When you take the time to sit down with potential JV partners and ask the questions, it’s amazing to find that they are a lot richer in resources than they think.
They have memberships, underutilized resources like parking spaces, homes, rooms, equipment that isn’t being used, vending machines, inventory that they can’t move, relationships, access, vehicles, boats, aircraft, friends and information that can all be converted into value and therefore into cash by YOU.
Someone else wants what you have. When you talk with partner A and find that he wants what partner B has, you can do a deal.
Then do a joint venture and sell him partner B’s stuff and make a huge profit.
This all sounds great but approaching potential partners is the most intimidating part of the joint venture deal even my co-founders Willie Crawford, David Preston, Gina Gaudio-Graves and I still get intimidated sometimes!
The best strategy before contacting potential JV partners is to build rapport. This seems obvious, but so many people simply don’t bother building relationships.
Here are some ways to build rapport before you contact a potential JV partner:
Help them out with something. Find something about their business, their website, their ad copy – whatever – that could use a little ‘help’. Make sure it’s something that you actually have experience with, such as copywriting etc. Do this without being ‘insulting’ in any way and you will have just made a new friend. Build on that friendship and keep on helping each other out. When the time comes for you to bring up a proposal, they’ll be all ears and 90% of the time, it’s going to happen.
Compliments. Buy their product or get their newsletter or whatever and then send them an insightful comment about what they do. Flatter them, but don’t go too over the top. Become a ‘regular’ contact of theirs and build on that. Then your ‘proposals’ will simply be an email asking a question and not a structured ‘JV proposal’ and again 90% of the time, it’s going to happen.
Work together. Invent something to do that would include them somehow. ANYTHING. Think about it for 20 minutes and I guarantee you that you’ll have some ideas. Set it in motion, make the benefits mutual, do the ‘project’ and then take it to the next level. Be creative.
The whole key is to understand that, just like a customer, the relationship needs to be there before they’re going to act – in most cases.
You will find some partners that know the JV game well and all they’ll want is your proposal.
Over the next few weeks, Gina and I will be filling you in on the details of what’s coming and how YOU fit in! Subscribe to the RSS feed here on the blog to stay up to date so you won’t miss any of the details!
To Your Abundant Joint Venture Success!
Sohail Khan (the “Million Dollar JV Master”)
President & Co-Founder, TheJVUniversity.com
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