Joint Venture – 7 Tips to get your Joint Venture Project Started

Yesterday, I talked about Joint Venture – 7 Reasons Why You Should Consider A Joint Venture. I have cited 7 reasons as to why you should highly consider a joint venture. Now, you may be all wondering as to how you can start a joint venture with another person or another organization.

Online joint venture is probably one of the easiest ways to create wealth in the modern world. Everyone nowadays is looking for the easiest, fastest way to make lots of money now. I have not met anyone who said otherwise. Joint Ventures are considered an essential part of growing your business and becoming successful.

However, why is it that some entrepreneurs are so scared of joint ventures? Some entrepreneurs view joint ventures as something that is overwhelming and also they must have heard of some people failing it. But that should not be a reason as to why you should not try joint venture.

Most people send out hundreds of joint venture proposals but none of them return with a favorable reply. So what are these people doing wrong? What are the things that we should remember on our road to joint ventures? Here are some things to consider if you are planning on joint ventures:

1. Once you have made up your mind on working towards a joint venture make sure that you have already established your business and you know what you want to do joint venture on.

Have a specific project in mind and have a clear picture of what you want to happen with the joint venture. Many of the people that you approach may already be receiving several offers, so preparation is the key.

2. After a careful consideration you can now decide on who you want to have for this joint venture. If this is your first time to form a joint venture then you are not yet sure on who will be the best partner for you. It would be better if you can do an extensive research to find the best candidate for your project.

In choosing the best candidate for your joint venture it is advisable that you take a closer look at your own business. What business are you into and what will compliment it?

The internet will provide you with the necessary information that you need or you can go about asking around forums, newsgroups, etc. Once you have done a thorough research on possible partners, pick a handful that you would seriously do a joint venture with.

3. In choosing the best candidate for your joint venture project you must look into growing sites within your niche market. List down the websites that you have and proceed to Alexa.com. This is a very useful tool in determining the growth rate of your prospects and you can also use the “way back” feature to get an idea about how much work they have put into the site.

If this is your first joint venture project then you might want to get in touch with smaller and slower growing sites first. Why? Because you are more likely to get a reply from them and reciprocal link from a smaller site if you are just starting out.

Through this you slowly build your ranking and in the long run you can then contact bigger websites. If you contact bigger and much more established sites then you most likely will get a “No.”

4. Once you have ranked your prospects now is the time to write your joint venture proposal. A proposal can be made in numerous ways. You can send out an email, call them up or even send a post card.

The important thing is that you format your proposal in a professional manner and since you are competing with others your proposal should stand-out. In short it should make an impression on your prospects.

If you are going to write proposals make sure to avoid at all costs writing a generic joint venture proposal. The email subject itself should be able to capture their attention right away. All your efforts will go to waste if the receiver is not compelled to open your email.

One of the secrets to a successful joint venture proposal is to prepare a professional contact letter that clearly states the benefits (percentage of sale) that your soon-to-be-partner can expect. Another key point that should be mentioned in your joint venture proposal is how many sites you are linked with and their average page ranking.

I would also suggest that you test your sales letter beforehand. It would be in your best interest to let your prospects know your conversion rate, the amount of money that you will pay them and what tools you soon-to-be-partner can use.

5. Another thing you can do to convince a potential joint venture partner is doing an act of good faith. What do I mean by this? It means that prior to or while waiting for their reply you can create a link on your site to your soon-to-be-partner’s website. If possible you can use their company logo or if links are available you can go ahead and use those.

6. Once you have sent your joint venture proposal the waiting begins. In under no circumstances you should expect an immediate answer. Your soon-to-be-partner have to think and wait it out before he responds to your proposal.

It is fully understandable and also normal that you are overly excited about the thought of forming a joint venture. However, there is sufficient time for thought. Your idea is new to your soon-to-be-partner and they require time to think over your proposal.

7. Some people are known for not being patient and we all know that nothing comes to those who do not wait. Always remember that in our quest for joint venture we do not ever stick to our guns, basically we do not give an ultimatum to soon-to-be-partners.

If ever you do not get a favorable reply do not let that get you down, there are hundreds if not thousands of potential joint venture partners out there.

Everything will need to be negotiated. Keep in mind that a joint venture will bring in profits, more contacts and consumers, and a new business partner.

Hence, in order to demonstrate that you are a smart entrepreneur, you will need to negotiate tasks and profits. This will show your partner that you are willing to work with them.