Joint Venture for a Start up Business
Have you just started a small or medium sized business? Are you trying to go it alone, like thousands of other entrepreneurs? If so, you may be headed for failure.
Use a Joint Venture to Boost Your Start up Business
Christian Fea CEO Synertegic, Inc. a Joint Venture Marketing firm. Exemplifies how to profit from Joint Venture strategies, creating profit centers with minimal risk & maximum profitability.
Have you just started a small or medium sized business? Are you trying to go it alone, like thousands of other entrepreneurs? If so, you may be headed for failure. The old paradigm of competition-based marketing no longer carries a business to success. Without the addition of alliances and networking, you will not gain enough contacts and connections to sustain a small business model. That is why joint ventures can be a winning marketing model.
The Loner as the Tortoise
Going it alone, you may find yourself a lone tortoise on a barren highway. While the speed of business has moved on to new and faster highways of technology and methods, your startup is like a tortoise, plodding away on the slow road to building a business, hoping to find a customer or two along the way. The old saying, “slow and steady wins the race” rarely works for new startups.
Who’s In Your Rolodex?
It’s safe to say, the more people you know and the more alliances you have on your side, the more likely you’ll have access to help when you need it. If you’re a small retail business and your goal is to establish a marketing list in the thousands, how could you possibly get those numbers on your own? Joint Ventures can help you gather those numbers by sharing mailing lists, customer contacts, and pooling marketing resources.
One of the main purposes of a joint venture is to get your product to a wider market. Your joint venture network will increase your ability to market to a larger target market.
Business Network + Market Referrals = Success!
It’s true that start-up businesses always succeeded one customer at a time. However, getting that first customer or two is never easy. And the rate of referrals from one person to the next is a slow and business-killing process. But what if you had a network of business alliances and JVs who tell their large and established customer base about your startup? You could potentially get your first hundred, or even first thousand customers by simply having your JV partners give your business a “thumbs up” to their customers.
However, the road to power and profit doesn’t stop with your JV business network. Use the customers you gain as testimonials and spread the word via the referral market. Social media like Facebook and Twitter have helped businesses gain a tremendous customer network that was previously unavailable. Use that power and referral market network to spread the word about your business prominently.
Of course, this is not to say that all lone entrepreneurs will fail. It is just statistically a high probability. Don’t try to get your new startup business on the road to success by yourself. Start forming JVs and experience the power of a positive business network.
You may also like to visit other related articles about how to register a company, make money online, secure a business start up loan, BAS agent registration and start a small business in Australia.
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The review "Joint Venture for a Start up Business" was last updated on 30/10/09.
One of the ways I start JV partnerships is by searching out someone with a skill in a particular niche and having them go out and be the face of the business. They will provide all of the knowledge, I’ll work behind the scenes and market the site to get traffic and together we’ll share the profits 50/50.
Seems to be working pretty well so far and I get to work on exciting products that I wouldn’t otherwise be able to do using just my own skill set!