Advantage of joint ventures

The thinking behind joint venture

Joint ventures are an interesting concept that can have dramatic effects on your business, including your business online. I learned first of the joint ventures when I was in the company of the mortgage. Before that I have in this, its important that you know what are joint ventures.

Joint venture partnerships are a mutually beneficial commercial agreement where two or more parties are together to improve their business.

What does all this mean? In addition, very simply, we work together and I scratch your back and you scratch mine. In the mortgage sector, a joint venture that I were real estate agents. Think about it. They needed to sell houses, and I had buyers who are approved to buy houses. This has led to the constants back and forth references which was beneficial to each of our businesses.

When we think of an online business, joint ventures are very similar. In fact, I have discovered about 3 different ways that you can associate with someone to explode your business.

What are the other benefits of a joint venture?

A joint venture can offer introduction to new geographic markets and new points of distribution.

An exceptional and extreme example is a small company called Microsoft. The leader of this small business had some software called MS-DOS and any client. It reached an agreement with IBM that made computers and which was already a business known and respected in the computer industry. They also had a large number of clients. The agreement was for each sold computer, it would have already installed with the agreement that this company shortly called Microsoft would give upgrades for the lifetime of its MS-DOS software. The rest is history, and he was the head of this small time company a billionaire at a time when he was 31 years old.

Another advantage would be the mutual use of experts in other areas of expertise and or technology. Using the example above for this point, the computer company has a great writer and software company programmers are not good to explain how this software works or what it can do. Writer of the company of the computer can then serve as a tutorial on how to use the software with the tutorial on how to operate the computer. This will then be using the computer and the software much easier for the client. This promotes the brand for the software company loyalty and the computer company.

Marketing costs are shared. You now have more exposure, but your marketing budget is the same as before. You get twice more for the same price.

You can now offer your customers new products or services and also increase your credibility by being in partnership with a company already deemed and mark.

You make the learning of the other valuable skills and knowledge.

The ability to find and target new markets is simplified.
These are some of the benefits, the list is endless. As you think to do a joint venture that you will meet many more and some may be specific to your business.

Then what to do then?

Then just how are you going to do to set up a joint venture? It would be possible to go through the journals, the yellow pages or search for web site for businesses that are in your market target. These research companies and then contact them with a proposal.

We suggest that you first find who has the necessary reputation and the necessary credibility in your market target. This may very well be contacts you already have. It is a faster way to start because someone you know and have a relationship with would be easier to talk to a joint venture.

There are a few other excellent places to find a willing joint venture partner.

Seminars or workshops
People who are serious to expand and grow their company will spend money for the information of this type of activity.

Suppliers of the company or other business contacts
If a mutual friend who is respected by both parties makes the introduction, part of the process is done. It's almost like an endorsement of a third party. It can go along the way to build trust with your potential partner.

Join the forums and online discussion groups
This approach has a double advantage. It will not only expose you to experts in your market target, but you have a chance to evaluate them to determine if there is a person you want to be associated with. It will give you an idea of what is general opinion of market credibility and reputation of the potential partner.

You can also join an association of members. These associations will normally provide a list of members which may give you the contact information, website, if any, and also the name of the company. It can even send regular newsletters or organize monthly events that could lead to some face to face meetings with potential partners.

Visit http://www.MorningSolutions.com for more quick tips and tools of venture information and marketing by dump j. Clark.

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