Are You Leveraging Your Time With Joint Ventures?

Though it may be common sense to most, some entrepreneurs and small business owners tend to forget that their time is valuable. Why do so many waste time performing administrative activities or mundane tasks that do not fully utilize their talents and skills as a salesperson or business producer?

So often we complain about having too little time to do everything we need to do in order to make our business grow, or that we don’t have enough money to do the proper advertising. However, in actuality, we may be inefficiently allocating time and money resources that are available to us.

Joint Venture Saves the Day – and Your Time

A joint venture approach to time and money efficiency can be a business lifesaver, if not a Midas touch to great wealth. A joint venture with the right partner can help you both combine resources and utilize time, money, distribution, technology, customer access, special skills, and other resources, more efficiently. In essence, you and your joint venture partner share the risk involved with a business venture, but leverage the strengths of the other for mutual financial benefit.

When you have a reliable joint venture partner working in alliance on a business project, you have more time to make your own business grow. You have more time to hire reliable employees, more time to train current employees, more time to sell, more time to negotiate deals and more time to create additional joint ventures. You get the picture.

Your expertise as an entrepreneur is the capital that keeps your business afloat. If you want your business to continue its success, you need to find ways to leverage your time in the most efficient moneymaking way. Why are you spending hours doing $10 an hour bookkeeping work when you could hire that out or leverage the accounting system of your joint venture partner? If your time could be better spent creating development ideas and revenue streams that are worth $500 an hour, isn’t spending your time most profitably a better idea?

How to Brainstorm a Joint Venture Endeavor

Approach a joint venture with the following thoughts:

• How can I form a joint venture that saves me time and money?

• How can I leverage the resources of a potential joint venture partner?

• How can I add value to a joint venture partner so we both profit financially?

If you find that you are spending more time in the back room than in front of customers or clients, it may be the perfect opportunity for you to form a joint venture to free up resources. Use your entrepreneurial skills and creativity and approach a potential partner with a moneymaking proposal. A successful joint venture can unload a burden from your business operations that will lead to bigger sales and more time for you to manage your business.

Christian Fea is CEO of Synertegic, Inc. A Joint Venture Marketing firm. He exemplifies how to profit from Joint Venture relationships by creating profit centers with minimal risk and maximum profitability.

To discover more Joint Venture Marketing Strategies join his free Joint Venture Marketing Wealth Report.

The Importance of Trust in Your Joint Venture

A joint venture can open up new lines of business and additional streams of income for you by accessing larger markets, producing more and better products through shared technology, and ultimately increasing revenue. The benefits can be great, but in order to make a joint venture successful, you must have trust in your JV partner.

Trust: Give it and Earn it

When joint venture partners have complete trust in the other, then the partnership has wings in which to spread and soar. However, trust requires vulnerability. You must allow yourself and your business to become vulnerable to the actions of your joint venture partner. The success of a joint venture partnership may require you to share important information about your business. In doing so, you trust your partner in the venture to do the right thing and make the right choices.

You must also earn the trust of your JV partner. Of course, earning trust means not taking advantage of your JV partner, but in a proactive sense, it means that you keep your promises, are willing to help and put effort in the partnership, treat your JV partner as an equal and not an independent hire, and inspire confidence with your actions.

Expectation and Credibility

Along with trust comes expectation and credibility. If you allow yourself and your business to be vulnerable, you expect your JV partner to do the same. And in order to allow your JV partner inside your closed circle, you need to know that your potential JV partner is credible. Have there been any documented incidents or evidence that would stain credibility? Beware of hearsay. Gossip can ruin a business reputation. Always be on the side of giving the benefit of the doubt if your dealings with your potential JV partner have been positive.

Listen

During the time your joint venture is in existence, it is important to listen in order to maintain the trust between you and your JV partner. Listening well earns the trust of others. And remember that listening is the other half of communication. When you communicate with your JV partner, you have a relationship that involves trust. Be ready to be a good listener.

Empathy and Understanding

While listening gains the trust of others, and particularly your potential JV partner, empathy and understanding helps fulfill the need in others. Work toward building a solid relationship with your JV partner where you can both help fulfill each other’s business needs. Ask questions. Show that you understand the issues communicated to you. Offer compliments. When you listen and understand your JV partner, you have also earned their respect.

The joint venture partnership is a two way street. You must communicate effectively to help make it a success, but your ultimate test is the trust you put into each other. If you do not trust people, people will not trust you. Be willing to share and be vulnerable and you may be surprised at the positive response from your joint venture partner.

Christian Fea is CEO of Synertegic, Inc. A Joint Venture Marketing firm. He exemplifies how to profit from Joint Venture relationships by creating profit centers with minimal risk and maximum profitability.

To discover more Joint Venture Marketing Strategies join his free Joint Venture Marketing Wealth Report.

