people fear (and minimalize) the things they don't understand.
And for most small business owners, this attitude holds
up with doing Joint Ventures as well as a means of generating
struggle along on their own then take the "risk" of
learning more about something they don't understand. (This is
often why you'll encounter resistance when you make propositions
and distribute JV proposals). The fact of the matter is that
a partnership with the right business can transform your results
in record time. And it can also transform your lifestyle.
simple concept of leverage is often scorned because it either
seems "too good" to be true - or worse - it seems
"wrong". I can't even begin to imagine how much these
myths are costing hundreds upon thousands of businesses - large
and small - around the globe today.
bring this closer to home...
tired of hitting brick walls all the time in your JV recruitment
campaigns because your prospects don't "get it" -
or maybe you're finding yourself skeptical or simply uninformed
of the realistic potential and statistical performance
that real-life joint ventures can bring to the table (and to
the bank account)...
So to clarify
things, here are 5 of the most common "JV Myths",
as explained by guest writer Habiba Abubukar...
Most Common Mistaken Beliefs About Joint Venture Marketing"
being the fastest, easiest, and most profitable
strategy for attracting clients and boosting profits in any
small business, there are so many other advantages of joint
venture marketing for all parties involved. So, why arent
all small business owners implementing joint ventures?
a partial list of the most common mistaken beliefs about joint
venture marketing. Ive picked the top five to shorten
your reading time, but you can listen to more mistaken beliefs
when you tune in to hear me being interviewed by Doug Hudiburg
Belief #1: That Theres A High Risk Of Losing Money.
like most small business owners, then the fear of losing money
is inevitable because youre probably on a shoestring budget
to start with. However, you cant lose money when youre
paying for results only. You only pay out a commission when
your joint venture partners clients buy from you. So,
you actually get the revenue before incurring the expense.
other pre-sale expenses are production costs and printing/postage
costs for letters, coupons or vouchers. Whether you do joint
ventures or not, these are costs youll incur anyway, because
youll need those coupons or vouchers for other marketing
tactics. So, the belief that theres a high risk of losing
money is misplaced.
Belief #2: That Youll Lose Your Clients.
clients will purchase other products and services whether
you like it or not. So, it would do your business good to
recommend what they purchase and make a profit from it.
recommending high-quality products and services to your clients
will strengthen your relationship with them. How? Firstly,
youre shortening their decision-making process by saving
them the time theyll otherwise spend on finding and trying
out those products and services. Secondly, by arranging exclusive
discounts and bonuses, youre saving them money. By saving
them time and money, youre adding value to what you already
offer your clients, and this will therefore strengthen your
Belief #3: That Doing Joint Ventures Will Eat Your Profits
business owners would rather struggle to get clients,
and get mediocre profits at best, instead of sharing the profits
with a joint venture partner that sends clients their way.
dont realize that joint venturing actually eliminates
the risk of wasting money. For
example, when you pay for an advert, you have no clue whether
it will generate responses or not. So, youll lose money
if the ad fails.
With a joint
venture, you only pay for results. So, giving a percentage of
your profits away has got to be better than flushing the money
down the drain
because thats what happens when you
spend $300 on an ad that doesnt generate responses.
Belief #4: That Joint Ventures Are Complicated
there are complicated joint ventures, but there are so many
simple and short-term joint ventures that a beginner can start
starts getting complicated when youre looking at joint
ventures like the one between Merrill Lynch and HSBC a few years
ago. The two banks combined logos and actually had a service
called Merrill Lynch HSBC, which had a building on Regents Street
in London. That might have been profitable for Merrill Lynch
and HSBC, but you dont have to do that if you dont
have the tools or resources.
business owner can do joint ventures that are a lot simpler.
For example, you could host a seminar with your partner and
both promote it to your client lists. Youll both walk
away with more clients and huge profits.
Belief #5: That Joint Ventures Require A Lot Of Time And Effort.
time and effort go into the preparation. However, joint venture
marketing is one of the very few strategies that dont
take much effort or time to implement.
If youre joint venturing with people that are in your
network or people that can be introduced to you by someone in
your network, then the relationship-building process is shortened.
This is because you and your joint venture partner already know,
like and trust each other, or you have a mutual friend that
introduced you to each other. For this reason, it can take
as little as thirty days to execute your first joint
On the other
hand, if youre approaching a joint venture partner that
is a cold contact, the time youre looking at is the
relationship-building time. If you have great networking
skills then you should be on your way in a few weeks or a few
short months. It simply boils down to evaluating each others
character and business.
© 2005 by Habiba Abubakar and Emprez. All rights reserved.
a.k.a. "The Profit
Diva", specializes in helping small business owners
who are struggling to increase their client base and are tired
of earning mediocre profits. The tips in this article have been
excerpted from her home-study program, "Joint Venture Profits
For Small Business Owners."
more about this step-by-step program, and to sign up FREE for
her revealing Mini eCourse, "The Easiest Way To Skyrocket
Your Profits In 90 Days Or Less," visit http://www.profitdiva.com