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The Secret to Success When Approaching Potential Joint Venture Partners
from:Do you have a great product and want a joint venture but lack the confidence to approach the joint venture partners that interest you? You are not alone. The problem is that those who are likely to be of most benefit to you within your niche are likely in high demand. That doesn't mean they won't be interested in the proposal you have for them. The problem though is getting their attention in order to make that proposal.
So, how do you get their attention and then move on to pitching your idea?
1)Build a relationship. The world is shrinking due to the World Wide Web. It is now better than ever before to reach out and connect with other people who do business online. Using the power of Web 2.0 also known as social networking to get to know, talk to, and build a relationship with others in your niche is one of the best ways to find potential partners for a joint venture. Take your time and build the relationship. You will know when the time is right to make the move and approach them with your joint venture proposal. Comment on their blogs, talk to them in forums, get to know them and allow them to get to know you through popular platforms like Facebook, Twitter, FriendFeed, and other social networking platforms that allow you the opportunity to let others get to know you as you are becoming acquainted with them.
2)Be brief. When you get around to approaching them for a potential joint venture it is important to remember that time is money. For the initial approach be considerate of their time. In other words, be brief. Offer a teaser and give them the opportunity to ask for more details about your plan. Remember the words of Shakespeare. More matter, less art. Give the facts in the initial approach and avoid embellishing. Be sure to include a note about what the potential benefits to them would be in this venture. After all, that is what it comes down to in the end—whether the project or venture interests them or they believe it will be beneficial to them.
3)Have a well thought out plan at the ready when they ask for details. If they come back wanting more information, which is the hope after all, you will kill the deal if you don't have a detailed plan that is easy to read and follow ready for them. The plan doesn't need to be set in stone. In fact, it shouldn't be. The partnership means that new people will bring new ideas to the table that may be better than what you have initially but having a plan means you've put more than a little thought into the project.
4)Be courteous. Even if the answer for this project is no, the way you react to that will matter greatly in whether or not they keep you in mind for future projects. There are many reasons that people will say no to a potential joint venture. Perhaps they don't feel as though they know you well enough, perhaps they have too much on their plate, or feel that they do not have anything worthwhile to contribute to this particular project. Whatever their reasons may be, a no is not a rejection of you but this particular joint venture. If you are polite and courteous, chances are that they will keep you in mind for future ventures.
The approach for most joint ventures is the most frightening part. If you are considering one in the future you may want to begin now connecting with others in your niche and building a relationship upon which you can build great joint ventures in the future.
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