People have been saying “Two heads are better than one!” for years. We couldn’t have been wrong for all these years could we? How about “Many hands make light work”? These sayings had to have been said for a reason. The idea that cooperation is an advantage is grossly overlooked in online businesses. Joint venturing is simply considered “good business”. Even competitors can both profit from a joint venture. Business owners don’t typically enter into a joint venture agreement to help out their competitor, they are doing so to help themselves profit.
In brick and mortar businesses, joint venturing is becoming more and more common. The idea behind joint venturing is that you don’t have to work alone. Whether an hour, a day or a week, one person can really only get so much work done. They are limited to what they can accomplish alone. When you add in what another person can do, more gets done than either one could have done alone.
So you are great at what you do. You have a product or service that you know people are looking for. You’re just not sure where to start in marketing. Well over there, there is a guy who is great at marketing and he’s got a very long list of potential customers but no product or service to promote to them. By agreeing to enter a joint venture agreement you are both able to do what you could have never accomplished alone. Now you can multiply your offer for your product or service many times over. Keep in mind that you will probably have to do so with your new joint venture partner as well. It’s a win-win.
This method is known as ‘leveraging’. It will work for all parties involved in a joint venture in a specific project. When you use your strongest assets such as customers, services, skills, advertising, knowledge, products, etc. along with other business owners’ strongest assets and leverage a stronger marketing advantage for all.
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