Joining together in a joint venture (JV) agreement with another person or business entity is a common way to join forces without changing the structure of either business. When you join with another business temporarily, you can share resources in terms of people, technology, and finances. This can make the combination stronger than each individual business.
Grow Your Business
By having access to your partner’s connections, you can get your business known by new people and new connections that you wouldn’t have access to as quickly otherwise. You’ve instantly expanded your reach exponentially.
Expand Your Brand
When you want more people to know about your brand, having someone else mention you, and you mentioning them, can create a discussion that helps expand awareness of both of your brands. This works wonders when paired with a brand that doesn’t compete with but complements each other.
Build Your Email List
By giving each other access to your individual lists, telling your lists about the other, some of the people will cross over to become members of both lists. This is a great way to build your list with targeted individuals as long as you chose a partner who sells complementary goods to yours, to the same audience.
Enter a New Market
There are often several markets for one service or product. Finding a JV partner who deals with a portion of your audience that you’ve never dealt with before is a great way to get your foot in the door to the new market.
Develop a New Product
Sometimes two entities can come together using all their resources and create a brand-new product that neither business could accomplish on their own. This is a wonderful reason to form a joint venture partnership. For example, two (or more) business owners could come together to create a live event, such as a summit, which is recorded to become a new information product.
Improve a Current Product
If you both already have similar products but both products are lacking, you could combine the good from each product or service to make a brand-new product or service that provides more benefits. By offering extra bonuses, such as freebies or discounted upsells, this is a win-win for all involved.
Bring in Skills You’re Lacking
If you are lacking in a skill and don’t want to outsource it, find a JV partner who has the skill that you don’t have. Then you can each do what you do best to contribute to the JV partnership.
Improve Your Authority Level
When you hang around other smart people, you become one of those smart people just by association. Surround yourself with really knowledgeable people in a JV partnership and you’ll achieve more than you thought.
There are many reasons to enter a JV agreement with the right person. But, before you get started, know why you want to do it so that you understand, based on your goals, whom you should work with. Remember – join with someone who has a complementary business to yours, not your direct competition, and not when it has to do with your main source of bread and butter.
Not sure where to find an ideal JV relationship or don’t have the time to reach out? We can do the research for you and make connections that would be a perfect fit for a JV endeavor. Contact us for information on how we could scale your business!