Ask Diane: Joint Ventures

Real Entrepreneurs.  Real Questions.  Real Answers.

Question:

I hear a lot about joint ventures. What are they? And are they beneficial for me as a small business owner?

Answer:

Joint ventures have become a crucial marketing strategy for small businesses on limited operating budgets. I believe mutually beneficial relationships are one key to success. The larger companies are famous for doing this. Think Sony-Ericcson (where Sony’s electronics married Ericcson’s technology), today a top global mobile phone manufacturer.

Join forces whenever you can—it can only increase community awareness, which is what we’re all after in the end.

There’s a lot of different ways you could do joint ventures. Most of them quite simple. Team up with a likeminded entrepreneur and maybe offer a teleclass training together. Or a virtual seminar. Or craft a book together.

Also consider stepping outside of like-minded organizations to places where your customers hang out. For example, I’ve done a joint venture locally with a hair salon, a spa. She hired me to come in and train her staff, so I ended up promoting her and she promotes me. We work together. Everyone benefits. She has connections to women that I might not ever meet. And I do the same for her.

A strategic alliance with other women entrepreneurs is a powerful marketing tool that we discount far too quickly.

Readers, what do you think? What are some successful ventures you have established in your businesses? If you haven’t yet established any, what are some ventures you think might work for you?

Need help surviving in the business world? Submit your entrepreneurial questions to Diane at diane@dianecunningham.com. Please note that all questions selected for public display may be edited for clarity and privacy and become the property of NACWE.