Joint Venture Psychology: Letting Go of Perfection

Are you a perfectionist? Do you obsess over little mistakes? Do you feel like a failure if you don’t succeed every time? Are your projects never complete because “it’s just not quite right”? If you answered yes, you may be a perfectionist.

Although there are some benefits to being a perfectionist, there are also many things you need to let go in order to continue being successful with your JV business and relationship.

Excellence is a goal towards which to strive. It is a noble goal for any business, especially with your JV efforts. However, achieving excellence is not the same as achieving perfection. And many people who are perfectionists confuse the two frequently. If you’re looking to achieve excellence in your JV, it would be wise to gain a healthy sense of perspective.

Don’t Set Out of Reach Goals

Have you set unrealistic goals for your JV business? Many times a perfectionist will “shoot for the stars” and end up being very disappointed when they don’t reach their goals.

Instead, you and your JV partner should set goals that are a stretch, but still attainable. In doing so, you and your JV partner will have something to strive for that is not too easy, but realistic.

Enjoy the Process

Perfectionists have a tendency to never be satisfied unless 100% perfection is achieved. What they should keep in mind is the previous tip and enjoy the process in the meantime. Remember the old adage, “half the fun is getting there”? Enjoy the process of achieving goals. A goal is reached by checking off many steps. Each step is a move forward in the adventure. Learn to enjoy it!

Avoid Paralysis

Many perfectionists also have a tendency to over-analyze things to the point that they suffer from “analysis paralysis”. One reason may be fear of failure. They hesitate to make a decision because they’re afraid they’ll be disappointed if the decision is wrong. This kind of anxiety is unhealthy and certainly unproductive for business.

Instead, learn to make decisions and stick with them. You don’t have to rush or make rash decisions. Do take the time to weigh pros and cons of your choices. However, once you have made a decision with your JV partner, feel free to review the process along the way, but commit to your choice and make it happen.

Learn From Mistakes

Many times, perfectionists believe that mistakes are the ultimate failure. Nothing could be more wrong! Mistakes are the way we learn and improve. Don’t feel that mistakes and setbacks will ruin you or your JV business. Take the proverbial bull by the horns and make the mistakes work for you and improve your tactics, your strategies and your actions.

Joint ventures are a great way for perfectionist to practice letting go. In a solo business or entrepreneur venture, you get to enjoy all the success, as well as the failure. However, with a JV partner, you can learn to compromise and become the achiever.

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.

4 Creative Joint Venture Ideas

Are you still thinking about how you could form a joint venture? Thinking too much puts you into a frozen, non-active state also known as “analysis paralysis”. Break out of your inactivity. Start meeting with people who could be a potential JV partner. Sometimes great JV ideas blossom from simply meeting and discussing what one business can do for another.

If you are still stuck in a paralytic state and don’t know how you can take advantage of a joint venture, here are some creative ideas to get you started.

1. Advertise in a Publication

Do you publish an eZines? How about a newsletter? How about your JV partner? Perhaps you could find a JV partner with a regular publication that is sent out to hundreds or even thousands of customers on a mailing list. Ask to put an advertisement for your product or service in his publication and offer to share a portion of every sale made from his clients or customers. Don’t forget that you can do the same in your own publications for your JV partner.

2. Share Your Network (and vice versa)

Have you ever had a junk swap? It can be a fun event where you and some friends get together and bring books, DVDs, CDs and other possessions you don’t need or want. The fun begins when your unwanted items become treasures for others, and you find some great possessions in return.

You can do something similar with a JV partner. Get together and agree to share your network and/or customer contacts. You may find that getting a sales letter to your JV partner’s contacts results in a slew of new business. And your contacts may be thirsty for something your JV partner offers.

3. Display Your Creative Products in Your JV Partner’s Space

Do you make artistic or crafty products? Ask a potential JV partner if you can display your creative wares in her store. Sculptures, photographs, drawings, paintings – these all are great to display in places like restaurants where a regular audience comes in and gets to observe your creativity while they enjoy a meal. Oftentimes a sale will result from an interested party. You share the profits with the restaurant owner and sell more of your creative efforts.

4. Share a Booth at a Trade Show

Trade shows are a great place to meet new contacts and find new customers or distributors. However, the costs for booth space can sometimes be prohibitive. Why not find a JV partner with a complementary business to yours and offer to share a space?  Sharing a space reduces the cost for both partners, you get to attend the trade show or conference to promote your business, and you can even come up with creative ideas for booth decoration and display.

