Planning and executing your first joint venture is going to require that you leave your typical comfort zone. Some people hate doing this and others are fine with it. For some people, fear stops them and it is important to be able to confront this. No matter what size of business you are operating, you can do a joint venture. It is important, however, to be sure that both you and your partner are good matches for each other.
When it comes to business communication, it should be sweet, short and to the point. This same logic applies during the times that you are inquiring about joint venture partnerships. In addition, do not make the other business mad by using marketing hype. When contacting the other business, state your reason for calling them, or this can be done in writing. You should not write too long of a letter. But, you have to present yourself well. You can get to this at a later time. Always highlight the benefits of doing a joint venture.
You have to be able to provide your potential partners with a strong incentive to want to conduct a joint venture with you. Your efforts must be especially focused if the business you’re contacting is a leader in their industry. You shouldn’t have the attitude that they are going to be impressed with your offer. Larger companies are approached constantly with offers of every description. What this means is that you must have something truly valuable for them if you want them to take your offer seriously. You need both a great offer and a polished way of presenting it if you want to make any inroads. If you’re not sure you have what it takes to land a mega JV, why not get your feet wet and try some smaller ones first?
Try to keep an open mind if you take on a joint venture with a major company. There are many possible scenarios with JVs, and you may want to make a small sacrifice for a greater cause later. Check out Ejobsearch.org for more business and marketing tips.
An incredibly common experience for the larger JVs is the forming of a company that is solely about that JV. It’s a situation in which you will own part of the company and that is a term that you will need to negotiate. There is a lot more to this than the amount of the company that you will own and you might find other factors a lot more attractive. Negotiation is required for everything which means that you are going to have to make an important decision about each of the terms that you will deal with. Every day, you see the results of a profitable JV. Each business has something to offer. They are linked by what they do together. What is occurring is a cross-pollination of promotion for each business. Regardless of what your business is, you can still do this, even if you run your IM business on your own.