The success of your joint venture begins at the outset with the establishment of your very first JV partnership. We have tips to help you coordinate a successful joint venture right from your first contact with a prospective partner.

The Screening Process

The right JV partners will set the stage for a successful joint venture overall. To ensure you find the best possible partners for your arrangement, consider the following:

• The nature of the partner’s business and how well it relates to your own

• The reputation and history of the partner’s business

• The overall purpose and goals of the other business for the joint venture

• The ability to work well with and trust the partnering business

• The benefits both businesses will stand to gain from the joint venture

The more carefully you screen your potential JV partners, the more likely you will be to embark on a successful joint venture.

The Legal Process

Once you find a prospective partner that meets your pre-screening qualifications, it is time to deal with the legal aspect of the joint venture process. No matter how comfortable you feel with your JV partner, you want to have your full agreement put into writing and signed by both parties. Potential issues to address in your JV contract include:

• Management issues – who will manage what

• Availability and allocation of common resources

• Mutual gains and how they will be disbursed

• Accounting principles for the joint venture

• Taxes and potential deductions

• Specific business plan, including purpose and goals

There are a couple of options for drawing up a JV contract. First, look for templates online that have been specifically designed for this purpose. Second, hire the services of an attorney that specializes in business issues like joint ventures to handle the legal part of the process for you.

The Partnership Process

After the relationship is in full swing, there are a few factors to keep in mind to ensure your joint venture continues to motor along smoothly:

• Strive for regular communication between partners to assess the arrangement and make necessary changes

• Keep your word to your partner in all business endeavors, so a circle of trust is built within the joint venture

• Set a time-line to reassess your partnership and determine whether to continue the joint venture or disband in favor of other potential arrangements

• Aggressively market your joint venture, using all possible Internet options, to ensure the partnership brings you the best return

Joint ventures are a popular method of growing a business today, but many companies are still shying away from the concept for fear of getting roped into an ineffective arrangement. With these tips in mind, you can rest assured your joint venture will be as successful and harmonious as possible.

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 report on Joint Venture Marketing.

Sometimes the hardest part of launching a joint venture is finding the best businesses for the task. To help you find the right fit, we have five places where potential partners may be lurking.

Neighboring Businesses in Your Community

The first step in finding good JV partners is to scour your immediate community in search of possibilities. For example, if you run a catering business look for florists, wedding shops or photography studios nearby that might be in search of a similar market base. Working with neighboring businesses allows you to easily market one another’s companies to customers in the same area. It also allows you a wealth of joint venture opportunities beyond online marketing campaigns, such as flyers or newspaper advertisements.

Google Search

The Internet is the perfect place to broaden your base of potential JV partners. Begin by searching under keywords to help you find related businesses. Once you find a business that looks interesting, you can fully explore their website and possible reviews related to their company to determine if the business would be a good potential partner for online marketing.

Newsletters You Receive

Instead of tossing out all the marketing material you receive at your door or in the mail, take a look at the advertising to find out if it would be good joint venture material. Most of the flyers you receive will probably be for businesses within your community, which takes us back to the benefits listed in the first suggestion. If you find a business that looks enticing, check out their website or talk to the owner to find out if a joint venture would benefit both businesses.

Trade Shows

Trade shows are an excellent source for JV partners, particularly if you are running your own booth. This is a good way to meet other business owners while you are putting yourself out in the industry as an established business in your own right. Make sure you hit the trade show circuit with plenty of business cards, and collect those from other businesses so you can research the companies later.

Professional Matching Services

There are professional matching services that are in the business of helping companies find effective JV partners. These businesses charge a fee for their services, but in some cases, the fee is well worth the money if they can help you find the best JV partners for your needs. To ensure you get the biggest bang for your dollar, thoroughly research the matching company before signing on with them.

Finding JV partners can be a challenge, but there are many sources available. If you are willing to put in the time and effort, the right JV partner can increase your customer base for a fraction of what other advertising methods might cost.

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 report on Joint Venture Marketing.

