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How To Find Joint Venture Partners
Posted by randy on: 2005-10-18 14:18:36
How To Find Joint Venture Partners
Habiba Abubakar
So how do you go about finding joint venture partners? The first
question you should ask yourself is this: "Who already has
influence and credibility with my target market?"
In answering this question, the best place to start is with
"warm" contacts. Warm contacts are your existing network of
friends, mentors, business associates and suppliers. It's the
best place to start because it's easier to persuade someone you
already have a relationship with to participate in a joint
venture with you.
But what do you do if no one in your network is suitable? Then,
you'll have to work with "cold" contacts. In other words, you'll
have to go out and find partners.
Whether you're partnering with warm contacts or cold contacts,
there are common places and instances where you can network and
build relationships that can lead to profitable joint ventures.
Here are some of those places and instances where you'll find
potential partners who have influence and credibility with your
target market:
1. Seminars and Workshops
Seminars and workshops are the number 1 place for finding
potential joint venture partners. This is because of the feast
of networking opportunities provided by such events. Often,
these type of events last for up to three days. This gives you a
chance to make strong connections with the other delegates.
You'll also find that people who pay good money to attend
seminars are often those who are serious about growing their
business.
2. Trade Shows and Exhibitions
Sometimes, it can be more worthwhile to work the floor at trade
shows and exhibitions, rather than having a booth. Why? Because
you get to meet potential joint venture partners that may not
necessarily visit your booth.
3. Membership Associations
Most membership associations provide a directory which lists all
the members of that association. The directory usually provides
the business name, web site and contact details of members. Some
membership associations also host monthly or quarterly events
which make a great platform for networking.
4. Through your business associates and suppliers
Introductions from people in your network is a very effective
way of meeting potential joint venture partners. You're likely
to instantly trust a person you've just been introduced to, if
the introduction is made by someone you respect and trust i.e.
your business associate. This method of finding potential joint
venture partners is a sort of third party endorsement that turns
a "cold" contact into a "lukewarm" contact.
5. Participate in online discussion groups and forums within
your industry
Here, you'll find experts who are respected by your target
market (and are therefore potential joint venture partners),
giving advice by answering questions asked by forum members.
Online discussion groups and forums are also good places to find
out what your target market's opinion or impression is, about
potential joint venture partners. This will help you decide
whether you want to be associated with the potential partner in
question.
6. Subscribe to online and offline publications that serve your
target market
Magazines, newsletters and newspapers often publish articles
written by industry experts who target the same market as you.
Sometimes, these publications also publish "success profile"
type of stories about certain industry experts. Those industry
experts could be your next joint venture partners.
Once you've made a list of potential joint venture partners,
you need to examine their character, business ethics, and
customer service standards. You must also review their products
and services. These factors will help you determine whether they
are really a good match for your business, and whether you'd
like to be associated with them. If so, then go ahead and get
the ball rolling.
Copyright © 2005 by Habiba Abubakar and Emprez. All rights
reserved.
Note: You are welcome to republish this article as long as the
resource box at the end is included fully and unaltered.
About the author:
Habiba Abubakar, a.k.a. The Profit Diva, specializes in helping
small business owners who are struggling to increase their
client base, and are tired of earning mediocre profits. Get your
copy of her FREE 7-part mini eCourse, "The Easiest Way To
Skyrocket Your Profits In 90 Days Or Less," when you subscribe
to her FREE business-building newsletter at
http://www.profitdiva.com
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