| Business owners have to be creative when it comes | | | | trip for every so many clients she sent to the agent. |
| to cost effective ways to promote a product or | | | | - Real Estate Agent/ Moving Company: The real |
| service. Advertising has its place, but it's critical for | | | | estate agent negotiated a discounted moving rate |
| any marketing or advertising effort to have a return | | | | within a local area for her clients. The moving |
| on it's investment. Joint ventures are an effective | | | | company received additional advertising in the agent's |
| and low-cost way to market your business and | | | | newsletter. |
| increase profit. | | | | - Small Pet Shop/ Dog Groomer/ Animal Shelter: The |
| The following are a few simple ways to step into the | | | | pet shop offered the groomer's services and helped |
| JV arena: | | | | to promote the local animal shelter fundraising events. |
| - Exchange links on your websites | | | | The groomer offered services to the shelter and the |
| - Include information in your newsletters about your | | | | pet shop. The shelter promoted the pet shop and |
| new JV partner | | | | the groomer to people who adopted pets. |
| - Display information on counter tops | | | | - Travel Agent/ Luggage Store/ Non-wrinkle clothing |
| - Place information in shopping bags, billings or other | | | | line: The travel agent promoted both the luggage |
| mailings | | | | store and the non-wrinkle clothing line. The luggage |
| - Share a booth at a tradeshow or event | | | | store included the travel agent's card and information |
| - Write articles for each other's newsletters | | | | about the non-wrinkle clothing in their luggage and on |
| - Provide prizes for fund raising events for various | | | | the counter. The clothing line consultant promoted |
| organizations | | | | the luggage store and the travel agent during her |
| - Become involved with a local non-profit event that | | | | consultations. |
| allows you to be seen as benefactors. | | | | By thinking of scenarios where both parties benefit, |
| Once you've done some brainstroming, search for | | | | joint venture opportunities abound. Pick a target |
| businesses and service providers in your industry or a | | | | market that you don't always reach, but your |
| cross-related industry and approach them with your | | | | potential partner does. Then brainstorm the type of |
| ideas. | | | | cross-promotions you would like to do. Once you feel |
| Here are some examples of creative joint ventures: | | | | confident in your proposal, bring those ideas to your |
| - Make up Artist/ Bridal Shop: The make-up artist | | | | potential joint venture partner and explain what it is |
| kept bridal shop and prom information in her kit and | | | | you envision. Be sure to highlight the benefits to him. |
| passed it to potential clients when she was out on a | | | | Also, make sure that you outline what the |
| job. The bridal store displayed the make-up artist's | | | | responsibilities are for each project you work on |
| information on their counter. | | | | together. That way, you'll avoid any |
| - Travel Agent/ Wedding Planner: The wedding | | | | misunderstandings. |
| planner kept the travel agent information available for | | | | Use joint ventures to increase exposure and profit. |
| her clients to book honeymoons and received a free | | | | Be creative and have fun! |