Doing joint ventures in your marketing allows you and another entity to combine the strength of your marketing efforts to build more sales revenue.
Perhaps the biggest advantage of joint venturing is that you can make money without spending money. For example, you might be the one to invest your time while your partner contributes the financial capital.
In this video, filmed at a Bonus day during the Titanium Mastermind in the Bahamas, Tiji Thomas talks about the ingredients of a successful joint venture.
A SUCCESSFUL JOINT VENTURE
For an example of how joint venturing can add immense value to two different businesses, look no further than this story.
A bookstore was selling millions of books a year, and one of its best-selling categories was books about cats. Meanwhile, there was a cat food company that sold organic cat food.
The two companies did a joint venture, and phone sales reps from the cat food company called up the buyers of books about cats. They ended up selling hundreds of thousands of dollars worth of cat food.
If you don’t have money, but you have time, think about how you can help another business in return for your own benefit.
THE PROS AND CONS
In some cases, joint venturing involves developing a new entity and new assets, to which both parties will contribute equity. They will then share all the revenues and profits.
Assuming that you are forming a new entity, remember that you are giving up a share of the control of the company. This can lead to disagreements, so make sure that you research the laws in whichever jurisdiction you are doing business.
That said, the pros of joint venturing usually outweigh the cons. Joint venturing allows both parties to share the burden of a new project, pool their capital and their expertise, and reduce risk.
The MOBE Titanium Mastermind goes into more depth on this topic. Members learn how to do joint ventures and scale their businesses through successive revenue ceilings. To learn more about the Titanium Mastermind, click HERE.