My first experience with joint venture occurred four years ago through the Warrior Forum. I agreed to market a product with a pair of businessmen from New Zealand. We verbally agreed to a fifty-fifty split of all monies made within the joint project we were undertaking and other details were pretty loosely touched on. I was comfortable with such a loose agreement because all the revenues would originally flow through my PayPal account. It was a novice’s approach to joint ventures, but fortunately it generated over forty thousand dollars of revenue so after expenses, we split a good profit evenly.
I wouldn’t recommend such a naive approach to anyone else, but I hear stories about other first-time joint ventures and they are frequently laid out in a casual way. Maybe for getting your feet wet in a business undertaking this is alright, although I imagine any lawyers who read this will cringe. The real point is that there is significant value available to people who combine their talents and resources in the correct ways.
Think about what would make your career, or your business, grow. Make a list. Is it profits, revenue, clients, more products, list building, or content that comes to mind. The possibility of you having more of any of these, or even all of these, depends on your resources. Joint ventures are an easy way to expand your access to more resources.
Easy Starting Points
If you are attempting to build your career with a digital project, such as a blog or an online marketing service, then joint venture is probably an attractive way of growing your career. But, how to go about your first joint venture? Here are my suggestions: identify what you really have passion for in your business, or your career. Be very honest with yourself and clear about what exactly it is that you are most excited about in your career. Then, make an inventory of your skills, areas of knowledge and other resources that are relevant to that specific area of your career passion.
This is the starting point. You want to enter into deals that will allow you to succeed and that depends on what you bring to the table. If you bring your best stuff, the area of your real passion, then you will be starting from a place that has enthusiasm and positive energy.
It’s important to think about what you are willing to invest in a business interaction. If you are merely looking for opportunity and financial growth, you are setting yourself on a path that leads to dissatisfaction and that can and often does destroy joint ventures. Search online for “joint venture”. There are a lot of articles about how to arrange a joint venture, what makes joint ventures fail, and what defines a joint venture. It helps to read about other businesses and how they have used joint ventures to their advantage. It’s a good thing to read for a few hours and figure out what JVs are all about.
After all this preparation there’s one other thing that you need to access: your traction in the marketplace. What are you bringing to the table? You’ll have to be able to sell yourself to a partner and to do that it’s helpful to have more than just passion, although sometimes just your passion will get you started.