“A joint venture is a strategic alliance where two or more parties, usually businesses, form a partnership to share markets, intellectual property, assets, knowledge, and, of course, profits.” – Valerie Orsoni-Vauthey, ‘Happy About Joint Venturing’
There are many creative ways to partner with other people and businesses to boost your list size, increase sales, bring forth new products and sales, and add value to what your business already offers.
I’ve always found JV’s to be fun and if they put some extra cash in my pocket, all the better. But everything changed when a few years back my dear friends (and mastermind partners), Eva Gregory and Mary Allen, told me all about a live retreat I needed to attend to better leverage my JV partnerships. Plus, I knew I was limiting myself doing things the same ole’ way.
Part of my marketing strategy that year was to tap into new markets by connecting with rock stars in my industry who offer services and products that I can fully get behind. The JV Networking Summit, hosted by Christian Mickelsen, was the perfect fit for me. In fact, that was where I first met Milana Leshinsky, the rock star co-founder of JV Insider Circle!
While at the summit, it hit me. I had just been ‘squeezing in’ promotions, supporting people I liked and doing projects with people who had great insights. I also sent out copy for my affiliates every month letting them know which projects of mine they could support. While there was nothing wrong with any of these actions, I realized I had not been intentional … at all. Gasp!
Can you believe it?! I couldn’t. Here I am spending my time, money and energy, along with my team, to support other people and not really producing any results. I was just doing the minimum amount of effort to do what needed to be done. Heck, I give more thought to pruning my roses every month than I had to all my JV’s.
Don’t get me wrong, it wasn’t for lack of enthusiasm. I really do love every person I partner with… but I never sat down and asked myself the most important questions:
- What is the desired impact on my business from doing this JV?
- What is the desired outcome I want for the JV partner/s?
- How will I connect with them during the JV for maximum ease, fun and profit?
- Who do I need to be and what to I need to do to have this JV experience be showcased for the highest good of all?
What a concept, huh? I’d been intentional about who I’ve partnered with but not how I moved forward with them. And I’ve known for a while that I’ve lost money and time on several JV’s because I was focused mostly on what needed to be done to make it happen and not enough focus on how we could best serve each other in the partnership.
My lack of intention created lack luster results for my team, the partner and myself. Since then I’ve made a major decision to always be intentional and strategic in every JV partnership. If I can’t say HELL YES to giving it 100% focus, then I will say NO.
My joint venture partnerships were the reason I was able to more than double my profits last year. My partners have become mastermind partners, dear friends, faculty in my programs and so much more. I can honestly say that by being intentional with these relationships I have been able to also double the amount of value I give in every program and product I offer. The wisdom that comes from sharing insights and strategies with your peers and partners is invaluable! I have mad love for my JVs!
Share your JV success stories in the comments below!
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You can, as long as you include this complete blurb with it: Jeanna Gabellini is a Master Business Coach who assists high achieving entrepreneurs and their teams to double (and even triple) their profits by leveraging intention, systems and fun. Grab her FREE audio on dialing in your biz here: http://masterpeacecoaching.com/freecd