Joint Venture Strategies To Grow Your Small Business Fast
Joint venture strategies are the hidden secret to grow your small business at almost lightning speed. Joint ventures can help you in more ways than you may think.
How I discovered the power of joint venture strategies early in my life
When I was 13 years old, I started my first business which was installing car radios for my friends. I successfully installed a radio for a friend so next thing I knew, word spread that I could affordably install car radios for anyone looking for aftermarket radios in their cars.
Having a particular skill made me money but business took more than just skills. I came to an agreement with a friend to let me use his parents’ garage to do the work (I joint ventured for work space). I then had another friend who kept referring his friends to me (it was a joint venture where he’d promote for me). Still another friend took me to the local electronics store so I can buy any parts needed to complete the job.
Having all these people partner with me to grow my car radio installation business was the key to my success. Had I not had these partners (or joint ventures) to support me and my business, I would’ve lost out on opportunities by not having a place to do the work, not having customers and not having the right parts to do my job right.
So how can you apply these joint venture strategies in your business?
These examples of simple joint venture strategies can easily be implemented in your existing business.
- Use joint venture strategies to attract new customers and referral partners – if you don’t have enough customers right now, chances are there are influencers in your marketplace with a list of hungry and ready to buy customers ready for someone to trust with their purchase. These influencers can potentially promote your business to their contacts to drive more business your way.
- Use joint venture strategies to add value to your offerings – I was recently working with a client who owns a mechanic shop and I told him to create a new and exclusive program that would differentiate his business from other mechanic shops. One of the ingredients of this new program was a free car wash. Per my suggestion, he approached a local car wash and asked for free car wash certificates in exchange for free promotions to the mechanic’s customer base. The car wash gladly agreed and both the car wash and mechanic were able to promote themselves by adding value to each others’ businesses.
- Use joint venture strategies to fill gaps in your business – As I shared in my earlier business of car radio installs, I didn’t have a license to drive, didn’t have a steady stream of customers, and didn’t have a place to work, however, I still managed to be resourceful and find a way to make my business work anyway. I didn’t let the gaps in my business hold me back. I simply found other people who could solve my challenges and create mutually beneficial agreements.
So you see, joint venture strategies can literally help you grow your small business fast with little effort on your part.
With the right mentality of adding value to your partnerships first, you’d be surprised at how many other businesses are more than willing and ready to implement joint venture strategies with the right business like yours.
What is your most effective or profitable joint venture strategy that has helped grow your business?