These are just a few ideas that all fit into a joint venture situation. You don’t have to stop here! Research other ideas and come up with some of your own. A JV doesn’t have to be complicated, but with some creativity, you can form a JV that results in more sales for both parties.

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.

4 Legal Considerations for Your Joint Venture

Any business dealing must be considered from all legal angles. Joint ventures are no different. When you join into a JV, you are contracting into a legal business entity with another business or individual. Thus, you need to protect yourself legally, and be sure that all your JV business decisions are made with all legal implications in mind.

Form a Legal Agreement

The first step you usually take in the joint venture process is finding another person with whom you can agree to do business. After proposals are made and negotiations take place, you and your new JV partner have an agreement, at least in spoken terms and on notepads.

The next step is putting all your agreements on paper and signing it. This becomes a contract between you and your JV partner. It must include the party names, the consideration (what you both will get out of the JV), all the actions, considerations, representations, and covenants you have agreed upon, and dated signatures at the end.

A joint venture agreement may be simply one page with a list of the agreements. However, if your JV is more thorough and complex, you may have pages and pages of detailed actions that should be in writing so that neither you nor your JV partner has any misunderstandings of your expectations. If your agreement is longer, you may do well to hire an attorney to draw up a formal legal agreement.

Form a Legal Entity

How will your JV operate? Will you become a partnership? Perhaps form a Limited Liability Company with specific business goals? Your JV business entity is an important consideration. If you will operate with any legal structure, you need to register your joint venture business with your state Secretary of State in their business division.

This step means completing forms, paying fees, and submitting any articles of incorporation if necessary to get your JV business registered. If your JV will operate under any name other than your registered business name, your business alias must also be registered with the state.

Business registration can be done easily by yourself by performing research into your state’s business registry website. Of course, an attorney can handle your registration more quickly and thoroughly if you are willing to pay the fees.

Obtain IRS ID and Necessary Business Licenses

If your JV is operating under a new business entity, you are likely required to obtain a new Tax ID number from the IRS. A Tax ID is required for any other vendors with whom you do business, and it is necessary if you have employees so you can withhold taxes.  Check with the IRS website for details.

Ending the Joint Venture

A JV may have a finite lifespan, or it may operate in perpetuity until you and your JV partner agree to end the venture. You may need the help of an attorney to draw up the ending agreement, especially if you and your JV partner do not agree on how to divide any accumulated profits or assets. You will also need to inform the state of the dissolution of your JV business entity.

There is much legal consideration when you form and operate a JV. Don’t overlook the importance of these issues, and don’t hesitate to hire an attorney if you are at all confused about what needs to be done.

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.

4 More Ways You Can Control Risk in Your Joint Venture

As you move forward with your joint venture, there are always risks along the way. The key with any business practice is to identify risks and take precautionary measures to control and avoid them. Below are four good ways you can control risks with your joint venture so you can enjoy a long and fruitful partnership.

1. Use existing resources rather than paying for new ones

Finding sources for capital can be difficult and costly. Why not use existing resources as much as possible when you form a JV? Rather than buying a new delivery truck for your JV, use an existing one from your company. The same holds true for computers, equipment, supplies, and even human resources. Utilize as many resources as possible at your disposal, and your JV partner should do the same.  This will save you money down the road in interest charges and unnecessary capital expenses.

2. Reduce or eliminate your overhead

Overhead can be an incredible drain on your joint venture budget, requiring constant inflow of cash to patch the outflows. Try to operate with as little overhead as possible or eliminate it completely. This is where using existing resources can come into play by using and sharing existing office supplies and/or office space. Use an existing cubicle in either your or your JV partner’s office for your administration. Any expense that is related to general or administrative costs is overhead. Keep it low.

3. Choose business associates carefully

One of the biggest risks in business is trust. You must trust others to do business ethically and trust that they will not take advantage of you. However, these types of business people exist – which is why it is so important to carefully choose the business associates on whom your JV depends. Delivery companies or distributors should have the highest reputation. Get your JV business supplies from a vendor who has great prices, but not so cheap that your product suffers. JV success depends on the quality of your product or service and your reputation.  Protect them both with the choices you make.

4. Don’t depend on government contracts

There can be big money in government contracts, and a lot of businesses do well with work awarded by federal or state government. However, government agencies have a tendency to eliminate contracts at a whim for budget reasons or even disappear itself at the decision of the Appropriations Committee. If you can acquire government contract business, that is certainly fantastic. However, make sure you diversify your business so that you don’t depend wholly upon government work.

