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Twitter Weekly Updates for 2009-08-30

August 30, 2009 by Christian · Comments Off 

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5 Easy Steps for a JV Business Plan

August 28, 2009 by Christian · Comments Off 

At the core of any successful business venture is a solid business plan. And a joint venture is no exception. Even though a full business plan may not be necessary for a JV, it is still important to prepare a blueprint that outlines the goals and strategies on how your JV will succeed. What are 5 essential inclusions in a JV business plan?

1. Identify Your Product and Market

What exactly is your JV product or service going to be? Will customers buy your product? Why? Identify what distinguishes your product from the competition. Is it quality? Convenience? Price?

Define your market and niche. Who are your target customers? What marketing techniques and strategies will reach your target customers? How will you price your product so customers will buy? You may need to simply put a reasonable price tag and watch what happens. Your market will reveal itself if you need to make any price adjustments.

2. Identify Your Place in Your Industry

Where does your product fit within a specific industry or niche? In order to properly place yourself, you should also identify strengths and weaknesses, as well as all known opportunities and threats that could have an impact on your joint venture.

Every business has weaknesses. Identifying them gives you an opportunity to improve. Recognize opportunities that can help your JV succeed and your strategy for taking advantage of them. Become aware of potential threats to your JV endeavor, including economic climate, important legislation, trends and technology.

3. Set Market Goals

What goals do you and your JV partner wish to achieve? Write down both short term and long term goals. Where do you want your JV to be in 30 days? 6 months? 2 years? Remember, goals are just possible achievable future markers. Refrain from planning to far into the future since goals constantly need to be revisited and updated.

4. Define Strategies and Actions

With goals identified, you also need to determine how you and your JV partner will accomplish your goals. What needs to happen to set things in motion? Determine actions and strategies that will help you get closer to your short and long term goals.

5. Create Measuring Devices

How will you and your JV partner know when you have met a goal? You’ll need to set timelines and deadlines for your action plans. As you reach your measured milestones, you can see if you are on track to accomplishing the short and long-term goals expectations. Your measuring devices will help you determine any changes needed in your tactics or strategies in order to keep the goal in sight.

A major key to your JV success is the completion of a great business plan. Keep this document handy for easy access and refer to often. Your ability to create a concise and comprehensive JV business plan will help your JV become the success you envisioned.

Christian Fea is CEO of Synertegic, Inc. A Joint Venture Marketing firm. He exemplifies how to profit from Joint Venture relationships by creating profit centers with minimal risk and maximum profitability.

To discover more Joint Venture Marketing Strategies join his free Joint Venture Marketing Wealth Report.

Filed Under: Business, Business Plan, Entrepreneur, Joint Venture Marketing, Joint Venture Partners, Marketing, Money, Partnerships, Small Business Owners, making money, strategic alliances
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Get Serious About Joint Venture Negotiation

August 27, 2009 by Christian · Comments Off 

You have found a list of suitable potential joint venture partners and have approached a few with a proposal. One of them is excited about the proposition and is ready to move forward with the details. How do you proceed with the negotiation phase?

When you are ready to begin negotiations with your prospective JV partner, here are a few basic guidelines that can help make the most of your negotiation sessions and ensure that you reach a mutually successful agreement.

Know Your JV Partner’s Business

Nothing sounds more amateur than entering a negotiation with no knowledge of your potential partner’s business. Even if your potential partner is in the same business as you, there are still many factors that you need to know that affect his business. Research possible and unique problems and challenges with profits, resources, and marketing.

Research can be performed on the Internet. Read your potential JV partner’s website. Browse and read industry publications. Discover any message boards that mention your JV partner’s business.

And don’t forget to do “live” research as well. You could perform a “secret shopper” style of research to get knowledge about how customer service is performed. Purchase a product or service and test its boundaries. The more you know about your potential partner’s business, the better equipped you will be to handle negotiations.