Choose Wisely

The first step in building your JV partnership is to find the right partner for your needs. Look for a business that is similar to yours that will attract the same types of customers. However, if your JV partner offers a product or service too similar to your own, you may find yourself in competition with them rather than forming a symbiotic relationship.

Approach Professionally

When you find a business that would make a profitable JV partner, approach the owner with the highest level of courtesy and professionalism. A canned email that sounds like it goes out in mass regularly will not get the attention of a business owner. Instead, write a personal letter, or better yet, give the owner a call to discuss your idea. Come into the conversation with a plan in mind to show that you have given this potential partnership a degree of thought before approaching your prospect.

Write it Down

Once you get an initial agreement from a JV partner, it is important to get the full agreement in writing. There are many good joint venture partnership templates online to help you draft an agreement that will cover all the potential loopholes. A thorough agreement should include the give and take process that you and your partner have agreed to, including profit sharing, link traffic and other marketing techniques. Both partners should sign the agreement and receive a copy to refer back to over time when necessary.

Set a Date

An effective JV partnership should have a definitive beginning and end, even if the ending date is simply a time to review the agreement and determine if it will stop or continue. These specific dates offer protection and an out to both partners in case the partnership does not proceed as planned. It also gives some boundaries to the agreement, so both parties know how long they have to build up the partnership and work toward a common end.

A successful JV partnership isn’t rocket science, but it does take a degree of marketing savvy to make it work. With these basic principles in mind, you can do much to increase your odds of an effective relationship with another company. A little research and preparation will make all the difference in developing a joint venture that will increase your customer base and your bottom line.

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 report on Joint Venture Marketing.

However, even small business owners bring something to the table in a joint venture arrangement. Consider the features potential JV partners want from you to help you put your best foot forward in the proposal and negotiation process.

A Solid Agreement

One of the biggest reasons joint ventures fail to materialize is because the business looking for JV partners fail to provide a clear strategy for the venture. Larger businesses want to work with other business owners who are well-versed in the purpose of a joint venture and how to formulate one that is mutually beneficial to all involved. The company wants to know that you’ve done your homework and will supply compelling reasons why a business arrangement between your two companies would be a positive marketing step.

A Solid Business

You may be just starting out or much smaller than your prospective partner, but that doesn’t mean businesses you approach will never take you seriously. If you want a prospective partner to sit up and take notice, you need to present yourself as a polished, professional company. This means creating a proposal that is comprehensive and well written. It also involves presenting yourself as an expert in your chosen field, whether you are hosting your own blog on a related topic or hosting your own booth at a trade show.

A Solid Profit

Prospective JV partners always want to know what’s in it for them. While you may not be able to offer much at the beginning in terms of marketing prospects or customer lists, you can provide a significant percentage of your sales to make the agreement worthwhile for your partner.

Sometimes it may seem that you are giving up too much to establish a lucrative joint venture. However, those initial profits will pay back tenfold when your JV partner helps you build a larger customer base and a healthier bottom line.

A Solid Relationship

Many companies turn down prospective partners because the two businesses involved have absolutely nothing in common. While you don’t want to enter into a joint venture with a direct competitor to your own business, you do want to choose companies that will attract a similar clientele for different products. When you approach a prospect, make sure you’re detailed in describing the potential symbiotic relationship in question, so your potential partners can see the advantages to working with you right away.

Landing JV partners isn’t easy, but it helps to see the potential joint venture from the perspective of the other company. When you can offer features the other company wants, you will be more likely to land successful joint ventures.

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 report on Joint Venture Marketing.

Thankfully, we have a few places to begin looking when you are ready to compile a list of prospective JV partners.

Searching the Search Engines

Yes, it can be tedious and time consuming, but the search engines are often the best place to begin looking for businesses in your niche. Begin by choosing keywords for your business and then plugging in “joint venture” or “affiliate marketing” to find businesses interested in this type of approach. You will probably get more hits than you ever have time to follow up on.

