Sep 22
Before leaping blindly into a Joint Venture, here is a simple checklist to thoughtfully and objectively review, that could save you time, money, frustration, and even your reputation:
- Is your potential Joint Venture partner truly successful, and does he or she have money and a solid track record? How do you know?
- Can they deliver what they promise and afford to pay you the promised commission on time? How do you know that?
- Have you done you due diligence? Are they Members of DollarMakers?
- What impression did they make on you, what was your gut feel, and are you absolutely comfortable with them? Any red flags you’re ignoring?
- Is this Joint Venture a good match with your other Joint Ventures and Joint Venture partners?
- Are you being pressured into the Joint Venture? (Usually a sign that the other party has cash flow problems.)
- How can you test this Joint Venture in a small way before rolling it out in a big way?
- Have you bounced this off your Mentor?
- Do you have a good agreement in place that covers all areas?
- Is the income potential of this proposed Joint Venture worth the time and effort required to make it work?
- Will it dovetail with your other Joint Ventures and back-ends?
- What are your other options? (YAHOO = You Always Have Other Options).
- Are you making an emotional decision, a desperate decision, a decision based on a feeling of obligation / reciprocation, or a business decision based on value and profit?
- Is this a true win/win? Are both parties contributing equal value, or is it one-sided?
- What is the time, risk, and cost involved, and is it justifiable?