Twitter Weekly Updates for 2009-02-22

• I’m reading the Facebook Bible. 40+ Ways to Market Your brand, company, product, or service inside Facebook http://twitpwr.com/4PR/ #
• Who’s headed to DC for Yanik’s underground marketing conference this coming weekend? #
• 30 Facebook applications to help promote, network, communicate, collaborate and accomplish more with your business. http://TwitPWR.com/4JJ/ #
• Don’t try to beat your competition, Joint Venture with them. http://TwitPWR.com/4RN/ #
• @dorcyrussell I’ll be there! When you flying in? in reply to dorcyrussell #
• Talking to a client about leverage. If someone else has what you need, strike a deal. Don’t go around the corner to get across the street! #
• @tonibirdsong It’s a necessity these days! in reply to tonibirdsong #
• It’s Looking like Facebook will overtake MySpace this year as far as subscriber counts go. http://TwitPWR.com/4TK/ #
• Facebook Connect considered the “Holy Grail” of Facebook marketing success http://TwitPWR.com/4TD/ #
• @J_T_Ray Facebooks TOS is big issue. Especially for C level’s and entrepreneurs considering using the network as a distribution platform. in reply to J_T_Ray #
• Brian Solis of Futureworks discusses Facebook and the reality of your online content. Who owns it? http://TwitPWR.com/4TB/ #
• @dorcyrussell Sounds good! I’ll say hello if I see you at the event. in reply to dorcyrussell #
• Here’s 10 great implementations of Facebook Connect and what it can do for you. http://TwitPWR.com/4TE/ #
• Are you spending the right amount of time on the wrong projects? http://twitpwr.com/4Wq/ #
• Here’s 6 ways to use Twitter as a lead generation tool. http://twitpwr.com/1eF/ #
• Joint Venture Tip 006 – Using Google Insight to find trends for creating Joint Venture partnerships. http://twitpwr.com/1WM/ #
• @DianaBarnum Hey Diana! What can I help ya with? in reply to DianaBarnum #
• @ramartijr Glad to assist Richard! Thank you for the thoughtful compliment! in reply to ramartijr #
• @makescents 6 ways to use Twitter as a lead generation tool. http://twitpwr.com/1eF/ in reply to makescents #
• Famous and semi-famous people who twitter. A partial list. http://TwitPWR.com/58d/ #
• Twitter automation can be a good practice. Respect your followers and don’t be self-serving with your response. http://TwitPWR.com/57K/ #
• 7 effective lessons you can learn from Twitter’s fast success. http://TwitPWR.com/57L/ #
• The Top 25 Marketing & Social Media blogs for February. http://TwitPWR.com/57O/ #
• Straightforward, 5 step breakdown on how to get your content to go viral on Twitter. http://TwitPWR.com/57P/ #
• @chrisgarrett : Found you through Twitter Grader (http://twitter.grader.com) #
• The free, secret PPC keyword spy tool I use to find out what my competitors are bidding on. http://twitpwr.com/5ac/ #
• 14 ways to get your first client. http://TwitPWR.com/5av/ #
• 4 powerful Joint Venture advantages to grow your business or brand. http://TwitPWR.com/5aO/ #
• 13 things to keep to yourself at work. http://TwitPWR.com/5aP/ #
• @bostonmarketer It depends on what areas you pick to market in. in reply to bostonmarketer #
• @missorganized Possibly at a Marketing event. in reply to missorganized #
• @bostonmarketer Geography wise. I believe you can pick by state. I have an add running and it’s all of CA. The PPC is cheaper than Google. in reply to bostonmarketer #
• If your busy, consider this productivity tool to build your Twitter following. http://TwitPWR.com/57Q/ #
• @bostonmarketer Typo? What typo? in reply to bostonmarketer #
• @bostonmarketer Thank you for the mention! in reply to bostonmarketer #
• Just got into DC for underground 5. #
• 12 Twitter stream aggregators to make you smarter and more effective. http://TwitPWR.com/5ks/ #
• FriendFeed and Twitter plugin that imports content to be easily edited & posted keeping your blog fresh. http://TwitPWR.com/5ko/ #
• If you own a small business, check out what the stimulus plan has in store for you. http://TwitPWR.com/5kl/ #
• Inspirational, Recession Marketing eBook from Hjörtur Smárason owner and director of Scope Communications. http://TwitPWR.com/5kr/ #
• What to expect from Social Media Marketing in the future. http://TwitPWR.com/57N/ #
• When will you be a millionaire? http://TwitPWR.com/5sP/ #
• Walter Updegrave senior editor at Money magazine gives his thoughts about “creating financial security” in 2009. http://TwitPWR.com/5sO/ #
• Listening to @timschmidt speak at Yanik’s Underground 5 conference. Great info about selling your stuff through associations. #
• Valuable business lessons from people you’d least expect. http://TwitPWR.com/5sM/ #
• Founder of charitywater.org talks about the power of Social Media for entrepreneurs and charities alike. http://TwitPWR.com/5sL/ #
• Think a recession is a bad time to start a company? Here’s 6 giants born during downturns. http://TwitPWR.com/5kn/ #
• Talking to @vincedelmonte, fitness specialist. He’s super fit, down to earth, and humble. Check out his abs! http://TwitPWR.com/5tM/ #
• Great success story – Amy started a multi-million dollar company by borrowing against her car and selling her watch. http://TwitPWR.com/5sN/ #
• 16 time tested, battle ready life and business tips from Bob Parsons, CEO and founder of GoDaddy. http://TwitPWR.com/5zm/ #
• This is worth reviewing, how to make Firefox your productivity machine. http://TwitPWR.com/4TG/ #
• @barefoot_exec Hey Carrie! Great speech today! I just joined your mastermind program. Looking forward to meeting you. #
• How to write a unique 519 word article in less than 16 minutes at the speed of sound. I love this tool! http://bit.ly/DDfSP #
• It’s all about minimum input and maximum output. AKA Asset Leverage. http://bit.ly/e4AAc #
• @ValeriuPopescu Valeriu, your exactly right! I wonder if they have language packs for NSD… #
• Just leaving the DC #ug5 show. Thanks to all the great speakers, friends, and new business partners I’ve met!! #
• @kasper54 Hey Cindy! Unfortunately we can’t control the look and feel of our posts. Twitter only allows for a default font, size, and color. #

