Enjoying a successful joint venture partnership is dependent upon having the right partner. Choose well and money will increase; choose poorly and both partners will lose.
The secret to picking the correct joint venture partner is to do your homework. I cannot emphasize enough the need for investigating your prospects and asking the proper questions. By following a few simple rules, you will be able to know both your partner’s and your own interests will be addressed effectively.
First and foremost you need to check out your proposed partner’s credibility. If your are to realize any benefits from this relationship you have to join forces with a person who has a well- established relationship with their customers. Part of this relationship must be a proven record of positive customer service.
After you have decided what kind of person you want to enter into business with, it is time to start looking. A person who is already doing business in your chosen area is a must-as long as this person isn’t competing with you. Keep in mind both partners must benefit. This is best done when the products offered are not the same but go well together.
The last thing to look for is a partner who has a large customer list. You don’t want to spend your time and effort helping someone else grow a list at the same time you are trying to grow yours. You need to make sure your partner’s list is already well established.
As you can see this isn’t a hard procedure that you have to follow to seek out a joint venture partner. The most crucial element in picking a venture partner is to do your homework, ask your questions and get your answers before joining forces with anyone. It wouldn’t take much to jump in too quickly and choose a partner that will see your successful business go down the drain. You don’t want to end up working harder with a partner than you do while on your own.