A JV business can run smoothly and efficiently. Shared resources and smart decisions are the key to making a JV a success. However, you must form and implement strategies to reduce and control risk. Use little new capital. Operate efficiently. And choose your business associates and deals carefully.

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.

Achieve Joint Venture Success in 3 Steps

What are the secrets of a successful joint venture? Why is it that some JVs thrive and make profits, and others flounder and fail? Does it boil down to luck? Not in many cases. Remember, luck in business is where preparation and opportunity meet. The rest of success is dependent upon these three things:

1. Do the Work

The first step in making a JV a success is actually doing the work. It may be hard. It may not be fun. It many mean doing uncomfortable activities at inconvenient times.  However, the JV partners who will be successful and see a profit are the ones who WORK.

Working means putting forth effort and doing activities. It’s doing the things that get results – every day. Put yourself in place to work at the same time every day. Don’t sleep in. Don’t take 2-hour lunches. Don’t consider quitting.

Put in the hours that you require of yourself to get the job done and be productive. Work through the rain and through the pain. Work extra hours if needed. Work with passion and enthusiasm. Doing the work that gets your JV started and open for business leads to the next step:

2. Get a Grip from Traction

You’ve heard that success breeds more success, and this adage is true. If you and your JV partner have done the work necessary to get your JV business started, it will be easier to build momentum.

JV success doesn’t just happen just once. Success is achieving a small goal while en route to the larger and bigger picture. It must happen again and again. With a single success, you must use it to thrust your JV business forward.

You will start to see momentum build as you begin to make a profit, start getting larger customer numbers, and achieving brand recognition. Dig in at this point. Use the traction to propel your JV business toward your goal.

3. Be a Success Magnet

As your JV business continues to build and thrive, it will at some point obtain a certain magnetism that attracts more and more customers. People like to buy from successful businesses.

When your JV reaches a certain momentum, it’s not time to work less. Rather, continue adding and putting business systems into place that will increase the momentum. You may need to hire more employees. Or expand to sell products online. Perhaps it’s time for a national marketing campaign. The work you and your JV partner put into your joint business at this point is vital to achieving the goals you set out from the beginning. Don’t let up. Be prepared to ride the wave.

These three elements of JV success all have one thing in common: WORK. Don’t be afraid of it. Learn to work smart and with enthusiasm. It may mean working hard at tasks you don’t enjoy. However, with your efforts, the JV you create will be a success.

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.

Joint Venture Psychology: Branding for Profits

What is your joint venture brand? Don’t have one? You should. From the moment that you and your JV partner agreed to venture forth together, you should have been developing the branding idea as well as the product idea.

What is branding? You can walk into a retail grocery store and find many brands of products. In the cereal aisle, you may find brands of Kellogg’s, Post, or General Mills. In the coffee section, you may find brands such as Folgers, MJB, or Maxwell House.

However, branding is more than just a name. It is an identity and a reputation. Branding is the name people think of when asked about products or services in your industry.  It’s the belief in quality in your product either from reputation or past experience.

Therefore, your JV brand is the key to attracting and retaining customers. But how do you form a JV brand? Here are some simple elements that can help develop your JV brand:

Joint Venture Business Name

What is your JV business name? A business name should be easy to remember. It should also be easy to spell.  In this world of Internet commerce, your JV business name should be easy to type into a URL or in a Google search.

Your joint venture business name could be your two business names together. Popular JV businesses like Sony Ericsson simply combined two brand names together to form yet another recognizable and popular brand name. Consider this only if both your separate businesses have a recognizable brand already.

You may consider forming a new name for your JV business. Choose a name that states what your JV business does, or the type of industry you serve. Don’t choose “Great Seeds” of you have nothing to do with agriculture. Your business name is one of the biggest elements of your branding efforts.

Joint Venture Logo

If you will be running your JV business as a separate entity and name, include a logo as part of your business branding design. A logo could simply be the font and style of your business name. Choose fonts that are right for your JV business. Is your JV business creative and artsy? Choose a cursive style font. Do you and your JV partner offer financial services? Stick with traditional serif fonts.

A logo design may include a graphic as well. If you include a graphic, be wise in the choice of style and color. Remember, you will need to make prints of your logo on stationery, advertisements, etc. Don’t choose too many colors. One or two is perfectly acceptable.

A logographic should not be too “busy”. Create something simple that enhances your JV business name. If it is too cute or detracting, cut it.

Tagline

A tagline can also be essential in your JV business branding. Famous taglines such as “Are you in good hands?” or “Don’t leave home without it” let us know we are talking about Allstate insurance or American Express. If you use a tagline in your branding, keep it short and simple. Spend a good amount of time developing a tagline. It should be something that is memorable and important to your business.