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16 Time Tested Life Lessons From Bob Parsons

I’m here in Washington, DC at Yanik Silver’s Underground 5 conference where Bob Parsons, the CEO and founder of GoDaddy, gave the keynote speech.

Bob is a lively character, full of life, experiences, and street smart wisdom!

At the end of his speech, he gave his 16 time tested, battle ready tips for increasing your personal and business experiences.

1.    Get out of your comfort zone.
2.    Never give up.
3.    When you’re ready to quit, you’re the closest you’ve ever been to succeeding.
4.    Accept the worse thing that can happen. If you can deal with that, do what your contemplating doing.
5.    Focus on what your want, not what you don’t want.
6.    Take things a day at a time.
7.    Always be moving forward. Small daily progress leads to large successes in the future.
8.    Be quick to decide.
9.    Measure everything significant. You can’t improve what you can’t measure.
10.    Anything that’s not managed will ultimately fail.
11.    Watch your competitors, what watch yourself closer.
12.    Never let anyone push you around.
13.    Never expect life to be fair.
14.    Solve your own problems.
15.    Don’t take yourself to seriously.
16.    Always find a reason to smile.

How to Form a Joint Venture Marketing Business Plan

The hard part about joint ventures is the actual work in convincing a potential JV partner about the merits of the venture. Once you have a JV partner in hand, the next step is communicating together and working toward forming a solid business plan that will guide you to success with the venture.

A joint venture marketing business plan does not need to be a fully composed booklet like the type mainly used for acquiring loans or other funding. Of course, the more detail you and your JV partner can put into your strategic plan, the better guide you will have.  However, your business plan could be as simple as a one-page point-by-point strategic outline.

Goal of Joint Venture Marketing Partnership

Your number one assignment in forming a JV business plan is to spell out the goal for each party. The goal doesn’t necessarily have to be the same. Your specific goal in the partnership may be to get access to wider marketing base, while your JV partner’s goal may be to increase revenue through the sharing of technology and expertise.

Be sure to spell out the goal so that neither you nor your JV partner has any miscommunication about why you are in the partnership.

Assignment of Duties

What specific duties will you perform? What will your JV partner do? Again, to avoid any misunderstanding in the division of duties to reach your JV partnership goals, write out the duties that each will perform along the way.

Funding Sources

How will you and your JV partner split expenses? Is your JV partnership large enough that it may need a bank loan? In your JV business plan, know how you and your partner will fund the venture. It may be as simple as contributing $1000 each into a JV “kitty” to get the venture rolling. Wherever the funding comes from, clarify who will pay for what expenses and how much each is willing to contribute.

Resource Allotment

Will you and your joint venture marketing partner need additional resources in addition to money? Perhaps you will contribute some of your employee expertise, or your JV partner will utilize his distributing network to make the JV a success. Be specific in how you will allot the resources needed.

Division of Profits or Benefits

If there is a profit to be made and split from the joint venture marketing endeavor, how will the funds be allocated? Perhaps it will be a 50/50 profit split, or depending on one partner’s additional resource allotment, the profits may be split 70/30. Be sure you each know what you will be receiving from the partnership.

Exit Strategy

Finally, make an exit strategy in your business plan, which will allow you and your JV partner to know when it is time to fold the cards. Perhaps your goal is a short-term partnership that will terminate after a specific event. Or, it could be an ongoing joint venture marketing project until one or both of the partners says they are ready to terminate the agreement. Spell it out clearly so that you both know how to wrap up the JV cleanly and without ill will towards the other.

Christian Fea is CEO of Synertegic, Inc. A Joint Venture Marketing firm. He exemplifies how to profit from Joint Venture relationships by creating profit centers with minimal risk and maximum profitability.

To discover more Joint Venture Marketing Strategies join his free Joint Venture Marketing Wealth Report.

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