Know Your Potential JV Partner

Find out as much as you can about the person you will be dealing with. Is he a delegator? Does he prefer to be “hands on” and involved in every little decision? Do as much research about your potential partner before you meet. You may ask previous customers or even an administrative assistant about how he responds to certain situations.

However, mostly you will learn much by face-to-face contact and posing questions to your potential JV partner. Find out what he values. What are his dreams? Fears? And what does he REALLY want? Design questions that will help you get to know your potential partner and discover the answers to these questions. It will go a long way in crafting a truly unique and personal JV agreement between the two of you.

Be Prepared to Educate About JVs

Your potential JV partner may not be savvy to the benefits of a JV arrangement. Be ready to have as much information that your potential partner requires to feel comfortable with the decision to from a JV.  Use articles, video, and other resources that can help convey the benefits of a successful JV.
Choose a Relaxed Atmosphere

A good negotiation will happen when both parties are relaxed and ready to communicate. That may be a restaurant, or meeting space, or even at a home. But make sure the environment is comfortable with no distractions while you negotiate.

A successful JV negotiation is when both you and your JV partner are happy with the arrangement. Neither of you should feel like you have a lesser part of the deal. However, if you want to help facilitate a good negotiation, follow these guidelines and you’ll be on your way to a happy and fulfilling JV with your partner.

Christian Fea is CEO of Synertegic, Inc. A Joint Venture Marketing firm. He exemplifies how to profit from Joint Venture relationships by creating profit centers with minimal risk and maximum profitability.

To discover more Joint Venture Marketing Strategies join his free Joint Venture Marketing Wealth Report.

Filed Under: Business, Business Plan, Entrepreneur, Joint Venture Marketing, Joint Venture Partners, Marketing, Money, Small Business Owners, clients, strategic alliances
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Find Strength in Complimentary Joint Venture Partners

August 24, 2009 by Christian · Comments Off 

A joint venture is a strategic alliance arrangement between two or more businesses. The nature of a JV is that it’s mutually beneficial to both parties and allows the JV partners to continue running their own respective businesses. However, how can a joint venture be mutually beneficial to two independent and separate business entities?

Who is an Ideal Fit for Your Business?

If you want to consider whom you can partner up with in a JV arrangement, start by identifying your target customer and market. Who purchases your products or services? Are they younger, more outgoing spenders or perhaps a more conservative, older, and wealthier clientele?

Once you have solidly identified your main customer, it is just a matter of discovering and identifying other types of markets that your customers share. These are the markets from which you want to carefully hand pick a suitable JV partner.

Finding a Complimentary Service in Your Industry

One good example of an industry with complimentary services is real estate sales. A real estate broker’s main job is to list and show homes for sale to potential customers. However, they can increase business and contacts by teaming up with partners that have complimentary services needed by new homebuyers. For instance, a real estate agent could form a joint venture with a mortgage broker where it’s agreed to cross promote each other’s services. In many cases, new homebuyers look for a home before getting approved for a loan. In this instance, the real estate agent can simply refer his or her client to the mortgage broker as a good starting place for a loan application.

Ways to Form a Beneficial Joint Venture

What other services or products would be good for your customers or clients? Be creative and you’ll be able to come up with many suitable complimentary products or services in your industry or closely related industry. Use your creativity to form JVs so you can:

  • Form complimentary products or services and offer package deals.
  • Create joint seminars and promote yourselves jointly to a specific marketplace.
  • Write articles and post them in each other’s newsletters and websites.
  • Give special offers to your JV partner’s customers and have them do the same.
  • Include a special offer or coupon for your product or service within their client mailings.
  • Add links to and from each other’s web sites.
  • Co-author a helpful “how to” booklet and then offer it as an exclusive gift to your mutual clients.
  • Agree to refer clients to each other’s business for a nominal “referral fee”.

These are just quick examples of how a JV in a complementary industry can help your business. It’s also important to make sure you thoroughly know and understand what you recommend to your clients and customers. Try your potential JV’s products yourself. Would you use them? Be sure to protect your own business reputation if you recommend other products and services.

