How to Make Money in Joint Ventures
Joint ventures are one of the quickest ways to generate a considerable amount of income within a reasonable short period of time and are one of the many techniques that successful people regularly use to increase their profits for a minimal outlay.
What is a Joint Venture?
A Joint Venture is simply where you agree to work ‘jointly’ with someone who:
a) You can either market and sell to your customers, or
b) Who has a database of customers that you can sell your services or products to.
For example, lets say that you have a product or service that you currently provide that you know sells. It has been tried and tested in the marketplace and the feedback you have is good. In short, either you or your product has a good reputation. Now, if you want to increase your sales what you need is a larger market to offer your product to. So lets say you come across someone who has a large membership of database of clients / subscribers / customers who is also involved in your industry sector and you feel that your product or service could be of value. If they were to market your product or service by recommending it to their client base (recommendations are always the best referrals) that could easily increase your sales at little or no cost to you.
What’s in it for Me?
However, the person with the potential list of clients should also get something in return. Think about it, why would they want to offer your product or service if there is no direct benefit to them? There has to be an incentive for them. You have to answer the; ‘What’s in it for me’ question. So if you were to offer them a percentage of the profits made from their list that may be enough of a benefit for them to at least consider your offer don’t you think? In short they get money for doing nothing more than recommending your product or service to their clients whom they already have a relationship with.
What if I don’t have a product or service or if I have no track record?
Joint ventures can also work the other way around too. Lets say that you have a large client database of people who have either used your services or bought from you, but you have nothing to sell, possibly because you may have just started out in business or are looking to start up. You may even want to earn some additional income on a part time basis with the aim of eventually leaving your full time job to work for yourself and enjoy the freedom that self-employment brings.
You could earn a good income by either promoting somebody else’s services or products. Lets face it, most promoters in the sports world earn more than the celebrities they market over the same period of time and they don’t have to put the same amount of hours in to do so.
If you have ever had to write a training course or a book or create a saleable product you will know how much time, effort and investment is required. Yet if one already exists that is already selling well – so it has been market tested – why not do a joint venture with the person or company offering it. Think about it. If I came to you and said “John, I would like to offer your product to my clients and give back to you 50% of the profits of any sales I make, would you be interested?”, what would you say?
One person actually did this with me a few years ago. He asked me to speak at a seminar he was intending to run on Reasonable Force. In short, what he wanted to do was use me to make him money. He didn’t offer me a fixed fee, he offered me 50% of the profits from the event if I worked with him on a joint venture basis if I would simply advertise and market the event to my client base. He would do the same and also make all of the arrangements for the venue etc and deal with the bookings and administration. I agreed. The event was a complete success. Approximately 125 people attended at a cost of £225.00 per person. The day grossed £28,125.00 and we both walked away after costs had been deducted with over £10,000 each for one days work. Get the idea?
Get Creative – Not Intelligent
Most people think that to be in business you have to be intelligent. That simply isn’t the case. But you do have to be creative. Think outside the box and don’t fall into the trap of thinking that you have to do it all yourself to make money.
In NLP there is a simple saying;”If you want success copy what successful people do and how they do it”.
There is no need to re-invent the wheel. If someone is doing something that is already working then try and persuade them to work with you to.
See you on the 26th August?
We are hosting a one-day Business Marketing Training Day on the 26th August where we will be discussing the issue of joint ventures amongst many other business marketing and income generating concepts as well as the opportunity to get involved with another day where we will be showing you how you can access Millions of Pounds of Government funding for FREE!! Yes FREE.
See you on the 26th.