One of the most common questions I am asked at the seminars, talks and Bootcamps I present, is:

“But, Robin, how do I find people to Joint Venture with?”

Good question, of course. In a world where a good website and business brochure can make a bank robber living in his dog’s kennel look like the CEO of a Fortune 500 business, we have rightfully become skeptical, even cynical. We are wary of the scam artists and wanna-be’s out there. We don’t want to refer our trusted clients and friends to losers.

Use a Group that Enforces High Standards

That’s why we started the DollarMakers Joint Venture Forum. Good people were invited to join and they invited their best people, and so on. And now that people from all over the world are applying to join, we insist they agree to adhere to our Code of Ethics and we watch them carefully. Any deviation and we unceremoniously kick them out. Unlike many “Networking Groups” that would accept Hitler if he paid enough, our fees are so low and our benefits so high that we can afford to be, and are, very selective. So that is one way to find good Joint Venture Partners: simply join the Forum!

Use Your “N.E.E.R.” Relationships

Another way to find good Joint Venture partners is to start with your N.E.E.R. relationships – your Naturally Existing Economic Relationships – people whom you know and trust and have done business with in the past. People who are referred to you by trusted friends and associates are more likely to turn out well. And if you follow our guidelines, you will initiate those Joint Ventures with no money, no time and no risk. So you can walk away if things don’t work out or the Joint Venture partner deviates from the agreement, as some, I assure you, will.

Why You Should ONLY Associate with Successful People

Always remember that there are people out there who will agree to anything to grab a customer and make a quick buck. Desperate people do desperate things. So you should choose successful people – not the trailer park type who lives on welfare and can’t afford gas, whom you want to help; you’re not a social worker. I have tried that and it cost me money. Find winners and visionaries.

Other Key Factors

And make sure to manage the relationship and the Joint Venture – it takes attention and monitoring to make it work well. And the more they know about Joint Ventures, the more likely the Joint Venture is to succeed. For example, DollarMakers Joint Venture Forum Member who has attended the Joint Venture Broker Bootcamp is more likely to succeed than one who hasn’t.  Contact Us to attend one yourself.

How much should you make from a Joint Venture?

• 10%? 20%? 50%?
• Should it be of the net or gross profit or off the top?
• How do you decide?

This is an important consideration, especially for people who are used to paying peanuts and those who are used to accepting a few crumbs. Entrepreneurs who understand business and profit are more likely to pay and demand reasonable commissions.

Look at the Profit Margin & Be Generous

For example, when people attend a DollarMakers Joint Venture Broker Bootcamp, I pay the referring Members up to 50% in commissions! My cost of putting an extra chair into a Bootcamp and a few extra cups of coffee and donuts, plus a workbook, is negligible. I can afford to be generous. My DollarMakers Joint Venture Forum Members earn thousands in commissions every month. But if I was selling computer hardware, with a profit of around 6%, I could not afford to pay such a generous commission. Large profit margins demand high commissions; real business people understand that. And there are other ways to reciprocate, other than financially – but that’s a subject for another blog or the Bootcamp.

Avoid Ridiculous Offers Like This

A realtor approached me with the typical offer: “Send me a buyer or a seller and I will pay you $75 for a completed sale.” So you get $7,000 and you expect me to accept $75? Are you kidding me? I’ll take 50% of the realtor’s commission or no deal. Am I being greedy? No – I pay 50% and so can they. If you don’t ask, you won’t get. Desperate realtors will not agree to this, but the smart realtor who has built in multiple Joint Venture back end sales into every transaction will jump at the opportunity.

50% of something is better than 100% of nothing. It’s business they would never have had. When you show them how much business that one deal can generate over the years and the Marginal Net Worth of a customer, they might see the light.

A Smart Business Owner Knows

Most entrepreneurs don’t understand their acquisition cost, attrition rate, profit margins, back end value or Joint Ventures. That’s why they feel they have to grab every up front cent they can. When they understand the big picture and they want to create increasing, multiple streams of passive income, they will become generous in their referral fees and commissions.

My Standard

I personally don’t accept anything less than 20%, but it all depends on the big picture, margins, reciprocal consideration and value. Remember the big picture and demand to be paid a fair amount or walk away. There are many opportunities out there but very few people who understand Joint Ventures, so you can call the shots.

Wow! That’s some claim. Perhaps you would like to change the way you think about making money - fast. See, we don’t have money problems - we have thinking problems.

Become Aware & Choose Something Else

We have been conditioned to believe that it takes a long time, a lot of money and a lot of work to make money. We’re warned about the “Quick Buck” or “Fast Buck” mentality. Our conditioning usually comes from people who don’t have a lot of money, and who are seriously jealous of those ho do. They accuse successful business people of being “sleazy” and dishonest, because they don’t understand that one can legitimately make serious money in a short period of time without being dishonest, if you know how.