Creative JV arrangements can give a big boost to revenues if done properly. If you use your own creativity and savvy business acumen, you can discover a bountiful number of ways that a JV can help you.

Christian Fea is CEO of Synertegic, Inc. A Joint Venture Marketing firm. He exemplifies how to profit from Joint Venture relationships by creating profit centers with minimal risk and maximum profitability.

To discover more Joint Venture Marketing Strategies join his free Joint Venture Marketing Wealth Report.

Filed Under: Business, Business Plan, Entrepreneur, Joint Venture Marketing, Joint Venture Partners, Money, Partnerships, Small Business Owners, clients, making money, strategic alliances
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Twitter Weekly Updates for 2009-08-23

August 23, 2009 by Christian · Comments Off 

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Are You a Joint Venture Partner Who Listens?

August 21, 2009 by Christian · Comments Off 

A large portion of the dynamic relationship with your joint venture partner consists of communication. You must be able to communicate effectively in order to nurture a successful JV arrangement. But are you aware that communication is in larger part an act of listening?

Communication is sending messages between two points. You send messages to your joint venture partner via both verbal (written or spoken) and non-verbal communication.  Non-verbal communication includes how you listen and interpret your JV partner’s signals and messages.

A communicator who is an active listener will be better equipped to handle and respond to the messages being sent. For instance, if you are in a meeting with your joint venture partner and you are being told that the arrangement may not be working for him, a good listener will be able to discern what is actually being said. By listening and asking the right questions, you may be able to discover that the time commitment for your JV partner is more than expected. You, as the good listener, can communicate and negotiate a better arrangement that is more suitable and yet still beneficial to both you and your JV partner.

Active listening is a skill. When you practice active listening, you should be doing the following:

  • Give Attention – Don’t let your eyes wander around the room when your joint venture partner is talking to you. Focus on him and let him know that what he has to say is important to you. This also means even though your eyes are focused on him, you are not thinking about your shopping needs or hobby participations after work.
  • Listen and Observe – Not only should you listen to what is being said, but carefully observe body language as well. Body language can tell you much about what is being said. Crossed arms for example could indicate that your JV partner is closed-off to input. Frowns and squints may indicate that he is confused. Key into these non-verbal signals as well.
  • Show Feedback – Let your joint venture partner know you are listening. Nod occasionally that you understand what is being said. Smile. Raise your eyebrows. Your responses are positive feedback to your partner that you are indeed actively listening.
  • Give Honest Responses – Responding to your JV partner is important. It is also important not to allow emotions to take control of communication. If you become upset at what your joint venture partner says, announce your feelings, but don’t allow yourself to say something inappropriate or that you might regret. Being honest with your feelings is different from letting feelings sabotage a conversation.

Your continued JV success with your partner depends upon how well you communicate together. Be sure you become an active listener so that you have the tools needed to participate in a fruitful conversation.

Christian Fea is CEO of Synertegic, Inc. A Joint Venture Marketing firm. He exemplifies how to profit from Joint Venture relationships by creating profit centers with minimal risk and maximum profitability.

To discover more Joint Venture Marketing Strategies join his free Joint Venture Marketing Wealth Report.

Filed Under: Business, Business Plan, Entrepreneur, Joint Venture Marketing, Joint Venture Partners, Jv Partner, Money, Partnerships, Small Business Owners, Small Businesses, clients, strategic alliances
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7 More Benefits of Joint Ventures

August 19, 2009 by Christian · Comments Off 

Many business owners are still fearful of forming a joint venture. They have so much to attend to with their own business dealings, and certainly a joint venture success is never guaranteed.

However, isn’t business all about taking and controlling risks? If an entrepreneur can get past the initial fear of joint ventures, they may find that the benefits of a well-planned JV can add big profits and save time on their own business.

Much has already been written about the benefits of JVs. However, there are so many that it’s important to list more so that you get a clear picture of how a JV can improve your business. For your encouragement, here are seven more to consider:

1. Free Advertising – A JV can provide you with free advertising and promotion. A simple joint venture agreement could allow you and your JV partner to cross market each other’s products. You agree to promote his products in your store, while he does the same with your products. You may find that this type of free advertising reaches a new market base that you never expected.

