For the ones who ask: Hey, what is Joint Venture?
A: Joint Venture (JV) is a collaboration where all parties can distribute their marketing message to more of the right people for mutual benefit.
You know the big names you follow online, and they send you an email with a link to another entrepreneurs product that they think will help you and your business?
That is a JV.
It’s not a scam.
It’s just business. Damn good business if you ask me!
It’s a win-win-win situation and I love that!
The good news is that you don’t have to have a big name or even your own product for JV partnerships.
We won’t dive into the details of JV, at least not in this post.
Instead, we’ll focus on two big, perhaps the two biggest, mistakes online entrepreneurs do while doing JV’s.
JV’s can be very successful and effective, but they probably won’t be in the beginning when you don’t know how to prepare and set them up properly.
Hey, it was the same for me…
That’s why I’d like to share the top two Joing Venture mistakes online entrepreneurs make.
Mistake #1 – Focusing on Your Own Needs
“I wan’t to earn money”
“I wan’t to grow my business”
Don’t get me wrong, these are GREAT goals to have.
But they shouldn’t be the reason why you do Joint Venture’s.
Instead, you can turn it around and focus on serving other before serving yourself.
When you go in with this mindset, when you ask someone how I can help you, serve you, how can I support your success, JV can be very powerful.
Make sure to focus on how you can help your audience and then how you can help a potential JV partner.
Mistake #2 – Pitching Without Building a Relationship First
“It’s all about whom you know, not what you know”.
Well that’s kind of true.
There are so many businesses out there, why should someone partner up with you?
A personal connection between two JV partners is a MUST in order to have a successful JV partnership.
Your partners will go the extra mile for you.
So, instead of just making a list of potential JV partners and then reaching out to them pitching your potential partnerships, start with creating a better, more personal connection with the people on your list of potential JV partners.