When you’re ready to start doing Joint Ventures, you should look at opportunities that fit the following criteria:
1. No Cost & Risk
There should be no cost or risk to you and it should not involve a lot of time, and definitely no selling.
2. Worth Your Time & Effort
The deals should be able to create enough money per deal to be worth your time and effort.
3. Pick Excellent Partners
You should only work with people you like and trust, who take action and are reliable. Don’t deal with whiners, losers or flakes.
4. Quick Turn-around Time
Look at the turn-around time. If you’re bringing leads to realtors or financial planners (insurance salespeople), for example, their deals generally take a long time and often fall apart, whereas certain deals are time sensitive (like a seminar) and people have to make fast decision, so the deal happens or it doesn’t in a shorter period of time. We want high-return, no risk (to EITHER party), little time invested, no money invested, and a quick turn-around time.
5. Multiple Complementary Income Sources
Structure your multiple income sources to complement each other. Instead of a “feast or famine” scenario, have different businesses with different busy cycles in the hopper, so that you get an even flow of income. Also look for synergies between the different demographics and buyer needs so that the same customer can buy from more than one income source.
6. Put it in writing!
Put the deal in writing - who does what, how they do it, when they do it, how payment takes place, the exact amounts or percentages paid, when payment takes place, etc., the more detail the better so that there are no misunderstandings later on. Do you get paid on the first transaction or on ongoing transactions?
7. Get Educated!
Attend the DollarMakers Joint Venture Forum Member meetings and conference calls and attend Bootcamps so that you stay connected and keep on learning. Remember, if there’s no risk to either party and a deal doesn’t work out, nobody gets hurt, so don’t be afraid to fail. Also, some people will not want to Joint Venture with you. Don’t take it personally; they simply don’t understand value yet.
8. Come Prepared
Create an action plan and be prepared to do some research on people whom you intend to approach. For example, what are their profit margins, underutilized resources and needs? What kind of reputation do they have? Google them, check the Better Business Bureau, run a credit check, ask around.
9. Maintain Your Confidence & Strength
Be upbeat and optimistic when approaching potential Joint Venture partners, but never be desperate. You don’t need them. Be prepared to walk away from any deal at any time.
10. Think Big & Take Action
Finally, business is a numbers game. The more people you talk with, the more you try, the more you fail, the bigger you think, the better. Joint Ventures is the fastest, best and most fun way to make an unlimited amount of money with no risk, little time and no money, that I have ever seen. Make it happen!
