All around our economy, we find evidence of successful joint ventures. Look in the newspaper. Watch it on the news. Find it on billboards and advertisements. The most popular JVs have exerted a large influence on our society, our economy, as well as technological developments.
In America, and in most advanced countries in the [...]
Your joint venture is not just a way to make work easier for you and your JV partner. You have joined forces to benefit your mutual customers. This ultimately translates into shared JV success. When you focus your JV efforts to satisfy customer needs, you must create a Customer Value Solution (CVS) that will [...]
When you think about a successful joint venture partnership, you probably know the already proven success strategies, such as shared customer contacts, bigger markets, and bundling products/services. But most entrepreneurs and small business owners miss some of the other obvious JV strategies that can lead to cost savings and more revenue.
1. Share Office Space
Sharing a [...]
A joint venture can be challenging, not just in the sense of business success, but of psychological success as well. Within your joint venture is a dynamic between you and your JV partner that requires careful maneuvering, much like a courting ritual. There are careful dance steps, communication gaps, and misunderstandings. And until you find [...]
During your ongoing business dealings, you may find that your markets change, your customers grow and diversify into other demographics, and even your products or services may modify into something new. This can also be the case for your joint venture partner’s business as well. If you find this happens and your JV cannot adapt [...]
When most business owners and entrepreneurs think about forming a joint venture, it is usually during positive economic times when business prospects are good. But what about forming a JV during a recession or when an economic downturn affects the region of your business?
Case Study: When the Times Get Tough, Capitalize on a JV
That’s [...]
A joint venture is a proven method to increase your marketing and sales - with a much lower risk that doing it all yourself. Since you share resources, costs, supplies, and contacts, the risk is spread between you and your JV partner. You both agree to share the profits (and losses) that are realized from [...]
Forming a joint venture partnership can be a big step for many entrepreneurs and business owners who have made their own empire all by themselves. However, if you are a delegation-style business owner, you may have reservations about entering into a JV with another business owner.
If a JV proposal looks enticing and [...]
You have an online business that you started from scratch. It has grown steadily over the last few years, and you make a small profit from your endeavors. However, it hasn’t grown as quickly as you first imagined, and the profit isn’t enough to pay your Internet bill each month, but not your rent and [...]
What is a strategic alliance? It is an alliance between two or more entrepreneurs or business owners who work together in a strategic fashion for mutual benefit. It is a double “win” arrangement that is based on a solid joint relationship.
If you are considering a joint venture or strategic alliance, begin your process with a [...]
