Picking out a strong circle of joint venture partners (also called JV partners) is an important expansion strategy to add to your business. Instead of trying to maximize the results of your business alone, you use the influence of others to help broaden your reach.
Think of it as building your close circle of friends. When it comes to your close friends, you support them and they support you. And although you’re similar in some ways, you’re also different in others, which you both value. This is a lot how joint ventures work.
You and your partners are probably similar in some ways and different in others, but by coming together to collaborate, you get to spread your circle of influence.
Top leaders in the coaching industry have JV partners because they know how important it is to exchange, collaborate and support.
Here are 5 reasons why you may want to have them too
#1. Nearly every top leader in the coaching world uses joint ventures. This is one of the most proactive ways to put yourself in the best circles.
#2. Even those who are just starting off are able to make strong collaborations. Once you get into the world of JV partners, you’ll notice how fast you make huge connections.
#3. It's a great way to get out of doing all the heavy lifting. When partners promote you, you’ve got someone there – helping you market.
#4. Save money on paid advertising because there’s no “upfront” fee to promote you.
#5. It's the perfect way to spread your message through the voice of another authority.
There are still some misconceptions that usually keep people from trying, and I don’t want you to be one of them. Here are myths about JV partners you should never fall for:
- My Competitors Won’t Promote Me: You’d be surprised at how eager your so-called competitors are to support you. There’s actually a shift happening in our industry where the spirit of collaboration is growing.
- Big Names Will Never Want To Promote Me: First of all, how “big” or “small” you are is all about your mindset. Second, if you’re offering something genuinely valuable that their list will love (while offering a handsome commission to go with it), they’d be glad to promote you. For more info on how to stand out to potential JV partners, read one of my earlier articles, How To Get High Profile JV Partners To Promote You.
- You Have To Have A Big List Too: Again, it’s about what you’re offering, not how large your list is.
- Good JV Partners Are Hard To Find: Partners are everywhere. You can check out social media, or even some of the people you follow and admire. These days a quick Google search can bring you tons of possibilities. Someone's bound to say yes.
I hope this gives you the confidence to go out and find potential partners. Once you find a list of good prospects, remember to connect with them coming from a generous and giving place rather than making it all about what you’ll “get”. Then watch how your circle of influence grows!
Did you find this valuable? Are you ready to find some JV Partners? Leave your comments below.