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John Bogiatzis
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Hello KrisP,

The the majority of the posts share great value in what your trying question.

Joint ventures are one of the most powerful ways for small business to gain leverage. In fact a little inside tip JV’s have been a the main marketing focus of my business :)

The way to go about developing Joint Ventures:

1. Become clear on your target market: You must first indetify different businesses (non-competing) in your area that you share the same target market – the more precise the better the results.
2. Focus on relationship first: One of the mistakes a lot of small business owners make is they approach another business by saying let’s combine our marketing together with a great JV! This has the potential to scare people away – by focussing on building a relationship first and talking about JV’s later you will be in a much better position to continue add value to both your businesses.
3. Long term view: With JV’s you really need to adopt a long term view 2 years + and start identifying not just one-off JV promo’s but rather strategic alliance partners that you almost immerse your businesses together and you both feed off the marketing and success of each other.

Hope that helps.

John Bogiatzis
Universal Seminars