If you have had your own business for some time now, you have probably heard about the power of Joint Ventures.
We hear all the time that being a Lone Ranger is a long, slow and painful path to a successful and thriving business. And even though you may know that, it’s amazing how many of you still do that lone route.
I used to be a Lone Ranger too, so I get it.
You all have voids in your business. Empty spaces that you can’t fill either because you don’t have the knowledge or you don’t have the time and energy.
This is where Joint Ventures come into play.
Joint Ventures are one of the most powerful tools available when it comes to being successful in today’s business atmosphere, which can be very competitive.
When you Joint Venture with someone, you are basically teaming up with a partner or possibly a group of partners, to share your lists and knowledge.
A Telesummit is a good example of multiple partners gathering together with a common interest. There is the originator, or the host, who invites guest speakers and then interviews them on a bridge line. Each speaker markets her interview to their own list as well as Social Media.
This can offer a great boost of new names for the hosts list, which is a main reason why there are so many Telesummits in the coaching industry.
In addition to list building it is also a great way to get more exposure with you as the authority in the market place and best of all, offering the people on your list, topics or experiences that you were not able to offer on your own.
Let’s say you have designed this great program or product that you would love to offer people on your list.
Imagine if you invited five other people who have an audience that may be interested in what you are offering and they offered your product to their list.
You are now exposing your work to five other people’s lists! You never would have that reach if you did this on your own.
It’s also very common that an ‘affiliate’ relationship is set up between you and your Joint Venture partner. If one of the people on your partners list invests in your product or service, they would receive an affiliate payment.
The average percentage is between 30% to 50% of the sale of the product. There are times when 100% is the best.
You really want to give as much encouragement as possible to have your partners market your products to their lists.
In addition to an affiliate fee, it’s also very encouraged to make it as easy as possible for your partner to promote you.
Write up the solo emails as well as writing Facebook posts and tweets so it’s easy for them to cut and paste.
Let’s make this the year you really rev up your business while using Joint Ventures.
The rewards for both of you can be huge!
Action Step: Choose a product or service that you already have, or create one. Instead of promoting this to only your list, who else do you know that has a list of people that might be interested in what you offer?
Make a list of 3 groups. Your “A” list of people much bigger than you now, but maybe had some point would be willing to promote you. Your “B” list is a group but has a lot of potential when it comes to promoting you and then your “C” list, which you are pretty certain they would help promote you even if they don’t have the biggest of list.