Partnering/ joint venture/ Continuing to building a tribe
It has been said that if you are over 20 years of age you will be able to create a list of at least 200 people.
If you are older than that I would say you could double that per 10 years of age added. So If you are 30 years old you should know four hundred people, 40 years old, eight hundred and so on.
Actually I have over 3,000 in my email contacts alone and I am nearing 60. My contacts are categorized by how I know them;
ie Real Estate, Business, Friends, Dancers, etc.
In Marketing they talk about your hot market, warm market and cold market.
Hot Market would be those that you are closest too, and so on.
If you are a start-up business and want to build your tribe, from everything you have done thus far in this book you would already know who you need to add to your tribe.
If you are already an existing business you may want to fine tune your list and see where is it that you need to work on to get to the next level.
Who do you “hang” with? Of the five people you can think of what do they bring to the table for you? Do you need to reach out and develop better relationships?
Do you have an email list and a way to manage your contacts?
Email marketing has an incredibly high return on investment (ROI). Studies have shown that email marketing has a much higher ROI than direct mail, telemarketing and many other outreach strategies.
In an economy when most marketing efforts are being curtailed, spending on email marketing is increasing.(Emen)
Do you need help here?
Some inexpensive ones are; Constant Contact, Aweber, Mail Chimp and more…
Who could you add to your list today that would help you get to your next level? (Journal)
Remember there is more power in numbers!
Who could you joint venture with to build your business?
Do you have a product or service that would blend well with someone else?
Who would that be?
I love to do Business Building and help others to excel so when I come across someone or something that I have found to be of benefit I like to share and promote.
Many people tend to think that others are “competition”.
If you are sure of whom and what you are and secure with yourself than you will realize there are plenty fish in the sea and you are your only competition!
Competition is good, it keeps you on your toes and ever vigilant. If you don’t know what others in your field are doing you won’t know how to change the game or enhance your plan. Make a conscious effort to network with your genre. Study your competition.
Refer to the ebook, or soft cover workbook The Number 1 Business Book
If you are looking to expand your Services, look to the States where you would most effective.
(Charts displayed in book)
Another interesting thought; when choosing people to be a part of your team, Make sure you Like them! Really you are building a long term relationship. Much like a marriage.
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Joint Venturing: Why partner? How to partner?
Can you think of any benefits;
Important: Develop a partnering mindset for Success in Business!
The “Key” is Partnering
Move from “I can’t, and sure I can” (Say Yes and figure it out later!)
5 Proven Strategies; Easy to Consider Partnerships
Think of these five things and think which you can use
1. Business Partners Learn how to partner and partner right Form Corp; LLC, S, etc (a little more binding than the following which have low or no cost, low and no risk.
2. Joint Venture Partner
3. Marketing Partners
4. Referral Partners
5. Endorsement Partners
Think about where you are today and where you want to be ? Write it down!
What is missing?
When you Partner it answers the “how questions”
When you meet someone, begin networking through a partnering mindset.
Who do I know, who do they know etc where you can refer business too.
If you are in business by yourself or a small company and want to grow you can benefit by creating joint ventures with others. Some of the benefits you gain are you;
1. Get More Help You are able to achieve your goals faster (more power in numbers)
2. Collaboration (much like masterminding) Increases productivity
3. Your Business Will Attract More Customers Expands your sphere of influence.
4. Both Business Attract New Customers
5. You Generate Goodwill
6. Increase your email contact lists
Can you think of any other benefits?
Another benefit is that you can Joint venture per event, project. When the benefits no longer aligns you can move on and refer back.
Or if you find it is a good match you can solidify it more by forming a LLC or Corporation.
Any Venture/Partnership works best if you have your agreement and expectations written in advance. It keeps everything real and clear. Last year I endeavored into a business relationship for an event. My potential partner stated she didn’t feel the agreement was necessary. As we proceeded our relationship became more and more tense to the point that we folded before we got in too deep. If all parties are not clear in advance of their expectations there will be issues and conflicts.
To avoid issues insist on the very least the following four questions.
In our case my “partner” felt I should not do anything else but focus on the one event. If I knew that in advance I would have told her that was not possible as I have NEVAH just worked on “one” project at a time.
A simple four question agreement that works very well;
Key Structure Questions
(Write it down) (How can we play together?)
1. What will you do?
2. What do you expect me to do?
3. What happens if we don’t?
4. When & How will it end?
(Add 12 month revenue stream following the dissolution of)
Communicate clearly & completely of all expectations, what you are willing to do and not to do and where you would require additional help.
Who would you partner with? (Journal)
Having been in business for most of my life I have had the experience of “partners” and “joint ventures” along the way.
A word of advice, make sure who you partner with have the same values with you! Although we looked at this in Chapter Four I recommend revisiting it here. (For a more complete list of values, revisit Chapter Four in book or google 'values' )
Circle the Values that Most Resonate with You (Some to get you thinking, I have seen lists with 100's of Values)
Peace Honest Intelligence Innovation Wisdom
Integrity Spirituality Self Respect Achievement Family
Vitality Loyalty Security Learning Wealth
Pride Power Health Recognition Affection
Community Cooperation Advancement Creativity Freedom
List your Top 10 Values
If you had to choose just one value over all of them which one would you choose?
How does this show up in your life today?
Reflect on a situation where you may have felt threatened or anxious.
Can you identify which of your core values was either being confronted or out of alignment?
Using this process you can align your values with your potential partner(s). Also I highly recommend having an agreement.
I have found that Joint Venturing with someone or a few others has been easier and when the relationship is no longer working it is easier to end on friendlier terms.
Who would you like to do business with?
Types of Agreements:
Partnerships, Corporations, S-Corporations, LLC, Joint Venture,
As a Real Estate Broker for over thirteen years and Realtor for over thirty years I know I am NOT an ATTORNEY so I am not going to include “forms”. There are many places you can get them on line, or even you can join Legal Shield.com (contact Chris if you need more information about Legal Shield) and they have a host of forms.
It is Best is to support your local Entrepreneur and hire them to satisfy this part of your Business Development.
If you are serious about your business and want to incorporate, I can recommend Karen Lontos of K-Lo Enterprises because she is honest, fair and just and a dear friend of mine, to get the job done. ( I can help too...)
K-LO Enterprises, Inc
I generally say a contract is only as good as the paper it is written on. Gone are the days of a solid handshake, yet I still do business that way today. If by now in my life I haven’t learned to be a good judge of character then it is chalked up as another “lesson” in life.
If you are operating your business as a sole proprietor than you are not serious about your business and if your business is not incorporated or a LLC, then you are losing money!
See Appendix for some useful forms;
You may purchase my book or any chapter.. This is a Workbook to be used over and over again! Happy Success
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