Joint Ventures 

How Joint Ventures Can Help Boost Sales In Your Business

You have done it, kudos to you for getting to the end.

In this final LESSON of Ten Tips To Grow Sales In Your Business, we look at joint ventures. It was something that we briefly touched upon on when we discussed products and services and I covered collaborations with other companies to boost your sales. However, to finish off we are going to look at joint ventures in much more detail. We will look at what they are, what you need to be careful of when going into a joint venture and how they can help boost your sales.

Joint ventures in themselves are, as the name suggests, a venture between two or more businesses who have products or services that complement each other and the companies aren’t competitors but can be in the same industry. The intention to why both businesses will go into a joint venture is to raise their profile and visibility through the venture and also to increase sales.

A Possible JV Scenario

An example of a joint venture as we touched upon already could be if you run a website design agency, But that’s all your business covered. And you have someone coming through to you not only want a website designed but also for the SEO to be carried out on the site afterwards. Although you don’t offer this service this is still an opportunity to make a sale in the form of a commission.

Going off the basis that you were already in a JV with an SEO agency your response could be, “I’m very sorry, we don’t offer SEO services however we do have a partner that can implement the SEO for you following us completing your website”. The SEO agency would then pay your business a commission fee for recommending the customer to them.

Make Sure The Products/Services Compliment Each Other!

One thing that you want to make sure of before you go into a joint venture with another company is that your products/services complement each other. For example, in the scenario, we give you SEO as a service compliments website design. The same with a business who organises weddings recommendation a bridal florist local to them. What you don’t want to do is go into a JV with a business that is either a) in direct competition with yourself or b) their product is nowhere related to yours (going into business with a drone manufacturer when you specialise in app development to give an example). As not only will it not be fruitful and a waste of time but it will confuse your audience as to why you’ve made that decision.

A Joint Venture Doesn’t Have To Be Between 2 Companies

Going into a joint venture presents an additional revenue stream in itself but it can be between more than yourself and another company. Which in itself opens the door for yet another revenue stream. A fine example could be between the two companies we mentioned before, an SEO agency and a website design company. So let’s say you run the website design and somebody comes to who wants everything done including the SEO and the graphic design for logos and infographics. What you can do is refer them to both companies earning two sets of commissions. The SEO agency doesn’t offer that service so they’ll be happy to let that opportunity bypass them. These type of arrangements are commonly referred to as ‘Joint Venture Chains’.

Unsure Of What Companies You Could Go Into A JV With?

If you’re at a loss when it comes to finding companies with products/services that compliment your own. Don’t worry. Why not have a chat with me? As the saying goes, “Two heads are better than one”. It could be that a very fruitful joint venture was right there in front of you, you were just looking in the wrong place. It could also be that you think that your product/services don’t have anything that could complement them however this is rarely the case.

That completes the ten tips of how you can start growing sales in your small business! Now that you’re aware of them what’s next is to start putting them into action in your business. One by one, go through each of the points and see how they can be implemented in your business. Not all of them may apply to your business and that’s fine, but those that are, make sure that they are implemented and are implemented properly. As always if you have any questions about any of the 10 tips that’s we’ve covered during our time together then please don’t hesitate to get in touch with me. And if you are really ready to grow your small business over the next 12 months then it may be wise for you to take a look at The Love Sales Hate Selling Academy and grab the free resources and knowledge available for you.