Finding good Joint Venture partners can have a huge impact on your business. There is so much opportunity when people come together to serve the same group of clients.
There is so much opportunity when people come together to serve the same group of clients. This may be entirely new territory for you making you wonder how to get started. What should you say? What is the first step?
I know this can feel awkward and you may not know how things should go. If you are in the dark about what to do when people say “Call me”, let me give you a simple process to get you started in the right direction.
1. Everything starts with a conversation. Don’t expect to know exactly what you’ll do together immediately because this is like a discovery session where you are getting to know each other. For me, I don’t always come up with the idea on my own before the call.
2. When you get a potential partner on the phone, your first priority is to simply learn about their business. Get to know more about who they serve. Discover if this is the same group you work with.
3. Next, focus on what their clients would do anything and pay anything to have. What are they hungry for? Is this something that lines up well with the services you offer?
4. Ask a lot of questions to find out your potential partners’ goals and needs. You are looking for how you can help each other.
5. After talking for a while, the ideas will start to flow. You want to create a program or offer together so that it serves their clients and builds your database.
6. Once you have the idea, map out a plan to implement the concept while still on the phone. Talk about timing, pricing, commission and who is responsible for what piece of the program. Then you’ll both know what your next steps are, averting any future awkwardness. Set a date for your next call to check in and work out additional details.
7. Follow up quickly with an email that reviews what you accomplished during your call. Spell out the decisions you made, responsibilities, agreements, and next steps.
Your Client Attraction Assignment
Have you tried a JV partnership yet? To start, make a list of possible partners. What types of businesses serve a similar group of ideal clients? Who do you know that might be a good partner?
If you have a particular type of service professional in mind, search the web to make a list of potential partners. Or ask your own contacts if they know anyone. Then start connecting one at a time to see what you can come up with. Give yourself permission to learn and grow with each conversation.
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