Sourcing Joint Venture Partners

As you may already be aware a Joint Venture (JV) is a great opportunity to increase the sales and therefore profitability of a product or service. Don’t worry if you don’t yet know this, as you can gain a quick introduction to Joint Ventures by reading the post ‘What is an Online Joint Venture, and Why Do One?’ However for those that do, let’s move on.

So you know what the benefits of Joint Ventures are, but do you know how to go about finding your own Joint Venture Partners, if not then this posts should help you get started. You can commonly break the type of Joint Venture Partner you are after into two different categories, one is for the purpose of promoting your product, while the other is to promote their product. So let’s look at ways to source a Joint Venture partner for these two different scenarios.

Sourcing a Joint Venture for Your Product

This type of Joint Venture Partnership requires that you first have a product or service in mind or already developed that you can offer. For someone else to even consider becoming a partner with you in the product, they need to be able to relate to your industry, and agree with the product you intend to offer.

When doing any sort of business with someone you need to be able to trust them in their abilities and their ethics. So the best option is to obviously start sourcing a JV partner with someone you already know and can trust. If no one you know is interested you either may need to revise the product you’re offering or seek a JV partner elsewhere. Approaching established companies or entities in the industry would be your next step, however if this is to spark no interest you could then move onto social networking. Networking in relevant forums and social websites with industry interested people whom are active and preferably respected members can prove to be quite fruitful way to find Joint Venture partners, however the downfall of this method is that you may not find the best quality JV partners.

If any of the above methods doesn’t bring you a JV partner you may need to gain some feedback why no one wished to JV with your product, review the product your offering, run with it yourself or try again.

Sourcing a Joint Venture for Their Product

With this type of Joint Venture Partnership you really need to be able to offer the owner of the product something that will ensure that you are of value to the partnership. For example, you may be able to offer a certain amount of expertise or experience in the related industry or maybe you have a large database of potential clients which you can promote the product to.

To source this type of Joint Venture Partnership is not the same as with the first scenario as it is difficult to approach other people if you don’t yet know they are planning to offer a product. This scenario mostly requires potential JV partners to approach you. Therefore your best bet is to be one of those people that are well known in the industry, establishing yourself and networking in related forums and social media websites is a good place to start with this scenario.

There is a great benefit in Joint Venture Partnerships and the effort is really worth the outcome, the key is to really be continually networking with others as you never know when a new connection can lead to a something great.