Using Joint Ventures In Your Small Business
Small Business owners are constantly trying to come up with new ways to generate qualified leads and get more clients. Quite often we come up with some pretty amazing ideas and concepts, however quite often we overlook the real simple and inexpensive strategies. One of the most basic ways to get qualified leads and referrals is through joint venture partnerships. So what is a JV?
Well a JV or Joint Venture is where you partner up with another person to pass business to one another. There are some great natural fits for JV's such as personal trainers with chiropractors or massage therapists or accountants with financial planners, however really any joint venture will work if you have the same sorts of people at both your businesses.
Joint ventures have loads of benefits, but probably the most important one of all is that they are a very qualified lead. They already trust one business and it is that business that is recommending them to you. Automatically you are being edified and promoted as a trustworthy person and business to use.
There are a couple of ways you can use joint venture partners. You could have a simple, I'll pass you referrals and you pass them back to me or you can pay them a $$ amount or % of the fee for passing you the referral. The 2nd option is a sure way to get referrals passed as the passer is making some money also on the deal. This concept is great as the $$ or % that you are giving them is what you would have spent on advertising and marketing anyway. The difference is that this lead always comes with a better chance of using your products or services has they trust the person who has passed them onto you.
Joint Venture partners do not need to be businesses with close fits to your business. Getting joint venture partners with large databases that could provide a quick hit of orders or clients instantly is the perfect catch. Make a list of all the different business or people you could partner up with. If you had 10 - 20 people who were passing referrals onto you, then you would certainly always have enough prospects to talk to.
Joint ventures are great and really should be explored more by small business owners; however the right mindset is also extremely important to have. This is not all about you and your business. There is a great philosophy used in one networking circle of 'Givers Gain' and this really holds true in forming JV's. You must be willing to help other businesses out, to form relationships with them and promote them more than what you expect to be promoted.
I know every day I will pass on close to 15 referrals to other businesses I know, whether I have a partnership with them or not, because that is my mindset in helping other people out. This mindset allows us to form brilliant relationships with other business owners and also our prospects and clients as we can help them out more and in different ways. There are joint venture partners everywhere all you need to do is ask.
Start with the big fish the ones you really want, the ones that could turn your business into an instant success. What's the worst that could happen, they say no? That's not too bad, move onto the next.
All the best in getting your 10-20 JV partners this week.
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