher who has helped me [whatever you help with]”
These simple intro phrases help transfer the credibility your partner has to you. Don’t be afraid to insist or coach your partner on this, they often won’t know how to approach it.
In the next part of this series we are going to talk about some things you need to control as part of any JV deal to help insure your success.
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