The power of the Joint Venture
The biggest problem most solo-entrepreneurs face is trying to do everything solo. There is real power in joining forces and creating something new and spectacular.
Recently, a client of mine and I entered into a Joint Venture. My client, Carol Solomon teaches coaching professionals on how to grow their coaching practice. I’ve done several web sites for Carol, including her home site CarolSolomon.com and All About EFT. Carol is a cutting edge entrepreneur who has built a successful coaching practice and who now is "giving back" to others by teaching them the secrets for her success! We had a few conversations about how we could help those who are less "Tech Savvy" and before you know it, we had created Easy Coaching Websites as a tool for Carol’s clients.
As we created the web site, Carol was able to provide valuable feedback on elements that I assumed were common knowledge. Together, we created a system that web newbies could easily use to create a web site that’s interactive, search engine friendly and professional in appearance.
Now Carol has a "safe place" to send her clients for the web site they need to grow their business. They get a professional, easily updated web presence that is search engine friendly while Carol earns a % of the revenue.
As for me, I get a steady stream of clients eager for my product and services. I don’t have to spend nearly as much time "selling" clients on the idea of blogging, which can sometimes take 5 or more hour long telephone conversations! With Carol’s clients, those five hours aren’t necessary!
That is what we call a WIN - WIN - WIN proposition! Carol wins, I win and most importantly, Carol’s clients are the biggest winners of all.
The biggest reason our joint venture is a success is each of us are focused on providing a winning experience for the other as well as for Carol’s clients.
Our joint venture could be a nightmare if it were Carol’s goal to extract as much from me as possible without providing anything from her end or vice versa. As a matter of fact, it was Carol’s spirit of team work that inspired me to propose this joint venture to her. We met during her recent trip to south Florida and discussed the terrible state of affairs her clients were facing.
In creating a joint venture, I recommend that both partners be "facing in the same direction." In our the case, both Carol and I are positively obsessed with taking great care of our clients. We’re also both very aware that this is a service business and not a "get rich quick" scheme. Neither of us wants to "saddle" the other unfairly with the lion’s share of the work. We were seeking a win/win/win situation, which we have achieved.
A successful joint venture requires three things:
- A thorough understanding of each party’s strengths and weaknesses.
- A thorough understanding of the process
- A fair distribution of the proceeds and profits.
Only through a thorough understanding of #1 and #2, can you reach #3.
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