Do This and Make Money

Joint Ventures is the ultimate leverage - no risk, no cost, unlimited potential, FAST. If you know how. Let’s take a very simple example: You find someone who will pay you $300 per buying referral. That might be selling a seminar, a course, a product, whatever. It doesn’t matter. The larger the percentage of the public that can use or benefit from it, the better, obviously. Now you go out and find people who have access to large databases of people who know and trust them, usually authors, businesses and professionals. Offer them $100 per sale and get them to advertise the product or service to their people via e mail, newsletters, flyers, notices, phone calls, whatever.

Know It’s a Numbers Game

If you approach enough people with any well presented, well packaged, well priced product or service, a certain percentage will buy. It’s a numbers game. Factors the come into play:

• The more proficient you are, the great the ratios.
• If the owner of the database has a good relationship with his people, customers, etc., more will buy.
• If the product / service is well presented and packaged and perceived to be very valuable, more will buy.
• You can add massive bonuses and premiums at no cost to you, as well, if you know how.

By approaching enough people, 25 will buy, earning you $200 each, = $5,000. I know this works because this is how I Joint Venture with others for sales of our DollarMakers Joint Venture Broker Bootcamp. This is a lot simpler than it seems and can be set up quickly and efficiently, if you know how. And the process can be duplicated and leveraged and it’s ultimately scalable. Anyone can do this.

After twenty-one years doing Joint Ventures, we have found the key to success is actually quite simple. Yesterday Rika and I watched several fishermen at the lake. Some were seasoned in their craft and others were obviously newbies. Same lake, same opportunities, same fish, yet vastly different results attained – just like business in the real world. And I have no doubt what some of the fishermen’s comments were upon arriving home last night.

• “Damn fish just weren’t biting today.”
• “They never stocked that lake like they said they did – there were no fish!”
• “I knew this fishing pole was junk; that salesman really ripped me off.”
• “Couldn’t find a good fishing spot – they were all taken.”
• “It was too hot / cold for the fish to bite.”
• “There was too much noise so the fish wouldn’t bite….”

Yet there were other fishermen who got home with six plump trout and had a delicious meal. Same lake, same fish, same opportunity, same reaction when people fail: excuses.

Long Term Joint Venture Success

Long term Joint Venture Success is the result of good training, good support, a teachable attitude, persistence, experience, and the removal of the risk, time and cost factors from your Joint Ventures.

The more you learn, the more you earn, if you practice diligently and pay the price. Image two fellows who decide to become  Joint Venture Brokers: One reads an e-book, attends a seminar, tries three Joint Ventures, and fails, so he quits and runs off to the next thing. The other one simply absorbs every ounce of training he can, reads, attends Bootcamps, watches videos, listens to Podcasts, gets involved in Membership meetings and conference calls, attends the Convention, builds relationships with the right people, makes mistakes, learns from them, takes massive action, and succeeds.

Along the road to success…

Along the road to success, people fail, get frustrated and angry, make mistakes, and get ripped off. They find out what doesn’t work, meet scoundrels and weasels, and get lied to. But they don’t quit; they hone their skills, persist, improve, and learn to take responsibility for their failures as well as their successes. As time goes by, they catch more fish, until they own fishing trawlers and the processing factory and get rich, then people say, “Well, he’s just lucky”, or the losers say, “He’s dishonest, that’s why he’s rich.”

Here’s the BEST way to get rich in Joint Ventures.

Imagine you wanted to learn how to bake the best chocolate cake in the world. You would seek out the person who is the known expert in that field, and apprentice with that person as an apprentice baker doing exactly what you were told, until you could do what she did.

Find the most successful and honest, influential and professional Joint Venture Broker you can, and do EVERYTHING he tells you to do, in EXACTLY the way he tells you to do it, UNTIL you are successful.

It’s really that simple. Don’t reinvent the wheel, become an eager apprentice, and voila! You catch lots of fat fish while the others go home with a bag full of excuses.

“The heights by great men reached and kept

Were not attianed by sudden flight

But they, while their companions slept,

Were toiling upward in the night.”

There is no limit to the amount of money you can make as a JV Broker.

Earn the Right - Robin J. Elliott Podcast

 

 JVBlogger Podcast: Earn the Right [8:30m]: Play Now | Play in Popup | Download

Joint Venture Brokers are strategists.

They don’t:

• Do things randomly.
• Grasp at straws.
• Leap onto every new, flavor-of-the month start-up scheme.

They are sophisticated entrepreneurs who are very selective and careful with the allocation of their time and attention. They carefully and objectively consider their options and focus on profit and long-term income and potential.

