Why Collaborate with Joint Venture Partners?
Collaborating with joint venture partners can be a highly effective and enjoyable way to grow your business. In this post, I share seven reasons why.
Keep reading to find out more, or watch this short video:
Expand your reach, visibility and impact – one of the things joint venture partners often do are promote one another. This could be in the form of participating in a launch, sending an email out to their database, interviewing you on a podcast or TV show, appearing on your show (and sharing their appearance with their audience), sharing your social media posts, inviting you to speak at one of their events, selling your what you offer through a sales team and much more. When I started out in business, I offered an emotional well-being programme for workplaces. Rather than knocking on the doors of individual companies myself, I partnered with recruitment companies, who offered my programme and taster events to their client base (my ideal clients). Very quickly I got exposure to the right people in organisations, who subsequently contracted me to deliver the programme to their employees. Obviously the more people you are helping or serving, the more impact you can have.
Develop better products or services – collaborating with partners could enable you to develop a better product, service or project than you could by doing it yourself. Especially if you need access to more skills and/or resources than you have available. For example, companies often collaborate to create films, build technical gadgets, offer flights around the world or build large construction projects. Some of the best products and services I have offered have been those I have co-created with wonderful business partners.
Generate more income – if the scope of your collaboration involves you being more visible, offering new products or services together or being paid to contribute to a project will increase your income. Assuming you’ve got all your marketing fundamentals in place including profitable pricing and effective sales funnels where relevant.
Increase your credibility – when you collaborate with partners who have a good reputation themselves, this gives you more credibility in the eyes of their audience as their support is a form of endorsement. This means that if they promote you to their audience, their audience is more likely to respond positively to you than if they came across you without their recommendation. Likewise, the partners you collaborate with will influence what others think and feel about you. Once you start collaborating with reputable partners, more doors will open and opportunities arise. Your partners are likely to introduce you to others too. All this helps to build and grow your reputation and business.
Pitch for larger contracts – if you’re running a small business partnering with others who offer something similar or complimentary enables you to for larger jobs or contracts. I remember when I started out in business, I teamed up with like-minded trainers and coaches so we could present ourselves as a collective affiliate group to larger organisations. We worked collaboratively together on some projects. Other times we simply referred business to each other. Those you may think of as competition could actually become your best advocates.
Emotional peer support – one of the things I enjoy the most about developing good relationships with partners is that you can build a good support team around you. I now have so many great partners if I’m facing a problem I know one of my partners will be able to help. If you’ve been in business a while you’ll know there are good days and bad. Having others you can talk during challenging times can be invaluable. Likewise, it’s good to have a team of people you can brainstorm ideas with.
Cover for when you can’t work – when you are running your own business there could be times when you’re unable to deliver what you’ve promised to your customers or clients. There is no worse time to go looking for people to cover or look after your customers that than when you’re in desperate need. It is much better to have developed good working relationships with partners over time who you can trust to provide a brilliant service to your customers, and not poach them.
I know that if I hadn’t developed relationships with the partners I’ve worked with over the years I wouldn’t be in business today and nor would my business journey have been as enjoyable.
Who would you love to collaborate with and why?
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.
Alisoun’s keynote talks, training, mentoring, and best-selling books Give-to-Profit: How to Grow Your Business by Supporting Charities and Social Causes and Heartatude: The 9 Principles of Heart-Centered Success have favorably changed the good fortune of thousands of people worldwide. She loves doing humanitarian work, fundraising and living by the beach in Scotland.
Alisoun is also the founder of a business training academy and has written the following free resources:
- Ebook: 101 Ways To Attract Great Clients, With Heart, Integrity & Social Impact (click here)
- Ebook: 52 Ways to Raise Funds for Charities and Social Causes Through Your Business (click here)
- Ebook: The 9 Secrets to Signing Up Clients Without Selling (click here)
- The Online Course Creator Checklist – download here.
You can connect with Alisoun here: