Partnering with other entrepreneurs and forming joint ventures can be one of the fastest ways to get ahead in business.
Kevin Harrington has been forming partnerships and joint ventures his whole life. He owes a lot of his success to partnering with billion dollar companies and business people more experienced than himself.
In this video, filmed at the Titanium Mastermind in Cabo San Lucas, he talks about a few of his most successful joint ventures and the benefits he got from them. Pay attention to the lessons, because they apply to any entrepreneur doing a joint venture.
The most successful partnerships are the ones built on complementary resources, skills or talents.
In 1991, Kevin Harrington formed a partnership with Home Shopping Network. He knew how to produce television infomercials, and he knew Home Shopping Network would be interested in a joint venture because they had products to sell.
In partnership with people such as Suzanne Somers and Tony Little, Kevin formed a company called Home Shopping Network Direct. The company benefited from Home Shopping Network’s product range and Kevin’s infomercial expertise.
Later on, Kevin joint ventured with Guthy-Renker, famous for Proactiv. The founder of that company, Greg Renker, was a specialist in beauty products. Kevin, on the other hand, was more experienced with gadgets such as juicers, knives and fitness products.
Again, the venture was a successful one, because what was one partner’s weakness was the other partner’s strength.
Find people who have the resources you lack and lack the resources you have, and partner with them.
LEARN FROM THE BEST
Kevin Harrington learned a big lesson when he and Greg Renker were selling Tony Little’s Gazelle exercise machine.
One time, Greg asked Kevin, “what can we do for continuity?” In other words, he was asking how they could make back end sales to Gazelle buyers.
Kevin said there was no continuity with this product, because people are highly unlikely to buy multiple copies of the same exercise machine. However, Greg knew that customer acquisition is expensive and back end sales are the only way to make the big money.
Greg suggested to sign up Gazelle buyers for a free trial of a vitamin supply subscription. This is something Kevin would not have thought of. His approach to business totally changed because of the partnership.
Partner with people who are more experienced than yourself, and an expert on what you are not. That’s how you gain knowledge and grow as a business owner.
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.