Want to know the three main things you look for, when your looking for a business partner?
(Otherwise You Can Easily Get Side Tracked And Waste Extremely Valuable Time!)
So if you go looking for a business partner, what exactly is the criterion you use to separate the wheat from the chafe?
And more importantly, what exactly do you expect (both) short and long term from this all important potential joint venture partner.
Why Looking For A Business Partner To Help You Grow Your Business Is So Darn Crucial! (To Your Long Term Success!)
Of course your already with these term you hear all over the place, right? That being “joint venture partners (aka) JV partners.
Not to overly hype this rather trite term (and it’s true meaning and implications to your business), but it is as crucial and key to your long term success as any software program, successful (on or offline) ad campaign and or any professional relationship that you might have with any banker!
Yep! Understanding and properly implementing this key marketing strategy, is just that important. The main reason being, because of the tremendous leverage, it allows you to tap into.
For ex: let’s suppose that your business (no matter) what size it currently is, constantly looks for inexpensive creative ways to leverage the enormous (low cost, high powered leverage) of social media in general and twitter specifically.
Suppose some of your key JV partners were to simply spread the word about your business, product or service by tweeting about it on tweeter.
Depending on (both) the size and responsiveness of their individual followers, this one simple strategy could significantly increase the traffic to (either) your blog and or special lead capture page offer,correct?
You got that right! Simply by them pushing a button, kaboom! An extra 40-75% more daily traffic, that you didn’t pay one thin dime for!
So take a look at the Jing screen capture below, of how one of my JV partners, recently helped yours truly get an extra 25% more daily eyeballs to my blog! Simply be-tweeting a recent blog post I had done about what he shared with me about proven SEO (Search Engine Optimization) fundamentals.
The three things to look for when your looking for a business partner!
Five Things To Consider When You Go Looking For A Business Partner!
okay, since you realize that you definitely need to have JV partners. Let’s quickly point out five things you should take into serious consideration, whenever you go looking for a business partner.
Five tell, tell signs, if you will that will (not only) help you spot really good (long term) potential JV partners, but how to avoid the not so good ones as well.
But first, consider this train of thought. Have you ever met someone at a social function of some kind, like maybe your local Chamber of commerce meeting and or at a live industry conference of some kind etc.
Or maybe it was even at a real social event, like maybe at the last Super Bowl Sunday get together that you attended and or hosted.
Anyway, you meet someone their, and in 30 minutes or less, it’s obvious you two are kindred spirits, as it relates your approach to business.
And it’s obvious you two should (not only) be working together in some mutually beneficial capacity, but your respective networks should be properly exposed to each others ideas, enthusiasm and leadership qualities as well.
And of course the flip side is also true as well, (meaning) you can typically spot the not so good potential business partners, within the first 30-60 minutes of their conversation as well. And it’s these (rotten apples) that you definitely want to avoid.
With that said; let’s quickly run through a simple five point check list, that will help you identify, your potential JV partners.
Of course this is by no means intended to be a complete list, just a very good starting point.’
1.) Any time you spot a potential (or current) vendor that you personally like their approach to business and their extremely trustworthy and organized!
You’re sitting on a potential goldmine! Because they can most certainly guide you to a ton of other like minded dedicated small business owners and or service providers, that think just like you!
And their contacts could (literally) shave years off your (initial contact) curve!
2.) Any time you come across a vendor (small business ) owner and or service provider, that has a product or service that you know for a fact would be a perfect follow (back end) product or service for your valued customer/client base and you and this particular vendor have had (or currently) have a solid professional relationship.
The two of you have to explore networking (joint venturing) in some type of capacity, because, you assets each of you can strategically tap into! Literally for peanuts!
The Right JV Partners Can And Will Dramatically Decrease Your Upfront Out Of Pocket Costs!
3.) If you spot a vendor that is consistently growing (perhaps) they’ve opened two more new locations (in the ) general area, within the last five years, and (again) you both are non competitive to each other, yet (at some point) in the the buying process, you both need the same customer.
My friend, part of the reason for their rapid expansion may be due to their extremely good relationship with their local banker(s!)
In which case, they may be able to personally introduce and or vouch for your company’s ability to expand, by you vendors banker extending you a temporary and or new (short term ) line of credit, with extremely flexible terms!
Because of your personal and professional relationship with the bankers client! That being the vendor!
4.) This next one is huge, so pay close attention here.
Sadly, tons of new (and even) fairly established businesses, may not be able to completely ride out the nagging recession! And may have to do one of two things:
A.) Either drastically reduce the size of their support staff, outside sales reps and or inside telephone support staff or just plan let some key valued accounts go etc.
B.) Or close their doors for good!
Not very good choices! However, if your there to help pick up some key accounts, or absorb some key sales staff until the business can get back on it’s feet or extend some key sales staff and or support staff etc.
Until they make it back, both your businesses can grow even faster, for a fraction of the traditional cost!
5.) And finally.. Any time you notice that one of your key vendors have under utilized assets, such as a strategically located warehouse, that currently have empty or unused newspaper and or local radio credits etc.
You’ve got the potential of an insanely profitable (long term) joint venture arrangement!
This short list, is just the tip o the iceberg, when it comes to what you should seriously consider, whenever you go looking for a business partner!
As always, if you got any value out of this post, please Digg or tweet this. Thanks!
And be sure you grab your explosive free 22 step small business marketing idea kit series, because it will help you increase your profits by at least 25% in the next 90 days or less.
And help you master your effective communication in marketing skills.(No matter what your particular niche market is.)
It’s a $97 dollar value and it’s free!
