By the thinkBIG Team
Your days of being a Solopreneur or 'me, myself and I' thinker who fears competition or promoting other experts and companies are numbered.
Hanging on by the fingernails to an outdated, fear-based mindset that clings precariously to the 'old school' dogeat- dog way of doing business is not only a waste of your precious time and resources, but a surefire way to build your business slowly. Abundance thinkers use a win-win formula that allows them to do business with their competitors and substantially increase their cashflow. Abundance thinkers replace the lonely 'I' attitude with a 'Together We Can....' attitude.
There is one 'abundance thinking'...marketing strategy that exists today which outshines all the rest. It is the most under-utilised, misunderstood, yet cost effective method guaranteed to help you generate leads, skyrocket your expert status and arguably make you money faster than you can blink. It's the bread and butter of millionaires throughout the world and it's more commonly referred to as Joint Venture (JV). Creating Joint Ventures and working together as a collaborative team spirit for a mutually beneficial outcome is the new evolution of business.
This is especially important if you don't have a huge advertising budget or any budget at all. Many of the big internet gurus built up their databases by leveraging from JVs and continue to use JVs to generate free leads and to sell their products or services. Even though most of them can now afford big marketing budgets, seeking joint venture partnerships remains their number one strategy. So what does this tell you?
If nothing else, it should tell you to pay attention! For example, let's say you have a great product or idea for a product but no customers, leads or database, no money to spend on advertising, or budget to buy Ads and you are completely alone. Imagine this is you, sitting alone in your home office, feeling overwhelmed wondering what the heck you should do. How would you sell products with no money, list and or credibility?
Simple, you 'borrow' what you don't have. JVs allow you to ethically 'borrow' another person's list or customer database and of course their trusted credibility. Basically, they recommend your product or service and you pay them a commission on sales if and when you sell. There's no money upfront and no risk, that's why it's so lucrative, easy and fun.
Even more impressive, JVs will actually save you heaps of $$$ in any economic climate because you do not become dependent on bank credit or small business loans. Your business does not have to fall into debt of any kind or seek venture capital in order to grow, explode your sales or enter into a new market.
1. Get educated and do your research. If you've never been involved in a joint venture before, there are aspects in the joint venture process such as the profits and responsibilities each partner shares that you must know how to do. The idea is to co-operate with each other so that neither one of you feels you have been unfairly taken advantage of.
2. Clearly outline each partner's responsibilities. Both parties must understand what is expected of them. This keeps everyone involved feeling secure about what their role is and clear about who receives what.
3. Ensure your JV partner offers a quality product or service. Protect the relationship and trust you have built with your database of customers by making sure that they receive real value for their money. Deal only with partners that deliver on their promises otherwise you risk potentially harming your relationship with your clients.
4. Create a win/win venture agreement that is mutually financially rewarding. Embracing an attitude of 'what's in it for them first and then what's in it for me' will go a long way toward sustaining lucrative long-term partnerships.
5. Build a quality JV relationship based on solid ethics and mutual understanding. Understand your JV partner's work ethics and commitment level before entering into any agreement. Some joint ventures can continue for many years and so it is vital you trust the integrity level of your JV partner.
Ultimately, lack of cashflow is the number one reason most businesses fail. To increase your cashflow you must sell your product or service and so seeking out the right joint venture partnerships will mean the difference between ending up on 'I'm broke and I just-get-by' street or 'I'm rich and forever free' street. The choice of course, is yours.
Madam X the 'Aussie Secret Coach' Best Selling Author, Speaker, Success Coach of the Coaches & Lifestyle Business Strategist.
