Sometime in elementary school, you learned that multiplication goes much further, more quickly, than simple addition. You may have learned that if you applied this principle to little candy-coated chocolates: 10 X 10 gave you a much bigger handful (or two) than 10 + 10.
Just like 100 candies make a longer-lasting snack than 20, you need a sustainable business model that expands and has longevity beyond what you could attain by yourself. If you want to maximize results, pursue a web of partnerships through joint ventures.
Getting Bigger Results from Your Efforts
To avoid burnout from expending all your energy trying to make your business a success, you need a strategy to multiply the results of all your hard work.
With joint venture partners (JVPs), also known as affiliates, your work travels beyond what you can say on your own. Partners can help you get the word out about your business further and faster. Think about how social media often works: one person creates a post, but when others share it, it gets multiplied visibility between all of their followers. It’s good to have friends who share the news!
And it works both ways. When you have a great referral for services your business doesn’t offer, it builds trust with both your clients and your affiliates. Clients feel you truly want to help them, and JVPs will then turn around and refer you to their own clients.
With joint referrals, you won’t have to try to settle for the word about your business beginning and ending with you. You won’t have a sudden drop-off of interest when your promotion ends. You’ll gain a broader audience more quickly… and that means more business, more clients, and more revenue at a faster pace.
And with this, you’ll build a business model that keeps on going like a certain bunny who endlessly beats a drum…
3 Steps to Build Joint Venture Partnerships
Try these 3 simple tips to increase your business’s reach:
1. Find Joint Venture Partners
If finding partners sounds like a big undertaking, let me tell you that it’s not as hard as it seems. In fact, you probably already know people who can become joint venture partners. However, you can also start with websites like warriorplus, jvzoo, and clickbank. These online communities allow you to find like-minded business owners to partner with. You might have to reach out to a bunch of people, but you’ll eventually find JVPs who want to join you.
Consider adding a page to your website to attract partners, too. Label a page “For Joint Ventures” or “For Partners” and make it easy to find in your navigation. Don’t forget to include a form to collect contact information.
Create great offers for affiliates who would potentially join you as affiliates or give referrals. If you want them to be involved in promotions and launches, make it easy for them and provide incentives like contests. Keep them updated and informed, as well.
2. Build Relationships with your Joint Venture Partners
It takes consistent time and effort to build relationships with JVPs. Take the initiative to attend multiple networking events and workshops where you might meet partners or continue to grow your relationships with acquaintances. Throw out a broad net and see what kind of leads you catch. The results may surprise you!
Think about who can help your clients complete their projects or take the next step. Ask them questions to better understand their services and how you can refer clients to them when they have the need. When you make these kinds of referral offers, it usually gets reciprocated. Offer these potential partners your contact information, so they can pass it along to their own clients, too. How can you help their clients get a more complete, all-around service?
3. Grow Your Audience
In addition to professional partners, don’t forget to include your audience as a strategic part of your business plan. Satisfied customers often like to share the sources behind their successes and favorite products. They can also help promote your launches, advertise services, and share your promotions. You’ll find investing in your audience a worthwhile endeavor that keeps the buzz of your promotions going.
Keep your audience in the loop through channels like an email list, a YouTube channel subscription, a regular podcast, or active Facebook groups. Create a community with excitement around your services that your audience wants to back up and share. You can engage them through contests, giveaways, interviews, loyalty perks, and fun interactions.
Joint venture partnerships take time, consistency, and plenty of hard work—but they offer you the most effective way to grow your business. Use the principles of practical multiplication instead of striving to add a little at a time.
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