CHAPTER 21

Your Joint Venture Checklist

Who does chance favour? The prepared mind

— Louis Pasteur

1. 1.Establish Your Desired Outcome and Write It Down

   What do you want to specifically get out of the joint venture? Make sure to have specific and action-orientated goals for your joint venture including a realistic time frame for execution.

2. 2.Define The Target Market

   Look at your own clients and then choose the clients you want to attract by analysing your target market for buying habits and trends. Think about what other products or services they also buy apart from the ones you sell.

3. 3.Identify Potential Joint Venture Partners

   Look at potential joint venture partners who also serve your target market and offer complementary products or services.

4. 4.Determine The Type of Joint Venture and Share

   Do you want to do a standard profit share, reciprocal, or both? Would the joint venture be online or offline?

5. 5.Create Your Action Plan

   Now you have your potential joint venture partners and joint venture you need to create your action plan. Lucky for you there is already a 7-day action plan you can follow in the next chapter.

6. 6.Contact Potential Joint Venture Partners

   Use the strategies and tactics in this book to contact your potential joint venture partners and secure a meeting to emphasize your joint venture proposal and why they should partner with you.

7. 7.Close the Deal

   Decide whether you want to close the deal on a hand-shake or contract (I prefer contracts) and make sure that each party knows their roles and responsibilities.

8. 8.Implement and Manage the Joint Venture

   Put the necessary foundations and tracking in place to make sure the joint venture is successful and manage the joint venture partner/s to make sure roles and responsibilities are being carried out according to your joint venture agreement.