Manifest Money: Do Joint Ventures Apply to You?
Joint ventures are strategic alliances between two people or businesses. They are formal agreements to cre
ate a win-win situation. Let’s look at the case of the beauty shop and hair care products.
The beauty shop owner – let’s call her Sherry — benefits by offering their customers the convenience of buying familiar products (since the beautician used it on their hair). If the products are a well-known brand, they give her shop a stronger perception of reliability and legitimacy. Sherry gets to keep a percentage of all the product retail, so she’s created another revenue stream.
The products retailer gains a venue for sales. Beauticians automatically suggest the products, which is a strong recommendation.
This is a simple look at the advantages, but if Sherry and the retailer think creatively, they can come up with more potential benefits to manifest money, like offering gift cards and discounts.
Can Joint Ventures apply to you and your business?
There’s a good chance that you’ve already participated in less formal joint ventures. Ever car pool? Trade babysitting with another couple? Type up your older brother’s term paper in exchange for a ride to the mall?
Put that same approach into the more serious context of financial pursuits, and start thinking creatively. Whatever your business, you have options.
- Carpet Cleaning Company – Create a joint venture with a carpet retailer. Offer coupons to customers who are ready to purchase, in exchange for referrals from the company. Write a pamphlet on carpet car, with a coupon, for the retailer to hand out.
- Café or Diner – Create a joint venture with a large local corporation. You deliver lunch orders or a tray for employees to select from. The corporation benefits from having on-site lunch options, and you benefit from the free venue. This can easily be expanded to include gift cards, catered meetings, etc.
- Cookbook Author – Create a joint venture with a local restaurant that serves comparable cuisine. Share recipes while giving credit. The restaurant can sell the book, give discounts, serve a featured recipe or two from the cookbook and offer the book as a promotion. The cookbook can feature recipes and cooking tips from the restaurant, offer discounts, and even make appearances at the restaurant.
See how this works? Consider these other possible combinations:
Realtor + Contractor
Farmer + Grocery Chain
Broker + Financial Planner
Hotel Chain + Local Attractions
Airlines + Cruise Lines
You can see that virtually every business pursuit can benefit from joint ventures. To reap the same rewards, do your research beforehand and make sure that the terms are clearly defined and understood by both sides.
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