Choosing Joint Venture Partners is not a relationship that should be rushed. There are many factors that are involved when finding the right business and individual with whom to team. We recommend the search starts with you.
A great way to prepare for this new venture would be to self-evaluate.
- Clearly evaluate the current status of your business and compile a list of pros and cons.
- Honestly evaluate your ability to communicate in both professional as well as personal situations.
- Make a list of goals that a JV Partnership could help you accomplish.
- Organize your thoughts on business tactics that attract you and repel you.
Now that you have taken the time and evaluated yourself and your business it is time to focus on the matter of potential JV Partners.
Is it s match?
It is a wise decision to choose a business similar to your business, in both size and compatibility.
It’s all about doing your research. When you have a few options from which to choose, you will want to contact them and arrange a meeting. Be upfront about the arrangement; broadly mentioning what a possible partnership could offer for both parties. Be sure to be confident about the partnership potential.
During the meeting, connect with them on a professional and personal level. If your goal of the partnership is specifically marketing then you will need to express your compiled ideas. It is also perfectly natural to ask a willing participant to do their own evaluation to bring and discuss to a future meeting.
A successful partnership relies on compatibility and communications.
A newly formed partnership should consider starting small to test the water. After the completion of the first phase of evaluating the results for both parties, you could meet again to discuss further activities and negotiations.
When negotiating new strategies, be sure both parties are incorporating feasibility.
The long-term goals of Joint Venture Partnerships usually revolves around the ability to cross-promote and market both businesses.