Why Most Fail

The concept of “FEEDERS” is essential and foundational to your Joint Venture success. The reason why 97% of the people in Network Marketing, for example, only recruit three or four people and then quit, or take years to get any traction, is that they simply haven’t Feeders to bring them an ongoing line of new recruits. The reason why most “Motivational Speakers,” “Coaches,” and “Consultants” have no money or customers is because they don’t have Feeders to feed them business on a regular basis. Any salesperson or business owner that understands this concept will make serious money.

What Works

A “Feeder” is a mechanism that continues to feed you prospects and business, given that you follow up and manage the process and the people correctly. Smart Joint Venture Brokers create the situation where all their Joint Ventures feed each other, and they have Feeder events and systems that operate consistently and predictably. They use leverage, delegation, duplication, and leadership to set up and maintain these Feeders. A Feeder that doesn’t work is carefully monitored, manipulated, tweaked, fixed, and adjusted until it either produces or is discarded, and it is weighed an evaluated solely on its performance, potential, profit, positioning, and productivity.

Salespeople, Joint Ventures, seminars, Bootcamps, newsletters, websites, book, CD’s, reports, centers of influence, give-aways, talk, conference calls, databases, webinars, and most of all our other Joint Ventures, are all Feeders, as long as the systems are properly and professionally established and coordinated. This is one of the skills that we teach at our DollarMakers Certified Business Mentor Training program. By creating self-duplicating systems and Joint Ventures that feed each other and attract new business by design, we use a technology that creates exponential growth and wealth with no cost or risk, and very little time. “Feeders feed, losers bleed.”

Joint Venture Brokers are not glorified salespeople; they’re middlemen, or catalysts.

Know Who You’re Talking To

Recently, we endured the usual frustration when approached by a character in Ireland who wished to “Joint Venture” with DollarMakers. Before I got onto the conference call, I did due diligence on him, Googled him and his company, and had a good look at his websites. He had a large, successful business.

Recognize and Heed Red Flags

When he got on the call, he admitted that he had “briefly scanned” our website. Big red flag waving wildly, right there. As the call continued (I hesitate to say, “progressed”), it became obvious that this rascal wanted us to promote his services to all the world, and he even grudgingly agreed to pay us a commission, however when it came to promoting DollarMakers, he got stuck. He was unfamiliar with the proverbial “two-way street”. He was not convinced that “reciprocity” was a good thing. Why in the world would I promote, introduce, or even acknowledge another business service, even though they could undoubtably contribute value to our database, without his reciprocal promotion of my business? The call ended fast.

Insist on a Mutually Supporting Deal

This is where it actually gets dangerous to play this one-sided and arrogant game: this man in fact insulted me and my business, and I will never, under any circumstances, do business any with him in future, or in any way endorse his business. Instead of creating an ally and a Joint Venture partner, he succeed only in creating an enemy. As DollarMakers continues to grow and flourish, we become more and more attractive to potential Joint Venture partners. This weasel has effectively excluded us from his selfish an limited little world.

A True Win/Win

Every Joint Venture has to be WIN/WIN, not win/lose

…and remember that it’s not about what you do now, or how big you are now, but WHO you are, because that determines how big you WILL be. Pride come before the fall. Seek to reciprocate fairly and honorably in your Joint Ventures, and be very selective when choosing your Joint Venture partners, and your success is ensured.

Locate His Need

When I meet someone, I listen carefully to establish what pain he or she is suffering. It’s usually in one or all of three areas: Finances, Time, and Freedom. I then get the prospective customer to elaborate on his pain, using open-ended questions. I turn the knife in the wound, as it were.

• How does this situation affect him, personally?
• What impact does it have on his family?
• How will it affect his future?
• In fact, if he doesn’t solve the problem, what will his life look like in two years?
• What are the consequences of NOT solving his problem?

Help Him Realize Change is Possible

Now that he realizes he has a problem, and having dwelt on it, he is acutely aware of his need to solve it, I have him tell me what his life could be like should he be able to solve his problem:

• How will he personally feel once this problem has been resolved?
• What effect will it have on his family and profits?
• How will it change his future?

Give him a glimpse of the rewards he will reap by solving the problem.

Offer Him a Solution

Next, I become the solution, or the bridge to his better life, by connecting him with whatever product or service is necessary to solve his problem. When I connect him with the business that solves his problem, I receive an on-going (yes, I said on-going) commission from that business. That income is 100% margin to me, if it is not my own product or service, so I can’t lose. I create value and get paid for it, and I have a happy customer. Whether he buys from me or not doesn’t matter - he is happy and I made money. I solved his problem and was paid for the service.

Link supply and demand and get paid.

• It’s not about you or your business - it’s about value.
• Be a good listener, help people to get what they want, and you get rich.
• Stop telling people about your products and services - they don’t care. They care about their problems and goals, and you need to shut up and listen to them so that you can solve their problems and make money.

Selling is old hat, as out of date as a Commodore 64 computer, boring, childish, and naïve. Solving is the way things work these days, and the ideal vehicle is Joint Ventures.