Joint Venture – How to Collaborate Effectively and Profitably
As entrepreneurs, most of us are doing businesses on our own. Many of us, however, long for the support that a joint venture partnership provides. Women especially need and want to collaborate with others (however men really benefit as well).
I believe there is so much more that can be done when we work and bring our strengths together in a joint venture. The question is – how do you create a partnership that works for both of you, as well as the communities you’re serving?
I interviewed Gina Bell, a friend of mine and the founder of GinaBellInc.com, for some tips on how to collaborate effectively and profitably. I want to share with you a few gems from that call.
So what is a joint venture?
A joint venture is an agreement or alliance between two or more people. Most of time these partnerships make sense when you share a target market. For example, Gina and I discovered that we share a target market of entrepreneurial women. The key is that the joint venture must benefit everybody involved.
Here are a few different ways to collaborate in a joint venture:
- Share intellectual property
- Combine methods to create a product or service
- Share assets
- Share the expense hiring a virtual assistant
- Have an agreement to share knowledge
- Share profits
How do you find someone you would enjoy working with and who has similar goals as you do? In my next blog, I’ll share with you 4 steps on how to get a joint venture started and how to keep it working well for everyone concerned.
Are you ready to learn the nuts and bolts of joint venture partnerships? Check out the upcoming Get It Done Challenge starting on January 21st. You’ll receive the support and wisdom you need to create your own joint venture. And quite possibly you’ll meet that fellow entrepreneur who is the “right” match for your business.
Tags: collaborate effectively, creating joint ventures, Gina Bell, Joint Ventures
