| Entrepreneurs are known for being creative. They | | | | partnership with a larger corporation, as long as you |
| have a knack for observing a particular market or | | | | have complementary goals. And don't think because |
| niche and developing a product or service that fits | | | | you offer a service, say, financial advisement, that |
| that niche. Clever entrepreneurs are also clever | | | | you could not form a creative and successful |
| marketers. And one great way to expand your | | | | arrangement with another business owner who |
| market and increase profits is by forming a joint | | | | manufactures fishing tackle. Having a win-win |
| venture. | | | | strategy, regardless of the industry or business size, |
| But should an entrepreneur or small business owner | | | | is the most important thing to keep in mind when |
| form a JV simply because they can? Not always. A | | | | looking for a potential JV partner. |
| successful joint venture requires careful planning and | | | | 3. Carefully Plan The JV |
| consideration. It may even require special research or | | | | The success of your JV depends upon the careful |
| resources for producing and packaging a successful | | | | planning that you and your partner perform in the |
| joint product. | | | | very beginning. You will need to negotiate your plan |
| A JV should be approached with the same respect | | | | together to reach a mutually beneficial agreement. |
| as any other business strategy. There are four | | | | You and your new partner will need to agree upon a |
| important strategic points that any entrepreneur or | | | | legal business type for your venture, as well as the |
| business owner should consider before partnering up. | | | | overall JV goals and the tactics you will need to |
| 1. Set Your Own Clear Goals | | | | reach those goals. |
| Though a JV does require joint strategies between | | | | 4. Nurture the JV Relationship |
| two people, your own goals are important for it's | | | | Remember that a JV is not just a business venture; |
| ultimate success. What do you want to accomplish? | | | | it's also a relationship. You'll want to continually nurture |
| Do you want more profits? Expanded markets? More | | | | the relationship with effective communication and |
| credibility and better reputation from an association | | | | cooperation. And don't forget to reward yourselves |
| with a prominent joint venture partner? Make sure | | | | for achieving goals. A good JV relationship will make |
| you know what you want before you agree sign on | | | | the road much easier to travel, and keep the venture |
| with a new partner. | | | | going for a long and successful run. |
| 2. Find a Complementary Partner | | | | Discover your potential joint venture. Get your |
| Knowing what you want from the joint venture will | | | | personal business goals in place and find a good |
| help you find a complementary partner. Keep in mind | | | | partner with whom you can work well. Keep these |
| that a JV doesn't have to be between two similar | | | | strategies in mind before you form your JV, and |
| sized businesses in the same industry. You may be a | | | | you'll have a much easier time getting a successful JV |
| small business owner and form a successful | | | | assembled. |