2. Learn New Skills – A joint venture will test your business acumen and abilities. You’ll be required to share your expertise, and in exchange, your JV partner will share his. Through the sharing of individual expertise, you can gain valuable insight into your JV partner’s ability to develop creative marketing, close a sale, or even manage an assembly line.

3. Reduce Inventory – A JV may be a great way to help you reduce your extra inventory. If you need more space for new products or materials, you can formulate a joint venture where you giveaway part of your inventory as part of a cross promotion with your JV partner.

4. Reduce Employee Hiring Costs – You can form a creative joint venture where you can save on hiring costs. Agree to provide your JV partner with ample business in exchange for office space or even the use of his employees for certain tasks.

5. Test a New Product – If you have developed a new product, a joint venture may be a great way to test market. Agree with your JV partner to promote your new product as a sample or as part of a merchandise package. Be sure to get valuable data and feedback from customers who try your product.

6. Expand Business Relationships – Not only does a joint venture strengthen your relationship with your JV partner, but with other contacts in your shared industries. You may find that a contact on your JV partner’s list will become a valuable contact for your own business. Never forget the power and benefit of networking.

7. Get Discounts – A JV partnership could save you money on materials or supplies. Agree not only to share information and expertise, but also on products that you both provide.

There are literally hundreds of potential benefits of a joint venture. It takes creativity to see past the obvious financial profit benefits and discover the plethora of other ways that a JV can be good for your business. Don’t be afraid to explore these possibilities.

Christian Fea is CEO of Synertegic, Inc. A Joint Venture Marketing firm. He exemplifies how to profit from Joint Venture relationships by creating profit centers with minimal risk and maximum profitability.

To discover more Joint Venture Marketing Strategies join his free Joint Venture Marketing Wealth Report.

Filed Under: Business, Business Plan, Entrepreneur, Joint Venture Marketing, Joint Venture Partners, Marketing, Money, Small Business Owners, clients, strategic alliances
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Improve Your Joint Venture’s Success with Giveaways

August 18, 2009 by Christian · Comments Off 

Have you given away a product or service lately? If you are finding that your joint venture business is slowing, stagnant, or simply not growing, you may discover a boost in sales with giveaway promotions.

Customers like to get things for free, but they also appreciate value. Including giveaways in your joint venture marketing can go a long way in attracting new customers. Simply using the word “free” attracts potential customers to your joint venture. Giving away free or promotional products could be the way to increase sales and increase your customer base.

Here are just a few methods that giveaways can help you:

Sample It For Free

The Video Professor is a great example of the “try my product” marketing. John W. Scherer is so confident that his computer software tutorials will work for anyone that he will send a new customer a tutorial for free. By doing so, he predicts that the customer will come back to purchase other tutorials for all their software training needs. His business has grown so much over the last 10 years that Video Professor now holds 80% of the software tutorial market share, thanks to giveaway promotions.

Buy ____, Get 1 Free

You can fill in the blank. You could offer a promotion where a customer buys 1 and gets 1 free, or maybe buys 3 and gets 1 free. The added value you provide to your customers with this type of free giveaway promotion creates loyalty and respect for your products or services. Would you rather buy a daily coffee at full price every time, or would you choose to frequent the coffee kiosk that offers a free latte after you purchase 10? That one free coffee drink can build a large and loyal customer base.

Build a Mailing List

Marketing is your joint venture’s lifeline to continued success. If you plan on marketing your products or services through mailing lists or email lists, you can build a substantial database through giveaways. Do a promotion where you give a sample of your JV product in exchange for a contact. Those who are interested in your type of products will sign up, providing you with a focused target market list.

Giveaway Products That Advertise Your Product

Have you ever been given a free pen or t-shirt? Trade shows, expos, conventions, and any other type of meeting place is a great way to market your joint venture products or service through printed materials like t-shirts, pens, refrigerator magnets, coffee cups, etc.  By giving away promotional materials, you get the word out about your JV brand and provide potential customers a way to contact you.

