Mastering the Art of Shameless Self-Promotion: Joint Ventures
1. Look for businesses that are complementary to yours e.g. hairdresser and a beautician.
A joint venture should be forged with businesses that are interconnected to yours, that way you can share walk-in customers. For example, if you run a sporting goods store online, you can tie-up with a tennis coach so you can offer customers discounted tennis lessons. Start by looking at complementary businesses in your city or neighborhood.
2. Play what if and see what's possible. You never know, there might be an ideal Joint Venture sitting there and you didn't even know it.
Explore different avenues when looking for your possible JV partner. You can start by looking in your city—businesses downtown or in the suburbs. You can also look online at forums geared towards entrepreneurs or your particular industry. If you don't mind paying a membership or broker fee, there are companies offering precise JV matching services.
3. Consider bartering your products or services in return for someone else's products or services. It's an ideal way to build a joint venture especially when times are tough.
Most small businesses are unable to secure loans, especially during an economic recession. Because of this, most entrepreneurs turn to an ancient payment system—barter. Usually done one on one, some barter companies have cropped up where tracking software is used to improve on the traditional barter.
Go to our business resource centre where you will find articles on business development.
Posted by Ludwina Dautovic on 28th July, 2009 | Comments | Trackbacks
Tags: business success, self promotion, small business, business development, joint ventures
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