If you’re looking for information on how to joint venture (or JV), or where to find JV partners, then you are on the right track for maximizing your future profits.
Many businesses have been launched via joint venture partnerships, and your business can be a success story if you do it right. There are some important tips that you can use to improve the chances of your JV being a success, and this is what we will discuss in this post.
Today I want to describe 10 ways on how to make a joint venture a huge success. These are examples you can use to launch a successful partnership in no time at all plus I will describe where you can easily find people to work with and partner with. These tips will prove to come in handy when you’re making your proposals to potential partners. Let’s begin.
1. Determine Your Joint Venture Goals First
The biggest mistake people make when trying to contact potential partners is not understanding their own goals before they begin discussions. This is important because, for example, if your goals are simply to get traffic to your own product website or launch, then you would have a totally different approach on how to contact partners, then if you were searching for an investment opportunity or for someone to team up with for your launch.
Once you have your goal in mind then you need to find the right place to locate these types of joint venture partners, and you need to approach them in different ways.
2. Traffic Generation – Participate in a link exchange
Link exchanging is one of the most common examples of online joint ventures and it’s a simple way of getting free traffic to your website. Sometimes businesses will link directly to your website without you knowing it, and this is considered a “one-way” link exchange. This is the most powerful kind of link exchange available, and it is one that you should consider using right away.
However the topic of the discussion is a JV scenario, which is “two-way” link exchanges, and it’s where two businesses team up and exchange links with each other. It’s not as powerful as a one-way link exchange but it still works to get traffic and increase your search engine rankings ultimately resulting in more profits.
One of the best ways to get a two-way link exchange is to simply contact a potential joint venture partner about a link exchange. You will want to include the benefits of doing so and how your partner will profit from the potential alliance. This is great way to get traffic and is a form of traffic building that is very commonly done online.
3. Increase Sales Revenue With JV Product Upsells and Downsells
This is a common form of a joint venture. What you do here is sell one of your partner’s products to your customers, or your partner sells one of your products to their customers. This is commonly done with vendors who use an online payment processor like Clickbank which allows you to easily set these types of JV agreements up online.
If you currently have an affiliate program and it pays 50%, you may want to consider giving your joint venture partner 70% – %80 commission to add your product to their sales flow as an upsell. You always want to pay your joint venture partner more than standard affiliates.
This also works best if you have a product in a similar niche, then you can simply exchange products and add them to each others upsell flow and both reap the benefits of a solid sales flow and more revenue.
4. Long Term Customer List Building
You can’t talk about “how to joint venture” without talking about building customer lists. Adswaps is a classic model of online joint ventures involving list building.
What you want to do here is offer new subscribers the opportunity to join your partner’s email list after they’ve subscribed to yours. This is a great way to build your email list, and your partner’s email list also – and you will want your partner to do the same also. You both benefit from the increased opt-in leads, and the free subscribers from no work done on each part. This is very classical and is an excellent model to follow.
You could also set up agreements to send a message to your list in return for you getting to send a message to their list, also called an adswap.
5. Know Where to Find Online Joint Venture Opportunities & Partners
Don’t you often wonder how do Internet gurus and pros do it? How do they target the right product at the right time when others fail to do so? They were not born with a sixth sense. So how do they weave the magic? What I am sharing with you will open a whole new world of opportunities for you.
What comes to your mind if I were to ask you where gurus find such potent information? How do they know about upcoming “HOT” products weeks or months in advance, or new business ideas and investment opportunities?
There are many places online including forums and websites. JVBillboard.com is an example of an exciting new platform where anyone can find new joint venture ideas. The aim of the website is for affiliates, merchants, developers, brokers, and even newbies to generate a business & build strong partnerships. So let’s cut to the chase and talk about how you can leverage JVBillboard for profits.
6. Promote your Own Business Idea or JV Concept
JVBillboard offers you a fast and easy way to promote business partnerships to millions of potential partners looking for profitable JV opportunities. It is free and you can post JV opportunities to those interested in new ventures.
You can simply browse, post, or respond to profitable JV opportunities and interact with potential partners.
Additionally, you can leverage the site with its JV tools to effectively generate extremely successful businesses. Moreover, the site provides significant opportunities for online businesses to reach partners who already have large customer bases & can promote their products to millions of customers.
7. Make a Decision and Stick to It
If you are searching for ideas on how to joint venture, then you are still probably in the research phase. Some people never leave the research phase and this is a big stumbling block. If you find something that seems like a great business venture, then you need to make a decision to take action and beat the competition before it’s too late.
No matter how big or small your joint venture is, you need to take action and work as a team with your partners. It also helps to do research through public forums like the JVLaunchForum.com where you can access up to date advice on all types of JVs.
8. Use a Joint Venture Contract
Joint venture contracts are important to ensure fairness and to make certain everyone knows their responsibilities. Using a place like Clickbank it is easy to set up JV contracts since the system will do it for you, but how do you set up a contract with other joint venture scenarios?
This is a common concern among many joint venture partners. If you are setting up an official joint venture agreement it is advisable to get legal advice prior to beginning any major JV. Many online platforms allow you to set up the contracts and payments through their systems so you can also check with them.
In the JV tools section of JVbillboard.com there is also a sample JV agreement template.
9. Find Super Affiliates for your Launch
Many places online use the term “JV” to describe affiliates. In my opinion they are 2 different things but today I will talk about finding affiliates. Finding affiliates is important for any successful launch. To find top affiliates you need to know where they go to find products and you need to get your product or affiliate program in front of their eyes.
There are several places but the top affiliates go to the “Affiliate Summit” east and west and other major conferences. If you are looking to really be serious about meeting top affiliates that’s where you need to go.
But there are also places online to find affiliates including the site mentioned above, and forums like Warrior Forum, and 5 Star Affiliate. You could easily buy banner space on places like these and advertise your affiliate program. Just make sure it is appealing and you offer them something that makes them interested. For example, you could have an affiliate contest offering huge prizes for the top 3 affiliates.
10. Advertising – Cost Sharing
I want to finish by talking about how to Joint Venture with advertising. Advertising costs really add up especially if you want to do a major online promotion.
A great way to save costs is to enter into an advertising joint venture where you and your partner split costs and both reap the benefits of the advertising campaign.
For example, if you know of a product or service that would compliment your existing product or services, you could produce a “product bundle” and split advertising costs. Of course this is much easier if you are selling online digital products, but it can still be done with physical products and services as well, it just takes some good coordination.