| If you are convinced that a joint venture can lead to | | | | partner is thinking, "What's in it for me?" Your job, |
| great profits and other benefits, you may be on the | | | | after establishing rapport, is to present exactly |
| hunt for a potential JV partner. You have the | | | | what's in it for him. Well before you meet with your |
| enthusiasm, the spark, and the drive to make a joint | | | | potential JV partner, you must create a list of |
| venture work. However, the only thing missing is a | | | | benefits that he will enjoy. These benefits could be, |
| partner. If you are going to recruit a JV partner to | | | | but are certainly not limited to: |
| join your venture, you need to build an irresistible | | | | * More profits - Who doesn't want to make more |
| offer. | | | | money in business? Show how the JV will put more |
| When you approach a potential partner for a joint | | | | money on his bottom line. |
| venture deal, you're really asking them, "Do you want | | | | * Less work - One great thing about JVs is the |
| to go into business together?" You must remember | | | | sharing of resources. Sharing the work load means |
| that they are already in business and the real barrier | | | | more time spent on developing his business or |
| you need to break down is their resistance and | | | | making money. |
| skepticism to joint ventures. How do you do that? | | | | * Bigger customer base - Don't forget that you both |
| Here are some tips you should use to build an | | | | will be combining current customer bases and building |
| irresistible JV offer. | | | | a new one as well. Get him thinking about his future |
| Build Rapport | | | | marketing contact list. |
| As a business owner or entrepreneur yourself, you | | | | Show Specific Details and Data |
| know that people like to do business with other | | | | Don't give vague figures and ideas like, "This will be |
| people they trust. You must present yourself as a | | | | great! We'll make lots of money!" You need to show |
| trustworthy and competent business partner. | | | | specific details about how your proposed JV will |
| Therefore, before you can even begin presenting an | | | | succeed. Work up charts, graphs, tables, or any visual |
| offer, you must present yourself. | | | | element that will help your target partner visualize the |
| Talk a while with your potential partner. Perhaps treat | | | | success of your proposal. |
| them to a meal (all tax deductible, of course) where | | | | Remember to keep it simple. Though you want to |
| you can relax and get to know your potential JV | | | | provide specifics, keep the details simple to |
| partner. Find the common ground you share, whether | | | | understand. A potential partner bogged down in a |
| it is being raised in the same state, growing up | | | | mire of confusing details may not be ultimately |
| cheering for the Cowboys, or being the youngest of | | | | receptive to the proposal. |
| siblings. Your common ground is the basis for building | | | | Your irresistible JV proposal is just the beginning of a |
| rapport. Find that connection that gets you both on | | | | potentially long-term relationship. Take the care it |
| the same level and playing field. | | | | needs to develop into an attractive and stimulating |
| WIIFM? | | | | offer. The result could be a "yes" on your JV |
| While you are making your proposal your potential JV | | | | proposal and great success with your venture! |