Issue 16 - December 3, 2010
Hey Genc,
It's not often that I'll proclaim that an activity is the BEST way to accomplish something...
But this proven approach has put millions in my pocket, with very little effort.
So today's issue of "One Step Ahead" is dedicated to YOU getting comfortable with developing joint venture partnerships.
Because when you embrace this proven, high-leverage activity, you will...
Grow Your Business In The Most Profitable, Simple,
and Low-Risk Way Possible
This topic is so vitally important to the future of your business, especially if you're just getting started and are in "bootstrapping" mode...
...that I've also included an answer dealing with joint ventures in our Reader Q&A Session below.
I've even included a must-have "Resource To Grow Your Online Business" that you can turn to whenever you need clarity and direction with creating profitable partnerships...
Whether for your next product launch, or integrated in your day to day marketing.
So your mission today is:
1) Understand how joint venture partnerships "done right" can be your best option for growing your business...
2) Know that even if you're uneasy about doing deals, you'll find it EASY after you've done it a couple of times...
3) And take action THIS WEEK to get your first (or next) lucrative joint venture deal off the ground, and sending revenue to your bank account every month.
Once you get a feel for it, you'll kick yourself for not getting started doing joint venture deals sooner.
To higher profits,
Rich
 Could This Be the Fastest, Easiest,
Safest Way to Make a Fortune?
I work with hundreds of Internet-based entrepreneurs, and they often ask me about the best way to effectively grow their businesses.
Hiring great employees has had a huge impact on my success.
Creating great products has shaped my business.
And certainly my mentors have helped me get to where I am today.
But my big "secret to success" is none of these things.
Instead, my response is always the same: Joint ventures (JVs) are simply the best way not only to grow a business, but to make lots of money in the process.
In fact, joint ventures have played a MAJOR part in my success. They've consistently put millions of dollars in my pocket with very little effort.
Joint ventures allow you to do more for your prospects and customers, because you are offering them the combined brilliance of the JV partners. This exponentially increases the value of the product purchased... at what often feels like a remarkably low price.
But I'm getting ahead of myself.
A joint venture is a business relationship - hopefully, a mutually advantageous one - between two (or more) parties.
It is not a merger, a general partnership, or an ongoing business agreement.
It's not you buying someone else's company or them buying yours. It's not an equity sharing or equity position in anybody's company. It's not a private placement.
It is a single-purpose, shared business activity that can create massive profits...
- Without a lot of expenditure on your part...
- Without a lot of tooling up in terms of equipment, staff, or facilities...
- Without taking all the risk/work on your own shoulders...
Simply put, joint ventures are:
- The fastest way to make a fortune.
- The easiest way to make a fortune.
- The safest low-risk way to make a fortune.
- The best way to create/leverage business relationships that make you a fortune.
A joint venture is, by its very nature, short-term. You can try one out for a trial period of a few weeks or months. A new joint venture can then be refined from this initial effort. Any arrangement you make with your JV partner proceeds only if it works to the advantage of both parties. If it doesn't, you terminate the relationship.
Most Internet marketers function through joint ventures. However, not all of them are as profitable as originally hoped. This is often because sufficient due diligence had not been done by the prospective JV partners, and the "match" was not - to use an old adage - made in heaven.
Even when the partnership has merit, failure often stems from inefficient, ineffective communication between the parties. To be truly successful, any joint venture you take on should be carefully thought out, and the parameters should be spelled out in a signed contract. The plan of action needs to be monitored, as does the income generated.
You usually find suitable JV partners by establishing rapport with other businesspeople you come across while conducting your own business - even those in different industries. At some point, an opportunity arises to combine forces.
Keep in mind that workable deals take time to mature and finalize. So, to give yourself the best chance of arriving at a truly rewarding alliance, it's a good idea to enter into more than one joint venture with more than one partner.
Keep in mind, too, that most joint ventures are unique, and the best ones will be the result of applying your own imagination and creativity to form the best win/win situation for you and your partner.
As I tell my clients, the success of your joint ventures will be limited by only two things: your own creativity and your own sense of what's possible. Make sure your joint ventures are profitable for all involved, meet legal guidelines, and operate in an ethical manner - and the sky is the limit!
Resources To Grow Your Online Business...
Joint Venture Partnership Guide
The ONLY A to Z Partnering Resource
That Takes You "Behind The Scenes"
And Breaks Down Proven High-Level
Joint Venture Strategies Of The
"Big Dogs" Into Easy-To-Do Steps...
Get All The Details Here
Today's Question and Answer with Rich
Question: A website owner has agreed to do a joint venture with me. What happened was she doesn't want to do a standard joint venture. All she really wants to do is put my link on the front page and maybe as part of an email. What do you think of something like that? When someone does something like that do you still do the classic joint venture like 50% type of thing?
Rich's Answer: Basically if that's what she's willing to do, then that's what she's willing to do. If it's a choice between that and nothing then obviously you want to do that.
And the 50% thing, It just depends. It depends on what you can negotiate. We give our affiliates often times less than that, if we have a process that's kicking butt. So on our BGS webinar, I think the standard affiliate rate is 25%. Because there aren't very many places that they can send traffic to and make $40 or $30 an opt-in. And when we're making $120, giving them $30 is 25%. So, it's more than they're making from any other source. So, it just really depends.
It just comes down to how important that person is. If she's your only person then she's very important and you might need to create a process for her. She might have an ad on her homepage and that might go to a link that is not your standard sales letter, that gets modified based on what she wants to see.
She might be right for her audience. She might be wrong, but it doesn't really matter either way because if that's one of the criteria for her to work with you and you don't have that many other options, then you have to go with it.
The truth is that while we're never in that position at Strategic Profits, that someone is our only person, nonetheless, if someone represents a big source of traffic, we will certainly bend our approach for that person. Because if that's what it takes to do the deal, and they're sending us traffic and we've got some split on the profits, then we will modify and existing page. It's incremental and added revenue for us.
That doesn't determine for you everything that you're going to be doing outside of her people, but it does kind of give you a process that you will do for her people. Like I said, it might actually work better and if it does, you'll be able to take that information and see if it works better in other places too.
If you want to capitalize on someone else's relationship, or capitalize on someone else's traffic, then at the end of the day, you have to be somewhat flexible to make sure that their needs are met in a way they're happy with.
The better you can be at not overcomplicating it; making it less steps than more; less work for you than more work, the better off you'll be. So always keep that in mind.
And this is important for everyone. It's not about what is necessarily best.
Unless you've already got something proven and it's making you money... and you have the time, energy and effort to focus on it, generally, people are focusing on what's best when really they should think about what's optimal right now.
What's optimal for you right now is just continuing to move forward. What has the likelihood of working, but with the caveat that you're not going to spend a ridiculous amount of time on it just yet. You have to manage those two priorities.
The way you do that is by forgetting about the question "what would be the best solution" and thinking, "what would be the optimal solution based on the criteria." And the criteria is make money, be quicker to get done, and easier to do.
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Boca Raton, Florida 33432
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