You and your JV partner have worked hard to get your creative niche product onto the market. Sometimes simple advertising isn’t all you need to get customer to discover your product. Try giveaway promotions. Your joint venture business will get attention and the benefit of returning customers will far outweigh the cost of free promotional items.

Christian Fea is CEO of Synertegic, Inc. A Joint Venture Marketing firm. He exemplifies how to profit from Joint Venture relationships by creating profit centers with minimal risk and maximum profitability.

To discover more Joint Venture Marketing Strategies join his free Joint Venture Marketing Wealth Report.

Filed Under: Business, Business Plan, Joint Venture Marketing, Joint Venture Partners, Money, Partnerships, Small Business Owners, clients, entrepreneurship, strategic alliances
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Twitter Weekly Updates for 2009-08-16

August 16, 2009 by Christian · Comments Off 

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Perfectionists vs. “Good Enough” Partners for Your JV

August 14, 2009 by Christian · Comments Off 

Most people are “good enough” types of workers. They know what a job entails and how to get the desired results, but nothing else is needed. A job is done when it’s “good enough” and will suffice for the purpose. Though you may not think it, these are the type of people who get things done and are good for progressive business processes like those found in joint ventures.

Perfectionists, on the other hand, may determine that a job is never done – not until it is perfect. They will spend hours, days, and even months trying to perfect a business process, product, or service and still determine that it is incomplete. Perfectionists are important in business because they can see the fine details and flaws that others may not notice. But is a perfectionist the perfect type of JV partner?

Combining a Joint Venture with a Perfectionist

A perfectionist personality who owns and runs a small business may find that they really need to loosen their standards and look ahead at progress. A JV can be good for this type of personality with the right partner – one who can help guide the perfectionist toward a goal and see the benefits waiting at the end of the rainbow. Remember, it’s not necessarily the destination that is important, but the journey to get there that counts.

How can perfectionists be more productive in a JV situation? Though perfectionists may have a hard time giving up their quality standards, it may be just the thing to get them to more profits and a thriving business.  Here’s what they can do:

Toss the Fear of Mistakes

One of the worst perfectionist attitudes is the fear of making a mistake. They believe it must be done right the first time. However, this attitude can lead to stagnation. It is important to make mistakes and learn from them. NASA didn’t go straight to the Moon. They developed their technologies little by little, learning from their mistakes in order to get the right method and strategy for getting a man on the Moon.

Accept Change

Many perfectionists are resistant to change. The method that has always worked in the past is the one to follow. However, “the way we’ve always done it” has to progress through change. For hundreds of years, accountants kept the books by handwritten ledgers. Computers have changed all that just in the last 25 years. Though it was difficult to let go of the “hardcopy” ledgers, computer accounting is the norm now with safety standards and procedures that avoid loss of data.

Learn to Let Go

Perfectionists have a hard time letting go. A project is never complete. The result is “imperfect” in their mind. However, progress and success must come even with a little imperfection. It is important that a perfectionist learn to move forward in order to make a business or JV strategy work. And sometimes that means letting go of the “perfect” image in order to make something “good enough” for the overall purpose of business success.

Perfectionists can be good for producing the best quality products and services. However, a JV with a perfectionist as a partner will need to learn a little give and take in order to meet the goals of the venture.

Christian Fea is CEO of Synertegic, Inc. A Joint Venture Marketing firm. He exemplifies how to profit from Joint Venture relationships by creating profit centers with minimal risk and maximum profitability.

To discover more Joint Venture Marketing Strategies join his free Joint Venture Marketing Wealth Report.

Filed Under: Business, Business Plan, Collaboration Marketing, Deal Making, Entrepreneur, Joint Venture Marketing, Joint Venture Partners, Jv Partner, Money, Partnerships, Small Business Owners, Small Businesses, clients, entrepreneurship, making money, partnership, strategic alliances
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