How to use I-Phone: One Step Ahead: Better and More Profitable Than Joint Ventures?

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Issue 17 - December 7, 2010

Hey Genc,

Did you know... that in addition to doing joint venture deals that add significantly to your bottom line, these deals can also set you up for something much, much bigger?

My essay below brings you an additional perspective on the benefits of doing Joint Venture deals.

Specifically, how you can take Joint Venture deals one step higher to develop deeper, more "congruent" business relationships...

That Will Position You As THE Force To Be Reckoned With In Your Market

You'll see how taking your most trusted (and lucrative) joint venture partners to the next level... and entering into a "Strategic Alliance" with them... can elevate the positioning of both businesses in a way that competitors won't be able to even come close to competing with you.

Wrap your mind around this concept, and the scope of what's possible for you will increase by multiples. Because Strategic Alliances are a powerful strategy to use in building the long-term sustainability of your business.

And speaking of building a sustainable business...

Since so many people ask me this question about overcoming a major roadblock holding them back from the success they seek...

"How Do I Find The Right Niche?"

... I've included an answer I think will help you, in today's Reader Q&A Session.

Along with a resource that includes a detailed discussion about finding the right niche market for YOU. And building a successful business in that niche.

You are well aware that the end of the year is fast approaching.

Now is the time to get clarity on what you have to do to make 2011 a profitable year.

To higher profits,

Rich

Beyond Joint Ventures

By Rich Schefren

I've written before about the power of joint ventures.

A strong joint venture can be the fastest, easiest, and safest way to drive your business to the next level... And build your fortune.

But today I want to talk about something even better than the joint venture.

Once you know the information I'm about to tell you, you can turn conventional money-making methods on their heads. It's like changing the rules of mathematics... And making it so that 1 + 1 equals 3. Or 300. Or even 3,000.

You see, JVs are only the tip of the iceberg. There's more - MUCH more - to be had here.

I'm talking about going beyond the JV to establish a strategic alliance with another business.

In a strategic alliance, there's a deeper, more congruent relationship than just being JV partners or sending endorsed mailings. It's about developing an integrated mindset with one common goal ... a side-by-side walk that will not only make your business explode, but your partner's as well.

You'll join forces on a more profound level, using your multiple resources to help grow each others' businesses faster, easier, and more efficiently. Plus, with a strategic alliance, you'll establish yourself more firmly in the marketplace and be viewed by the competition as a force to be reckoned with.

And that's a very good place to be in, because that's where the REAL money - and the explosive business growth - lies.

So how do you find a strategic alliance partner? Here are three tips to help you narrow the field.

1. Make sure your business is compatible with your potential strategic alliance partner's business.

Would it make sense for me to approach the head of the Chuck E. Cheese chain about doing something together? Nope (although my daughters would strongly disagree). Look for a business that fits together nicely with yours, like two pieces in a puzzle. And make sure you have something of value to offer them as well.

2. Find a strategic alliance partner you can work with on a personal level.

There's nothing more frustrating than attempting to establish a relationship with someone you despise or who drives you nuts. (Talking from experience here.) No matter how hard you try to ignore it, their idiosyncrasies will affect your decision making - and, ultimately, your bottom line. No, you don't have to have them over for Thanksgiving every year. But you will be spending a lot of time together. So you'd better make sure you can put up with them on an extended basis.

3. Lastly - and this is most important - COMMUNICATE.

Set the parameters of the strategic alliance early on and stick to them. Put them in writing or, better yet, have your lawyer do it. There have been way too many multimillion-dollar agreements that started with a handshake but then crumbled because the two parties didn't hash things out clearly. I don't want to see yours do the same.

Now I know what you're thinking ...

Question: How does this all translate into 1 + 1 = 3?

Answer: Well, it's very simple ...

While JVs can offer a way to double your lists, double your profits, and double your business (which is basic math: 1 + 1 = 2) ...

Taking the next step into a strategic alliance raises the bar exponentially, giving you multiple opportunities to grow the business on several levels - which is something that a simple endorsed mailing cannot do.

Furthermore (and possibly best of all), a strategic alliance delivers added value to your most precious asset - your customer base.

By allying with a strategic partner, your products become supercharged, delivering bigger and better benefits and solving your customers' problems in a faster, easier way.

They no longer have to make several stops along the way to find their answers. They only have to make one - yours. And all this translates into more customers, more sales, and more profits to your bottom line.

So, as you can see, with a strategic alliance, that "2" doesn't stay where it is for long. It starts expanding into 3 ... then 300 ... then 3,000. And it can keep going from there.

^{Resources To Grow Your Online Business...}

Don't Know Which Niche YOU Should Pick?
Rich Shares The Simple Process For Finding
Your Niche And Building A Successful Online
Business That's Profitable And Enjoyable
During "7 Steps to Unstoppable Income"
Special Online Event: Get Free Access Here

Today's Question and Answer with Rich

"How can I expand my horizons when I'm deciding what
niche I want to pursue in a new business?"

...I'm afraid that as I look at what I enjoy doing and do well in, that I'm limiting my field to what my current experience is. I'm just wondering whether I'm foolish to stray from my field of expertise which I have 20 years in, or if I should see if there's something that I might really do well with.

Rich's Answer: That's a great question. It comes down to looking at three areas, and it's really about keeping a running list of these three areas. Then over time, the answer generally comes. One is looking at all of your passions. Two, is looking all your life experiences where you've had some success, where you've done different jobs and the skills required. And the last is what your natural talents and strengths are.

We had a client once who was a calligrapher and she wanted to have a business. She really wasn't sure what route to go, and she ended up designing fonts. Which became very lucrative for her, because she saw a way to use her skills and her strengths, but in a way that was much more scalable.

When you've got ten skills and you've got ten passions and you got ten strengths or natural talents, the combinations are pretty substantial. You know the different types of combinations obviously. So you've got this big pool that you can customize from to figure out what big problem can you solve based on these different combinations.

As I've gotten a little older, what I've realized is that how important it is that it is something that you are passionate about - that you do enjoy. And while that certainly can't be the only factor because you could be passionate about a lot of things and that you potentially can't make money with. A lot of people are passionate about self-help for example. But unless you've got something unique, it's generally not going to work and you'd better be have that area of your life nailed and be a model.

So being passionate alone is not enough but I've been having some interesting conversations with a bunch of my friends recently just about how the journey is the thing. It's never the outcome that you get. What I mean by that is, it's common wisdom but generally like a lot of common wisdom not commonly applied. If you look at the world's best pianist, they're still trying to get better.

There is no endpoint once you get on the journey. Some people get into a niche thinking that they're going to make a lot of money. And that they'll be happy because they're making lots of money. They are really deceiving themselves because at the end of the day, it just never works that way.

There are a lot of books in the bookstore about knowing yourself better. And during my webinar event I go into finding the right niche, with illustrated points of how the factors I've mentioned come together to bring you clarity on the niche market that's really right for you.

Post Your Question For Rich Here...

It could be answered right here, in One Step Ahead!