for more information, visit: http://vitalygeyman.com/joint-ventures-and-business-collaboration-strategies In this video we talk about Joint Ventures and Business Partnership Strategies for Business Development. At first it may sound like a complicated process, but it is not. Simply speaking, it involves finding someone who is already serving your potential clients and who you can work with in leveraging your time and resources.
For example, it may be one of your vendors who is supplying you with stationary and also supplying similar products to other clients who are your target audience. You need to identify something of value that you can give to this partner to help them with their business development and in turn they can promote you.
But remember, never approach anyone with expectations that they will instantly promote you. You need to first establish a relationship and give something of yourself. That is the only way to build a business partnership.
So the first step is to sit down and write a list of all potential businesses you already are in relationship with that you can approach. It could be your accountant or your lawyer, even your hairdresser. Be creative and you will find there are many people already within your sphere of influence that have your target audience.
Then simply think of all the things you could give them to help them with their business. It could be an information product, some coaching or anything else not even related to a business. The key is to give first. Because when you give it shows that you are genuine and you want to help. In time others reciprocate in return.
Sometimes you can give to one person or business and the reciprocation comes from a whole different source. The universe is unpredictable in this way. So it is not tit-for-tat as they say, stay open to all kinds of possibilities.
The formal way of doing joint ventures is to create a joint venture agreement. The joint venture agreement spells out what each party is responsible for, so there is no misunderstanding. However, in many instances this is a verbal agreement. Still, it is really helpful at least, to have something in writing, even if it is just by e-mail. This way both parties are clear what is expected of them. There are many more joint venture and business partnership strategies for business development, but you need to start small and grow organically.
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