The Business Are Us

Matching Needs and Assets for Fun and Profit using Joint Ventures

Would you like to know about a zero hype, all truth way to boost profits, take even better care of your customers, and grow your influence without adding more work, employees or costs? Creating profitable joint ventures (JVs) is the answer.

No matter what kind of business you run, what products you sell or services you offer, you can serve both your customers and your bank account better by organizing joint ventures, or JVs. All you need is a sincere desire to serve your customers even better than you already do plus an eye for increasing leverage.

A JV happens when two or more businesses create a deal that is mutually beneficial to both companies and to all customers they serve, creating a win-win-win scenario. While it may sound like "pie in the sky," it is an extremely productive way to raise your bottom line.

This is a game of matching. You are filling a need with an asset or finding an asset that fulfills one of your needs.

It's easy to do. Simply answer these questions for yourself and you are on your way.

- What product, service or system do I have that other businesses would benefit from having or using?

- What systems, services or products do I need that would better serve my clients/customers without any extra work on my part?

In order to help you underrstand how this works, I'll share an example.

One entrepreneur I know has a system for improving website traffic in a mostly automated way. That's an asset. Naturally, he is selling this monthly service to people on his own. Now he wants to lengthen his reach.

He asks himself "What type of business needs my traffic service," and he might come up with answers like these:

- Bloggers
- MLM professionals
- Internet marketers
- Bricks and mortar businesses that have a presence online (at least a basic website)

His needs include: - Customers to use his monthly service - Affiliates (or distributors) who will act as a sales force to sell his service to their customers - Businesses that will integrate his system into their own

For him to arrange a true joint venture, he is looking for more than simply customers who will use his system and more than affiliates or "reps" who will sell his membership service to their clientele. He is looking for a win-win-win match. He is looking for someone who will integrate his system into their business.

As you read what our traffic guy does in order to determine who is the right fit for a JV, realize that you will do the same for yourself.

In the course of his research, he finds an entrepreneur who runs a school teaching the skills of running an online business.

Doing the Research

He first does a little detective work to locatepotential JV partners.

1. He researches the company and business owner to make sure there is currently enough traffic to make it worth his while. He can determine this by looking at their website rankings on Alexa.com and Quantcast.com. If this person only has a few students, there is no profit in it for him. However, if the school is already thriving, the potential for growth is huge.

He studies the other entrepreneur, looking for several things. First, he wants to be sure she runs her business in a way that he perceives as being in alignment philosophically.

Both potential partners get to know each other. They have to explore whether their proposal is a "match made in heaven." They want to boost the results that come as a result of their collaboration.

Organization Phase

After meeting via phone and getting familiar with each others' program, they decide to move forward. Together, they forge an agreement that looks like this:

The online university students each get the traffic site membership at no cost for the first three months

Then, the students get a special price from then forward. It might be called an "Inner Circle" rate.

3. The students don't get the traffic membership right away, because they would not be ready. They receive this valuable tool at the point in their training when they have their basic blog and website set up and already know the basics of driving traffic.

Implementation Phase

The owner of the traffic system makes a special page for his JV partner, the university owner, to share with her students.

The training program owner has the perfect tool for her students. She incorporates it into the way she teaches. It makes her life easier and brings better results for those taking her training when they have the right tools to grow their business.

Where's the Win-Win-Win?

For the owner of the web traffic membership site

Maybe you are wondering how giving away three free months of service to a whole bunch of people serves our traffic guy. Imagine this: Without any advertising, he gains a few hundred brand new customers a month. They use it free for 3 months, and because this is such a perfect match, they are going to continue to buy the service.

He also gains an army of salespeople out of the deal, because many of the students in the school will also become affiliates. THey will earn a commission for selling his program to their customers or clients.

So if our school generates 500 new students per month, he gains 6,000 new customers annually plus maybe 3,000 more who are current advanced students, with no effort other than making a few phone calls and a modified webpage or two. Even though some will not retain the service, most will.

For the university students

They are so excited to have the perfect tool to generate traffic, and since they know what they are doing by the time they get their free trial, they are using the program daily right from the start. And since they're hooked on his service and using it every day for their business, they are going to be long-term customers as well as affiliates.

Additionally, a significant number of the students will gain a source of income by promoting the traffic students for their customers or clients. They become a sales force and are glad to earn a commission.

For the training program owner

You already know that a good joint venture must be a win for all parties involved. So far, you've seen how the traffic guy and the students win, but what about the online university owner?

The owner of the education program also wins in a big way, because she is able to provide something every student needs, at no cost to her and at no cost to them, for a whole three months. This also means she has a highly valuable bonus added to her program. Say the traffic system costs $97 per month. They save $297 the first quarter. She is setting them up for success by offering such a useful tool for them.

Everybody wins when you put the deal together in the right way, and that's exactly how it should be.

As you can see, playing a game of matching needs to assets is extremely profitable! So why not start organizing joint ventures for your own business?.

About the Author

Imagine organizing prosperous deals for your business that you can do with little effort or cost! Get your free audio "How to harness The Power of Joint Ventures for Your Business" at http://asktsl.com/jvinfo nnRonda Del Boccio is an author mentor and Certified Joint Venture Facilitator. She works with entrepreneurs, authors and small business owners worldwide.n

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Jul/25/2010 Comments Comments