Welcome to Achaeus

Here are 3 scenarios where a joint ventures may increase your sales.

1.    You have just developed a new product and it is ready for exposure. While you know your product is fits a market need, you can’t seem to get it off the ground. People just aren’t paying attention.

2.    Your product still needs some testing, but you don’t have the capital needed for that or the forthcoming production. Your new product is sitting on your desk collecting dust instead of rave reviews.

3.    Your business offers a ‘one of a kind service’. No one can handle these details like you can, but for some reason you just can’t seem to connect with the right people who are in need of your service. You’re spinning your wheels, but you know if you can find more help and the right contacts, your business will flourish.

The Solution
These three people are faced with the same problem. They need help to start making sales. They need exposure, resources, and money, but where are they going to find those things?

What they need to find is a Joint Venture Partner (JVP). A JVP can offer assistance in finances, but they can also help with research and development and marketing. They might have the resources or the exposure potential to help get a new product or service into the market.

The Process
While it is helpful to know what you need, where are you going to find a JVP to help make your journey a bit easier? The key is to do your research and make sure that those you contact are reputable and trustworthy.

Know what you are willing to offer your JVP in exchange for their help. Ask around, has your prospective JVP done this before and what return did they expect? Before you contact anyone, make sure you know exactly what you need and the potential of your business.

Finding the right JVP for your business might take some time, but it is time well spent. In some instances, finding a JVP may cost you money in location/membership fees. Again, consider this money well spent if it saves you time.

Read, Read, Read
Know your industry. Read newsletters, journals, articles, and forums that may have information about the advances and product developments. Watch for the names that appear, time and again, as the leaders in your field. While these people may seem out of reach, the important thing is gaining knowledge so that when you have the chance to act, you can act quickly and with confidence.

Head of the Class
Look for people who run successful forums, web sites and newsletters related to your product or service. These people will be able to offer you a large contact base if they choose to support your business. Some of these people will have mailing lists and readerships that reach in the thousands. That is exactly what you are looking for to promote your business and increase sales.

Online Services
There are services online that match up potential JVPs. Some of these are free, but some may charge a fee. Since they are doing all the leg work for you in making the matches, it just might be worth your time and money to consider this an option.

Networking
Nothing beats getting to know the people in your product or service field. Word of mouth has made many businesses successful and it can also lead you directly to the right person to help your business grow.

Consider joining and being involved in any organizations that will aid you in meeting successful people that would be interested in your business. For some larger organizations a membership fee may be charged, but it may be worth the fee to get in closer to people with shared interests.

CALL TO ACTION
How to approach people about joint venture partnerships

1. Consider what you need from a joint venture partnership.  Is it funding that you’re after?  Exposure to new potential customers?  The reason for contacting people about joint venture partnerships will facilitate the type of arrangement you set up.

2. You must make the joint venture partnership attractive to the people you approach.  Think about their businesses and what they need that you might be able to offer in exchange for their help.  Perhaps an ongoing referral program with businesses that have similar target market customers.

3. Join mailing lists and newsletter programs online of leaders in your industry. Keep up with what they’re doing and watch for opportunities to contact them about your idea for a joint venture.

Till next time.