The Right Way to Joint Venture

There are many ways to do joint ventures. But for a growing small business, the most lucrative type of joint venture usually involves at least two of three key elements: a product, a promotion, and a market.

The Principles Behind Joint-Venture Marketing

Joint ventures take advantage of two of the fundamental principles of wealth that Adam Smith talked about in Wealth of Nations: division of labor and unrestricted trade.

Strategies For Successful Joint Ventures

Joint-venture marketing relationships can be extremely valuable. Every ambitious entrepreneur and marketing director should be open to them. Making them work, however, does take time and consume resources. And because you don’t have unlimited time and resources, it makes sense to be strategic in selecting your joint-venture partners.

1. Look for strong partners—businesses that have significant skills and/or resources that you lack.

2. Make sure that your contribution to the deal is equal to your partner’s. An unbalanced partnership is not good for either party.

People who should listen to this show are entrepreneurs, career coaches, marketing directors, virtual assistants