The joint venture shortcut

the joint ventureAlmost any other organisation is a potential JV (joint venture) partner for your business. If they have the customers and you have the product, why not share the spoils fifty-fifty?

After all, isn’t 50% of some extra revenue better than 100% of no extra revenue? (assuming you have good margins)

Remember that joint ventures take time to establish, so make sure you can see the longevity in the relationship. Before you start, make sure you sit down with your potential partner and map the shortest path to profitability. Because a partnership that stops making money goes dormant quickly and you will have no benefit from it.

Make sure you create a written agreement about how money is handled. Remember that whomever has the gold makes the rules. You don’t want to find yourself in a situation where your partner has taken the kitty and therefore assumed control over what was your life dream.

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About Mike Boorn Plener

Mike Boorn Plener
Mike Boorn Plener is a Business Growth Specialist and Founder of Business Connector. Mike has the ability to swiftly analyse a problem and be the catalyst to generate practical solutions. Click to view Mike Boorn Plener's full profile

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