5 Do’s and Don’ts When Approaching A Possible Joint Venture Partner
By Darren Yates
It can be an intimidating task when approaching a potential online joint venture partner for the first time. Listed below are five dos and don’ts that will make the difference between achieving a partnership and getting it set off on the right foot.
1. Do not have a negative attitude
Nothing will ruin a business proposal more than having a negative attitude. You must not, under any circumstances, enter a proposal with the thought of “this is never going to work” or “why would they want to work with me?”
You are simply sabotaging your proposal by having these thoughts. These thoughts will certainly be correct if you enter a meeting or contact a potential joint venture partner with this negative attitude. Your potential partner or partners will certainly not want to work with you.
You should always have a smile on your face when approaching a potential partner, even when speaking with them on the phone or by email. By having a smile on your face send a positive vibe to the recipient and it will make all the difference.
2. Do not inform your potential partner of the benefits for yourself
It will not want to be heard by your potential joint venture partner how much you need the extra profits, or what is a joint venture partner you will personally gain from the partnership. It is important that you think about it from their point of view. Would you be happy for someone to approach you about a partnership whilst informing you of the benefits to them? I think the answer to this question would be ‘No’.
Only inform your partner what the benefits will be to them. For example:
• how much they will make
• what they need to do
• inform them as to whether they will benefit from building their opt in list
• tell them whether they will benefit by increasing their product base
• inform them of whether they will have improved credibility
It is imperative that your offer is presented to them in the most beneficial light.
3. Do not attempt to sell your idea on the first meeting or COMMUNICATION
It is important that you do not push your potential partner to make an immediate decision. A heavy sales pitch would be an immediate turn-off. You should, once again, place yourself in your potential partner’s shoes. It is important that you consider how to approach a potential business partner you would like to be approached for a joint ventures and partnering partnership. You would more than likely not wish to hear a sales pitch either.
Do inform your potential partner as to why you wish to partner with them. Impress your potential partner by having the knowledge of their business through research. Give a presentation rather than a sales pitch. Your proposal should be laid out in such a way that it highlights the benefits to your potential partner.
Always be ready to stop and listen to your partner’s ideas. You could also ask them questions as you present your offer, in order to make them feel more involved in your presentation.
4. Under no circumstances should you expect an immediate answer
You may be excited about working on a joint venture partnership, which is fully understandable. However, there is sufficient time for thought. Your idea is new to your partner and they require time to think over your proposal.
Allow your partner time to think about their decision. You can you hear the approaching ruin arrange a date to contact them again for any decision that they may have, or ask them if they have any questions.
5. Do not stick to your guns
One way in which you will ruin a partnership before it begins, is by entering it with the mentality of “it’s my way or the highway”.
Everything will need to be negotiated. It is important to remember that a joint venture will bring you profits, more contacts and customers, and a new business partner. Therefore, in order to demonstrate that you are a smart business person, you will need to negotiate tasks and profits. This will show your partner that you are willing to work with them.
By following these five dos and don’t, you are sure to get a hit with your presentation. The best of luck.
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The post 5 Do’s and Don’ts When Approaching A Possible Joint Venture Partner first appeared on Advisors to the Ultra-Affluent – Groco.