| Many people are apprehensive about approaching | | | | your partner will want to give his/her customers and |
| other businesses to suggest a joint venture. They | | | | subscribers a "special deal." So tell them that you're |
| are concerned that they might be asking too much, | | | | willing to make your product or service available to |
| or that they might offend someone. You can't think | | | | their customers and subscribers at a special |
| like this! Remember that joint ventures are win-win | | | | discounted price. That way, the partner can approach |
| deals that give all parties involved an opportunity | | | | their market as a "hero" who fought to get them this |
| profit! | | | | extra special deal. This will work in both of your favor |
| Simply follow these easy steps, and setting up your | | | | to increase sales and profits. |
| own joint ventures will be a breeze... | | | | 5. Take away all of the risk. |
| 1. Contact potential joint venture partners personally. | | | | This is really important. While you're emphasizing how |
| This is one situation where an e-mail just isn't going | | | | your partner will benefit from the deal, you should be |
| to do the trick. A personal phone call or meeting will | | | | removing all of the risk... explaining that they have |
| be more effective. You'll be taken much more | | | | absolutely nothing to lose. Tell them that the worst |
| seriously, and you'll be able to answer their questions | | | | thing that will happen is that they will experience an |
| right on the spot. Plus, it's much more difficult to say | | | | increase in their sales and profits! |
| "No" to someone you're speaking directly with than it | | | | 6. Make it financially appealing. |
| is to reply "No" to an e-mail. | | | | Don't be stingy. While it's important that you claim as |
| 2. Explain to potential partners exactly how they will | | | | much of the profits for yourself as you can, if the |
| profit from this relationship. | | | | deal isn't financially appealing to potential partners, it's |
| Here's another situation where focusing on how your | | | | going to be nearly impossible to get them to sign on |
| proposal will benefit the prospect is going to be what | | | | the dotted line. |
| closes the deal. If the potential partner can't see how | | | | 7. Make it extremely easy for them to do. |
| doing business with you is going to increase their | | | | Be prepared to do the majority of the work |
| sales and profits, why would they bother? And | | | | yourself, if not all of it. The more work you do, the |
| remember, when negotiating a joint venture, it is | | | | easier you make it for them. And the easier you |
| important to educate the potential partner on the | | | | make it for them, the easier it will be to close the |
| value of backend and residual sales, so you can claim | | | | deal. Best of all, though, by emphasizing how you're |
| a larger percentage of the profits. | | | | going to do almost all of the work yourself, you |
| 3. If appropriate, offer them a sample of your | | | | make it much easier to claim a larger percentage of |
| product. | | | | the profits. They'll be more likely to accept a small |
| Once potential joint venture partners have | | | | share because you've made it so easy for them |
| experienced your product or service, it will be much | | | | anyway. |
| easier to sell them on why they should promote it to | | | | 8. Get a signed contract that includes the commission |
| their customers and subscribers. It will be easier to | | | | terms and everything that you have agreed on. |
| explain to them why their customers and subscribers | | | | Before you start to reveal the really critical money |
| will view them as a valuable resource, and how they | | | | making details, be sure that you have everything |
| will not only enhance their image, but also increase | | | | signed and in writing. Don't share your most valuable |
| their profits by getting a cut of the additional sales. | | | | tidbits until you've done this, or your potential partner |
| 4. Offer them a special discount to give to their | | | | may just steal your ideas and use them him or |
| customers. | | | | herself to claim 100% of the profits. |
| It's good idea to emphasize that while your product | | | | I hope this tips can help you setting up your own |
| or service is already excellent value, you know that | | | | joint venture. |