Copyright (c) 2009 Christian Fea
Part of becoming a successful entrepreneur and business owner is recognizing opportunity and the potential for opportunity. Advantages abound for those who are savvy and keep their eyes and ears open for a chance to combine forces and form a joint venture partnership. A joint partnership can open up new revenue streams and expand your branding opportunities as well.
What Are Your Strengths?
What do you do well? Legal services? Online media creation? A large contact base for distribution? Your special niche in the business world is your opportunity to serve a joint venture partner. If you are especially talented in creating great websites, perhaps you could find a joint partner who has a need to reach more clients through the internet, but doesn’t have the tech savvy to design a website or doesn’t have the time to maintain one. These types of opportunities are what you need to recognize as an entrepreneur.
As an example of how to recognize opportunity, coffee giant Starbucks recognized that a large number of online daters would choose their locations for a first meet with a potential date. As a response, they partnered with Yahoo! Personals to create an “Espresso Dating Guide” with advice for dating and relationships. This guide not only helped couples in finding a good date, but also gave Starbucks additional customers for “first date” couples.
Can 1 + 1 = 3?
If you’re good at math, you know that this formula is false. But can a pair of business ideas with good synergy create something greater than the combination of the two separately? Absolutely!
Consider Jean who owns a floral shop in Houston, Texas. Her products are sensitive to heat and air, and thus, limited to the amount of stock she could keep in her store. Large orders were difficult to fulfill due to the time and expense it would take to request stock from greenhouses to be delivered at a specific time.
Jean found a refrigeration and cooler storage business that had frequent space available. Jean worked out a joint venture with the company, offering them a percentage of all the sales of the orders that would be housed there. Without the overhead cost, Jean could offer a discount to wedding organizers and funeral homes for advance orders, and then Jean was able to acquire stock and store it in a rented portion of the cooling facility. As a result, Jean was able to expand her business triple-fold by fulfilling large orders, and the cooling facility had additional income from their extra space.
You already have the strengths and abilities to make a joint venture partnership work. You are only limited by your imagination. Rather than asking if a business idea will work, you should ask,” how it will work”. There is an abundance of opportunities for you to join forces and create a synergetic joint venture partnership. Be creative. Look at the big picture. And when you have an idea in mind, be sure to present your potential joint venture partner with how it will work, not if, and the benefits that your partner will enjoy.
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