The advantage to this approach is the large numbers of prospects you might find. The drawback is that you won’t have a connection to any of these businesses, which might make it harder to land an actual partnership.

Using Social Media

Whether you head to the websites of businesses you are interested in or look for websites specifically designed to bring JV partners together, social media is a great way to make professional connections. Facebook, MySpace and LinkedIn are all good social websites to try, although LinkedIn is specifically geared toward a professional market.

The advantage to this approach is that many professionals are on social media sites today, allowing you to connect with many different companies relatively quickly. Social media tends to build “relationships” on some level, so you may be able to overcome some of the impersonal barriers listed above using these tools.

Seminars and Trade Shows

Face-to-face meetings may be more effective than virtual connections, especially if you establish credibility by hosting your own booth at an event. Keep your business cards handy and pass them out freely to business owners who appear to be good JV prospects. This might include other booth owners, as well as those in the crowd who stop to ask questions about your company.

The biggest advantage to this approach, aside from the personal meetings you enjoy, is the fact that everyone at the seminar you choose will probably be in a related business to your own.

JV Membership Sites

There are also websites you can join for the express purpose of locating JV partners. These websites may have a list of prospective partners that are specifically interested in helping smaller businesses promote themselves through joint ventures. When you join, you write up a joint venture proposal that you can submit to the companies you are most interested in, and then you can sit back and wait for their responses to come in.

The biggest advantage to this approach is that you are automatically connected to businesses interested in joint ventures. However, monthly fees can be costly, so choose a membership site that has a proven track record for success.

Finding JV partners is the first step to success, but it can be easier said than done. With these avenues in mind, you have greater odds for locating prospective partners that can effectively promote 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 report on Joint Venture Marketing.

Make a Plan

Every successful business begins with a plan, and yours should be no exception. With your product or service in mind, conduct some basic research to find out what types of customers will be interested in your goods and the marketing strategies typically employed to get those customers to make a purchase. With this information in hand, it will be much easier to select prospective JV partners that will appeal to a similar customer base.

Choose a Format

The next step is to find a joint venture marketing format that will fit your business style and budget. For example, do you want a partner to share your profits in return for a larger customer base? If so, look for prospects that are bigger and more established. Will your primary goal be to refer customers between your businesses? In this case, your partner may be similar in size to your own company to ensure a fair exchange takes place.

Look at the Bottom Line

Your budget will also determine the type of JV partnership that will work the best for you. Companies with smaller budgets may be more inclined to offer a share of their future profits, while those with more money to spend might look at a different type of marketing campaign to reach new customers. When you set your budget from the beginning, you will be less likely to exceed it during the process.

Take Action

Once your pertinent information is gathered, you can use it to implement a plan of action for finding and enticing new JV partners. This may be done by phone, email or in person, depending on your marketing style and the type of companies in which you are interested. Keep one eye on your original plan during this process so you don’t stray from your initial purpose and goals for your JV marketing strategy.

Test it Out

Upon finding a prospective JV partner, test the waters with a short-term campaign that allows you to accurately measure the results. This way you can try out a partnership with minimum cost and time before investing in a full-fledged business arrangement over the long haul.

When your plan is complete, you should have at least one or two effective JV partners in tow to help you build your customer base and your bottom line. When you take the time to walk through all the steps of forming effective partnerships, your efforts are more likely to be met with success. A positive JV partnership will result in additional hits on your website, an increase in your customer base and a better profit margin overall.

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.

Stand Out from the Crowd

The first step in getting a “yes” is to get noticed right from your first contact with the company. However, standing out from the crowd is not easy if you’re pursuing a large established business that gets many JV offers every month.

A good first step is to approach the company with something you can do for them, whether it’s to write a blog, design a web page or complete another task the business would find helpful. In a business atmosphere consumed with “me-ism,” asking what you can do to help is a good way to get noticed.

