Steps to Get Local JV Partners

Written By Steps To Faculty Published August 23rd, 2010

Joint venture (JV) partnerships can be tremendously beneficial to both partner businesses. Each business (or service professional) can leverage the other’s business contacts, assets, market reach, and professional experience to increase customer base, product lines, or any number of other reasons behind forming a joint venture. For example, a printing company and a sign company can form a joint venture to offer new business startups a complete package of letterhead, business cards, grand opening banners, and signage. The two companies each offer their products or services, but in a combined effort to maximize returns on marketing expenses and to gain access to the other’s existing customer base. To get local JV partners, just follow these 6 simple steps.

Step 1. Make a list of current vendors and business associates.

It is possible that a current supplier or vendor with whom you have an existing relationship is potentially a high quality JV partner candidate.

Step 2. Attend local business events.

Many local chambers of commerce and other business organization sponsor local events to bring business owners together. You can make useful business connections that can lead to profitable JV partnerships later.

Step 3. Create a list of potential JV partners and products.

Start with the business and professionals you listed in step 1. Add in any new contacts you made in step 2. Make note about the pros and cons of each candidate, as well as potential ways in which you could partner up that are mutually beneficial.

Step 4. Narrow down the list.

Pick the most promising two or three candidates and JV partnership ideas from the list you created in step 3. Contact those top candidates and make arrangements to discuss your JV proposal.

Step 5. Meet with you chosen candidates.

Once you have set up meetings with your choices, make sure you are prepared before the meeting with prototypes, plans, research on similar JV partnerships, and other proposal information to help your candidates make a fully informed choice. You want them to see all of the benefits to a JV partnership.

Depending on the results of your meetings, your next step will be to either follow through on your plans, or start over again at step one with your second choice picks for JV partnership opportunities. If you do not succeed in your first attempts, but feel your ideas for joint products, services, or other concepts are feasible and marketable, try finding other professionals or businesses that are similar to your first or second choice picks and keep pitching your idea.

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Roger Due

Investing in Your Destiny® & Coaching Program - Wealth Building Summit Dallas, Texas

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