JV branding takes time. But with the right name, logo, and tagline strategy, you’ll have a good start on getting your JV brand recognized.

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.

Why You Should Form a Joint Venture for Profit

Some men and women play the entrepreneur game with their ego cards. That is, they view their business as an extension of their ego. They get too emotionally involved and end up losing profit because they want credit acknowledgement for achievement.

And it’s no different when they form a joint venture. A JV partnership can be viewed as just another feather in the cap, or perhaps a stepping-stone to another business strategy. Unfortunately for the egoist, they lose profit and credibility from used up JV partners.

Another brand of ego that fails at producing a JV profit is the “I’m right, you’re wrong” character. Everything is either black or white to these high egos, and they spend their time arguing over miniscule points to get their way. The question that should be asked of these people is, “do you want to be right, or do you want to make a profit?”

A good entrepreneur or small business owner should know there is a difference in being right and being a pushover. You don’t have to compromise standards. You don’t have to be passive. Maturity and wisdom always supersede passivity. The reward for good choices is the bottom line, and that is your profit.

How does business wisdom come into play when making JV choices? Here are some important tips to consider:

Think before you talk - Many people have a tendency to speak the first thing that comes to mind. That may mean insulting or belittling a JV partner. That is a high cost to speaking from the hip. Instead, you should always think first about what you want to say compared to what you mean to say. A few moments of reflection can be the difference in saying, “I believe in what you’re saying, but I think we can explore other choices”, and “that’s a stupid idea!”

Debate, don’t argue - There’s nothing wrong with healthy debate. Arguing at full voice and with heated emotions will never be productive. Remember, opinions will often differ. The key to making joint decisions is to debate your points about your position, while listening to your JV partner make his or her points. Do it calmly and leave emotion and ego at the door.

Be open to suggestion – Those with oversized egos will rarely be persuaded from an opinion – even if it means changing a stance and taking a “devil’s advocate” just to be right. Always be open to suggestion and willing to listen to new ideas. They may be the ones that take your JV into larger profit fields.

Keep your JV relationship a healthy one. Don’t join up as a resume builder and to look impressive at your Chamber of Commerce speech. Joint ventures are a way to improve your business, not your ego. Remember to keep profit as the goal and work your JV relationship with that goal in mind.

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.

3 Things You Can Do To Spotlight Your Joint Venture

Anyone can form a joint venture in today’s economy, and some may even say it’s the “in” thing to do in business. Joint ventures can be highly successful and provide customers with added value but, with all the JVs in business on the Internet and elsewhere, how do you stand apart with your JV?

A joint venture can be a powerful way to do business. You and your JV partner share resources, ideas, and ingenuity to make a great product or service, or to help market each other’s business. But there are things you can do to market your joint product or service even better. Here’s how:

1. Co-Author a Book or eBook

You and your JV partner have a wealth of experience. Put it together and write a helpful guide, how-to, or informative book. Whether you choose to print your book or make it available for download, as an eBook be sure it’s well written, quadruple check grammar and spelling, and even hire a professional editor to make it shine. There are many self-publishing locations where you can print your book for resale, or have it set up for print-on-demand.

An eBook is easier to produce with simple layout or desktop publishing software. However, just because it is not a tangible book-in-hand doesn’t mean you need to skimp on the design. Put every effort into an eBook that you would with a printed book. That includes a cover, title page, table of contents, graphics, photos, easy-to-read layout, etc. Then make it available for download either for purchase or for free with a simply sign up to your mailing or member list.

A well-written book or eBook will give your JV much credibility and help you and your partner to even more success.

2. Create Videos

YouTube has become one of the most used online marketing sites on the Internet. Not only can you find clever clips of dancing cats, but YouTube also offers businesses a way to produce and publish great video content. You and/or your JV partner can perform a scripted presentation or even a casual talk and gives helpful advice to viewers. Be sure your video is complete with excellent lighting and background. Make it look professional. Even a camcorder on a tripod aimed at you can work wonders with lighting and background.

3. Develop a Membership Website

A website that offers great benefits to members is another way to get your joint venture business into the spotlight. Avoid the mindset that “if you build it, they will come”. Your membership site must offer great value for your online customers so that they will sign up and pay for your services, as well as tell their friends about it. Offer online courses, one-on-one training, packaged courses, DVDs, and CDs so your members will receive the value for which they have paid.