Build a Relationship

By working with a company in the manner listed above, you are also embarking on a relationship with that business. Since one good deed usually deserves another, a business that has received your favor is more likely to look favorably on you. Building a relationship with others in your industry allows you to effectively network within your niche to find assistance with your needs. This includes forming JV partnerships with bigger, more established companies that are acquainted with you and your business.

Be Prepared to Give

When you are a new business, few companies will give you the time of day unless you promise a lot in return. It may appear that you are giving away the farm just to get your name on a well established website, but the initial outlay of energy and profits will be worth the long-term results. Once you’ve effectively built up your customer base, you can back off on your JV partnership, enjoying a larger amount of business thanks to the new customers your partner helped you attract.

Follow Up

Follow-up is often an art that gets lost in the busy business world we work in today. However, persistence is still the one virtue most likely to pay off when you are trying to work out a JV deal with another company. While you don’t want to pester another business owner to distraction, a few well-placed phone calls or emails can go a long way in keeping your name at the forefront of CEO’s mind.

Upsell when Necessary

If you feel you are getting close to nailing down a particularly attractive JV prospect, don’t be afraid to upsell a bit if you think a little extra push will close the deal once and for all. This means keeping a small arsenal of enticements beyond your initial offer so you are prepared to give a little extra when warranted.

JV partnerships aren’t always easy to land, but they are far from impossible. Even the initial “no” can become a “yes” with some effective coaxing. With these tips in hand, you will be ready to approach any joint venture prospect with professionalism and confidence.

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.

If your hands are getting clammy at the mere mention of professional networking and selling yourself to other businesses, you are not alone. Check out these four tips to approaching JV partners to make the process go as smoothly and successfully as possible.

Remain Professional

No matter how you contact your JV partners, whether it is by phone, email or traditional post, professionalism is something that should always be at the forefront of your mind. The written word should be formatted and composed in a business style, with the use of Mr. and Mrs. and common niceties like please and thank you littered throughout.

Do not be too obvious in your sales pitch; instead, outline your company, product and benefits of working with you clearly and succinctly. A potential partner will always appreciate your professionalism, even if the partnership does not work out.

Make it Personal

Templates, both in letters and emails, are never the way to get noticed. In fact, sending correspondence to total strangers is rarely going to elicit a response. This is where professional relationships come in very handy, and you can build those relationships through trade shows, conferences and other modes of professional networking.

Keep your business cards handy to exchange with the associates you meet at the venues. By making that personal connection first, you are more likely to inspire at least some consideration when you approach a business with a JV marketing proposal.

Show the Benefits

In a world of “what’s in it for me?” it is very important to show the benefits of working with you to any potential partner, first and foremost. While you may reap most of the rewards from the relationship at first, your JV partner can also see advantages in terms of commissions on your sales or mutual advertising. Begin with the benefits, and you may at least get your prospective partner to read your email or letter through to the end. This is the first step in obtaining a positive response for an official JV partnership.

Follow Through

Your first email or letter may not get read. Your initial phone call may not get returned. Persistence is the key in any successful JV partnership. While you don’t want to drive your potential partner crazy with daily phone calls or regular sales pitches, a polite follow-up to see if the person has read your proposal is certainly appropriate. Some JV marketers suggest correspondence once a week for a month to six weeks at a time. If a response is not received within this time frame, it is probably a good indication that it is time to move onto another prospect.

Finding JV partners and landing them can be easier said than done. Once you have a list of prospective partners, keep these tips in mind to help you successfully establish good JV partnerships that will benefit both businesses in the long run.

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.

Take heed of advice from Cesar Millan, also known as the “Dog Whisperer”. Cesar has become the leading expert in dog psychology and dog rehabilitation. Although his strategies are aimed at canine “pack” instincts, his psychology can work well for joint venture partners as well. Here are some examples:

Calm-Assertive Energy

Cesar advocates that all dog owners display calm-assertive energy. An owner should show a dog that he or she is the pack leader using compassionate and calm methods. Yelling, nervousness, and anxiety are not good qualities of a good calm-assertive leader.

