Let’s explore some of the tactics he has effectively used to become so successful! But first, let’s start with the definition of a joint venture: A good old-fashion partnership with a simple “strategic twist”.
Joint ventures give you the opportunity to create add-ons for your business, enter new markets, gain access to other companies’ resources and more, all while expending minimal effort, time or risk.
Sounds almost too good to be true? The truth is, you too can leverage this powerful method.
Your competitors and the consumer marketplace want to commoditize you. They want to reduce your diligently crafted contribution to a mere commodity. Why? Because it would make it more difficult for you to differentiate yourself and maximize any form of profit.
Joint ventures are one of the best ways to enter the market and gain access to people’s trust. In fact, it’s one of the most powerful ways to make this preemptive move. If you execute it wisely, you can get someone else to champion you and put you in a position where your clients see you as their trusted advisor.
The joint venture process allows you to skip the ardous process of slowly trying to convince people to trust you, saving you time and effort. Thus allowing you to immediately achieve your objective.
Leveraging on Strategic Partners
Strategic partners (or joint ventures) are partnerships where you combine your resources in any given area! From frontend staff to backend operation, searching for new ventures can get you discounted prices from buying in bulk together or reduced operating costs.
Other examples would be latching on the goodwill that someone’s already built, or giving someone an option to remonetize their inactive buyers — all with each company contributing a significant part of the deal.
Why you need to use joint ventures?
Essentially joint ventures allow you to elevate credentials, your presence and your perceived value in the industry, by tapping other’s resources and sharing your own. This would efficiently help you to achieve top-line growth, greater profitability, and enhanced business success. The advantages for everyone abound.
In many joint venture relationships, for a relatively low cost you can instantly get access to other company’s leads that may have cost them millions of dollars to build up. There so many ways to form a strategic partnership:
- You can work with suppliers, who provide products or services
- You can work with companies who also serve your target audience
- You can work with companies who provide pre/post products or services for your clients
- You could be a middleman and bring 2 entities together
- You can do it as a business owner, sharing resources and expertise, be it consulting, marketing training, services. Any quantifiable package that would result in increased savings, profits, greater production, etc.
- You can use it to acquire rights and/or control of items
- You can license, sell, or rent your client lists, assets or knowledge to other companies
- You can create multiple passive income streams
The beauty of all of this is that you are only limited by your ingenuity and your ability to see overlooked opportunities!
Here are 10 Ways Joint Ventures can make you truly stand out
1. Expand your business (outreach and speed)
A strategic partner beyond your industry could allow you to leverage their infrastructure and capital. The possibilities are endless!
2. Improved product development
By acquiring, licensing and packaging your products, you can attain a product line that can be integrated into your system efficiently – sometimes even overnight. Instead of wasting tens of thousands of hours or millions of dollars, on testing and developing your own products.
3. Extend your business by bringing in new products and services.
Why would you solely depend on a single, isolated product or service when you can better serve your clients’ needs in ever-increasing ways. Bring in related products or services that would give them a holistic experience, which would lead to greater client satisfaction and loyalty.
4. Expand market sector development.
Immediately penetrate new market sectors.
Joint ventures are a powerful yet safe way to diversify and hedge your investments to spread your assets across different industries. It is an awesome way to bring more streams of income to support your business. In addition to that, there would be minimal risk and you can maximise your bottom-line yield.
6. Create new businesses
New business units that can be variated, diversified, sold, or borrowed against to provide new sources of revenue. This would also reduce cost and create synergies for your company. Furthermore, you can be the middleman and bring companies together to increase sales. You can multiply your profits by a few folds for no cash, no extra people, no time on the part of the other side — and if you choose, on your part as well. You can lower the barrier to entry.
7. Enhance your competitiveness in existing local, national or international markets, and immediately increase your market penetration ability
You can boost your company’s client base. Your company can sell repeat or back-end products, from which you can make a tidy profit for little to no up-front risk.
8. Massively boost your market and online presence
As a direct result of Jay’s joint ventures with other people, if you search up his name on Google, you would get (as of this writing) 430,000 hits. He has 300 “name brand” people that recommend him. He does joint ventures for people all the time, and sometimes they don’t even make money — but it makes him larger than life. He attains worldwide exposure and in all sorts of places, because he understands the mindset that the back end is where you can make a fortune.
9. Enter new markets
Joint ventures give you the opportunity to tap on other people’s accumulated knowledge base efforts, learning curves, and developmental research expenses. This makes expanding into other industries much easier and faster.
10. Expand your horizons
Be observant and you would discover that there are truly so many ways of making a ton of money either for your business or as a middle man. You’ll be surprised how you can actually acquire businesses for nothing, assets, licenses, distribution channels, sales forces.
In each industry, they tend to use different marketing methods to get customers. It can be through search engine optimisation (SEO), Google pay-per-click, social media marketing or lead generation services, the possibilities are endless.
Doing business as an island is expensive
Most of us do not have the resources, network, capabilities to know how to get them. We would have to carry out insane amounts of research and cold calling. We probably need to hire a lot of people as well to execute our operations. Even for advertising, we would have to spend long amounts of time creating campaigns, correspondence, and handling staff.
Hence, the verdict is that your most efficient way out would be a joint venture! We do not live in silos, so neither do we have to carry out of business in such a way. Tap on your network, goodwill and resources to achieve tremendous success and attain huge amounts of profits!