Would a joint venture between Batman and Superman spoil the party, or should we just forget it and hang up our tights? Imagine Superman unfazed by Kryptonite, or Batman, without Robin, outsmarting the Joker, the Riddler and Catwoman too. That's the kind of power joint ventures can have in the marketplace and in superhero circles. Joint ventures often make the partners who enter them more than twice effective than they'd otherwise be. That's why I'd like to see Superman wearing Batman's cape and vice-versa. With the right partner, you can increase your business ten-fold in a low-cost way never thought imaginable. Consider this: by partnering with a similar but noncompeting business, you can trade customer lists. This will give you access to avenues you never would travel alone. For instance, suppose you sell motorcycle parts but your partner down the road repairs go-karts. If you trade lists and market your products to his customers and allow him to market his products to yours you could each increase your business without spending too much money. Heck, you might as well take it one step further and endorse each other's service so that you don't go in "cold." Another way to make joint ventures work for you is to co-sponsor an event with your partner. For instance, your business is a tune up and brake shop. Your partner fixes flats. Ask the tire man to host a "lug and nut" party. You can advertise your event through the local media offering customers who get a brake job from you a discount certificate for tire work at the other shop and customers who get a flat fixed a certificate for brake work at your shop. By pitching in for half the cost of the advertising for the campaign you can save a bundle on marketing. Another option is office space. I once knew an attorney and a CPA who shared an office. That is a great combination. Most business owners need both services and since they are noncompeting it makes for a great partnership. You could end up sharing customers, office space and advertising. Own a book store? Ask the local coffee shop owner if she will allow you to put advance copies of the books publishers send to you - you know, the ones you can't sell? - in her shop for her customers to read. In return, offer to give up space in your book store for samples of her best blends. The possibilities are endless. If you put your heads together and get creative, I'm sure you can think of a thousand ways to make any joint venture work for you and for your partner, and at a cost so low that you'll be flying into buildings. |