This tip doesn’t mean you have to set yourself apart from your JV partner as the “pack leader”.  Nor does it mean one of you must become the “calm-submissive” type that will obey the commands of the leader.

How this can benefit you and your JV partner is that you both display assertive behavior without becoming emotional. Energy is calm, and both are in control of all communications and tasks.

Set Rules, Boundaries, and Limitations

Cesar teaches that dogs must have rules, boundaries, and limitations to know how to respond to different situations. Your JV is just the same. Both you and your JV partner must set rules, boundaries, and limitations so you both are clear on your roles and responsibilities.

For instance, can you contact your JV partner any time of day? Do you have permission to access your JV partner’s facilities? And likewise, does your JV partner have permission to utilize your equipment? All this and more need to be pre-determined before the JV goes into effect. Your rules, boundaries, and limitations will help you and your JV partner know exactly what to expect from each other.

Clarify “Issues”

An unstable dog is unclear about its role. This causes anxiety, aggression and fear. Cesar Millan teaches that a dog must trust his owner to be a pack leader and know its role in the pack.

Likewise, you and your JV partner must know your roles. Who will perform the marketing? Who will keep the books? Who’s in charge of production? Clarify all these types of issues and you will have a more successful JV “pack”.

Achieve Balance

Ultimately, you want to achieve balance with your JV. Much like Cesar advocates for dog owners, balance creates a harmonic, productive, and happy life. Set and know your limitations and boundaries. Set up roles for you and your JV partner. Let Cesar Millan’s experience with canine psychology teach you similar lessons in JV psychology. All elements should be balanced so both parties are happy with the effort, as well as the outcome.

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.

Martin Haworth writes, there are some simple things you can do with your people to ensure that they start to trust you. As a letter from Mike Emmott of the Chartered Institute of Personnel and Development in the UK says, in April 2005′s UK Management Today says:-

“Our surveys show that only one in four employees trust senior management to look after their interests”

Is that not appalling? How on earth can businesses develop, survive and above all hang onto their best people if they are seen to be untrustworthy?

It’s horrible.

There is an article below which talks a little about ‘Rapport Building’, but to supplement that, here are Ten Steps to help you build trust with your people.

1. Keep Your Promises

If you can’t keep a promise, then don’t make it in the first place – it is a big negative emotion being let down in this way.

2. Never Tell Lies

Why would you? And if you have to, it’s much, much more about you. Your people will really lose faith in you fast.

3. Keep Confidences

Sometimes people will tell you things that they don’t want broadcast – they need you to hear them sometimes. But keep it to yourself. Do not be the instigator of gossip and rumor.

4. Communicate as Fully as Possible

Keep as little from your people as you can. Communicate as openly as possible. Sometimes you have to hold some information back – it happens, but think really carefully about it.

5. Have No Favorites

Treat all of your people equally and show no favorites. I know this is tough – I found it tough, but it needs to be right. Have agreed principles and standards that everyone works to – sorry, but no exceptions.

6. Challenge the Behaviour – Not the Person

People make mistakes, do things wrong and need to be told. It’s the thing they did, not the person they are. “You’re useless”, is not a good way to build trust, but, “That wasn’t what I would expect of you usually, tell me more about what happened”, works better.

7. Follow Through

If you say you are going to do something. Do it! Your people will love that you do what you say (or apologies at least if you find you can’t). And it sets a great example.

8. Listen Attentively

There’s a whole piece about this, but safe to say if you don’t pay attention to people fully, they will not trust you. It’s rude and it diminishes the relationship.

9. Forgive Mistakes

Be generous. It is a value-creating action. People hate to get things wrong – they expect a ‘bollocking’ (as they say!). Help them with a learning from the mistake. “What might you do next time?”, is far more valuable.

10. Don’t Talk Behind Backs

If you do this with anyone, they will always wonder what you say about them when they aren’t there – and what are they saying about you – it’s a bad habit.

Building trust is vital if you, your people and your business are going to excel. Working on it is just a discipline. These points will help you.