Newbies’ Guide to Niche Marketing

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When To Enter A Joint Venture With Caution

Filed under JV Success

As mentioned previously in this text, you really have to research your potential partner when considering a joint venture. Ask for references and see some samples of their work and profitability before you take the plunge and share your business bed with an unknown person. Get proof of their past successes and make sure that the proof is not bogus or made up. Also make sure that what they are offering you is real. You might want to go undercover and buy from their site to see what kind of service or product you get from them.

The opposite is true. Sometimes it is bad to know you perspective partner too well. Stay away from family members because of this. A bad partnership will spill over to a bad family relationship. Just because Uncle Bob has a good idea, a good website, and good traffic doesn’t mean that either you or him will at sometimes come to a disagreement about business that could spill over to your family relationship. You may lose your business, but your family relationships last, or should last forever. If you use a family member be very careful and have the proposal and agreement zoned with a really good exit strategy that will end the deal before it ends the personal relationship.

Your really close friends are subject to turn on you if they are involved in a joint venture with you. No matter how thick the blood or ties you have with a friend, they are easily swayed to go their own direction when the business deal sours. Then you loose out on both the friendship and the business possibilities that you both share. Make sure that you are willing to risk both when looking at a close friend for a business excursion. They may be like a brother, but money and time investment can ruin a friendship for life if it sours.

It is just human nature to trust family and friends. You might inadvertently forget a step in the proposal process that will come back in bite you in the butt in the future. You might overlook their lack of skill in the business or their devotion to the partnership because you have an unyielding trust toward the individual.
The balance is an easy one to maintain. You can find a partner that you know well enough to trust with a business relationship, but the key is to not know them well enough that a personal relationship will be damaged. The same goes true for existing partners. If you and your partner develop a relationship that goes beyond the agreement that you initially start with, then you have a potential volatile situation in which that relationship, both business and personal, will be damaged. You have to find a compatible partner in which you are willing to let go if the need arises.

You both have a common vision and a common goal to work together. Your Uncle Bob may want the same things that you want, but is he really going to work hard to get there. The added question do you have enough gumption to confront your Uncle or are you going to continue the business relationship though you are losing money and time. It’s a tough decision and this is something you have to think about before you

Comments Off Posted by audreyly on Wednesday, April 2nd, 2008

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