It’s not hard to build a great reputation for your joint venture. With the right strategy and value offerings, your JV is sure to join the ranks of the “Best of the Best”.

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.

How to Get In Touch With Potential JV Partners

Joint venture marketing has become one of the most powerful marketing tools ever utilized by business owners. Whether you’re a small business entrepreneur, or a giant world-class conglomerate, JVs have proven to be powerful marketing agents that help business make more money using fewer resources and less effort.

The trick is getting the right joint venture partner. Not every business owner is wired for JV success. It is a simple fact of human nature that some people prefer to work alone, and others will take advantage of you as a JV partner. Therefore, you must choose wisely and make good decisions about potential JV partners from the start.

How and where do you go to find the right JV partner? Here are just a few ways you can get started:

Research Your Options

Your own research will reap the best potential JV partners. It may take some time, but by performing searches and digging deeper into companies and their owners, you will ultimately end up with a good list of dozens, or even hundreds, of potential good JV partner pairings.

Start with major search engines. Enter keywords that pertain to your business or your JV niche idea. For instance, you might search “business motivational speakers” in the top ten search engines if you have a JV idea that involves consulting with companies to motivate their employees. Write down the list of results. Then visit websites, check the BBB, and perform additional research on the companies and individuals that look like a good match.

Research may be time consuming, but your end goal is to make great money through JV efforts, so your time will be spent wisely.

Network with Other Companies

Another great way to find potential JV partners is through networking. Get out there to conventions and association meetings. Participate in entrepreneur clubs. Join online forums. By making contacts and letting others know you are interested in forming a JV, the word will get out and you may even find the JV partner right for you.

Get Recommendations

Why not ask someone who is already involved in a JV? If some other business owner you know is having great success with a JV, there’s certainly some wisdom to be learned from them. And if they did their own research on JV partners, they can’t possibly have formed a JV with every one of them. Ask to use their research to help find your JV partner.

Join a JV Pairing Website

Just like a dating website, a JV pairing website can help you locate potential JV partners all in one place. Usually, these are fee-based and you must become a member. The upside is that others just like you are looking for potential JV partners. The downside is that you still may not find just the right partner and pay for months and months of membership fees in the process.

Don’t sit back and get complacent about your dreams of a successful JV because research is too hard. Get out there and get it done. You’ll be glad you did.

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.

Questions and Answers to Starting a Joint Venture

To form a joint venture or not to form a joint venture: that is the question. Joint ventures are a strategic alliance and partnership between you and another entrepreneur for a specific business purpose. Profit is generally the biggest motivation for forming a JV, but there are other reasons – which is why you should ask yourself some important questions before you begin. Here is a small sample of questions you should ask yourself:

What do I sell?

Are you a service or a product-oriented business? What you sell can play a large role in choosing a JV partner. Product-oriented businesses are more likely to pair up into JVs since there are numerous ways of combining contrasting and similar merchandise, such as package deals, coupons, free samples, or even a new joint venture product. These have been proven ways to a successful JV relationship when two types of products are sold jointly. Respective customer bases are introduced to another product and receive more benefit with package deals and reduced prices.

Of course, this is not to say that service businesses can’t benefit from a JV. In fact, services can certainly combine forces. Consider a neighborhood hair salon owner giving their customers a great deal on organic hair products produced by another local entrepreneur. Sit down and get creative. Think about how your product or service could combine synergistically with other types of businesses.

How do I reach my target market?

Who is your target market? You should know. Any business that will survive needs to know their demographic customer base. A JV can help you get more products into the hands of your target customers.

Consider a skateboard company who sells boards, accessories, and apparel. How can this business owner expand? Perhaps a strategic alliance and JV with a local chain of surf stores is the answer, as the demographic is similar. Consider how you can reach more of your target market with a strategic JV.

How am I working against my competitors?

Who are your competitors? Is your slice of the market share growing? Are you at a plateau, or even shrinking, while your competitors continue to edge you out of the pie chart?

Joint ventures will open markets, generating new customers and even reaching your competitor’s customers. Consider if a JV can give your business more clout and more credibility. With access to a larger market base and an improved reputation, your business can soar above the competition.

Take for instance a local fish and tackle store. An alliance and JV with a national brand, such as the American Sportfishing Association or the American Fly Fishing Trade Association, could add tremendous clout that would attract bigger customers and take back your desired market share.

The key thing to remember is that your JV is a strategic alliance with another business.  Don’t go headlong into a JV without a purpose and a goal. The more questions you ask yourself, the more prepared you will be to move forward into a JV.

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.

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