What is a Joint Venture Partner?
A joint venture partnership is a strategic relationship that enables you to leverage your business to increase your impact and boost your profits.
Keep reading to find out more, or watch this short video:
Effectively it is where two or more parties (joint venture partners or JVPs) come together to meet a specific business purpose. A few examples of joint venture partnerships you’ll be familiar with include:
Airlines who collaborate with one another to share planes, flight routes, offer more comprehensive reward schemes or airport facilities etc. One example would be Virgin Atlantic and Delta with many of the other airlines now being members of larger strategic alliances to enable them to operate flights around the world.
Film producers collaborate with many different parties to acquire all the expertise, resources and distribution channels they need to make, promote and deliver films as large an audience as possible.
Supermarkets who offer own-label products and services. In most cases the supermarkets are not manufacturing these themselves, they are collaborating with other businesses who make them and then package them in the supermarket’s name.
Financial products and services. When I was in the investment world, I worked for an investment company who collaborated with one of the large UK banks. This enabled the bank to offer good investment products and services to their clients. We as the investment company invested their clients’ money and serviced the clients on an ongoing basis. In other words, we managed the money on behalf of the customers who came in through that bank.
There are many other different examples of joint venture partnerships.
When it comes to you and your business, the strategic partnerships you could develop will also come in all sort of different guises, depending on why you want to collaborate and the type of joint venture partner you want to collaborate with.
I share more about joint venture partnerships in my blog Why Collaborate with Joint Venture Partners?
If you have any questions, please do share these plus any comments you’d like to add below.
Often described as one of the most authentic and inspiring souls you can meet, Alisoun is on a mission to empower business owners and entrepreneurs to grow fulfilling profitable businesses that make a difference in the world.
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