Joint Ventures is profitable for business owners

Zig Ziglar said:”You can get anything you want out of life, if you are prepared to help enough other people what they want. The more people you help, the more money you make”. You are using existing resources, so you do not need to take risks. You link people with solutions and the person providing the solution pays you.

Every business needs to sell their products and services to be successful. So it is sales and more customers that you can offer at no risk to them. The internet is an untapped JV goldmine. A large percentage of existing successful businesses have no websites or databases and if they do, they have no ecommerce facilities, i.e. they can’t sell their products online. Some of these business owners are so busy with day to day operations that they don’t stand back and look hard at their business.

A Joint Venture is a “business agreement or partnership, wherein two or more people share their resources to accomplish a common goal”. A recent example that I encounter was as follows: I had a carpet cleaner to clean the carpets at home professionally. He did an excellent job and when I paid for his service, he gave me a small box of chocolates and a teabag. He told me that these were handmade quality chocolates and that if I like them, i could use this discount card to buy some more chocolates just down the road. If I made some purchase, he will be paid a commission for the sale. When my friend popped into the chocolate shop, she was given a discount card for her next carpet cleaning. This is a JV that has occurred between 2 businesses and a new income source has generated because of this new trend of thinking.

Some benefits of JV:Build your company’s profile, spread costs and risks, improve access to financial resources, access to new technologies and introdude you to a new set of customers which will then increase your company sales.

So put on your thinking cap, and see what you can do to exchange your services to increase your bottom line. I did a joint venture with the pet shop, that if I create their website, I will have grooming services for my dogs for the next 12 months at a reduced cost. The petshop benefitted from having a web presence and I had some savings through reduced grooming cost.