Key Things to Know Before You Enter Any Joint Venture or Partnership Project

When you get involved with another person or group of people, you need to go in “eyes wide open” as the saying goes. Your JV partner or group is going to reflect on you with their actions so you want to be absolutely sure it will enhance your image and boost customer confidence. It’s also important to be sure that all involved are receiving value from the arrangements. Here are six key things to consider before you enter any joint venture or partnership project.

Reputation: Check the feedback of sellers and the feedback of group as well as the length of time they’ve been in business. An established track record of happy customers speaks volumes about the way a business is run.

Attitude: How does the person or group treat others? How do they treat their customers? If you have private / closed-door access to the person or group, how do they behave in private? Is it an attitude you are comfortable with?

Target Market/Niche: What target market does the person or group reach? In some cases, you want to find someone with a target market similar to yours. In other cases you might want to look for someone who reaches a different segment of the market, to extend the market reach for both your businesses. This depends on the goals of the joint venture.

Marketing and Promotion: What methods are being used to promote and market the products? Does the style fit yours? If you are a low-hype person, and don’t like to be associated with certain marketing styles, watch for that. On the other hand, if you’re a very in-your-face excitement promoter, keep that in mind. You don’t want to get into an uncomfortable situation involving marketing ethics or promotion style. Consider also what the ongoing expenses of the marketing plans are and whether you’re willing to be committed to that.

Collaboration Opportunities: Does the joint venture provide more than just opportunities for cross-promotions? Will you be able to creatively collaborate with the people involved? Think about what future value a relationship might have.

Value: Overall, what value will the joint venture bring to your business? What value will you bring to the joint venture? What value will it bring the customers of all businesses involved? It’s got to provide value in all of these directions to be successful.

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And now, let me give you access to some great free resources for small businesses including 101 Free/Cheap Ways to Market Your Business, 119 Things You Can Outsource, and more at www.michelleshaeffer.com

Michelle Shaeffer has been a work at home mom for more than 10 years and loves to share the tips and strategies she's learned to help other home based business owners balance, manage, and market their businesses.

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