Growing your business with Joint Venture partners

Growing Your Business with Joint Venture Partners

One of the last known ways for small businesses to compete against their bigger competition is through Joint Ventures. Here are some great ways to win new business using Joint Ventures:

1. Borrow customer lists of people who have the same type of buyers as you do and send out special offers to these buyers.

2. If you have a type of business that lends itself to repeat and recurring purchases, offer to give 100% of the profit to the referring business for new customers and build your own database.

3. Contact people and businesses that run ads for services that serve the same type of buyers as yours, and offer to buy the leads of the people who inquired, but didn't buy. These same people may buy your product or service if it meets their needs.

Are you coachable?

I consulted a client recently who is in the restaurant business on how to increase profits. He has been through multiple up and down times in the market and as the economy continues to swing downward his restaurant has taken a hit lately, but he is still thriving while others are failing. I suggested something to him which he had never heard of in his industry, which was simply to contact the owners of the restaurants outside his county and offer to coach them or advise them on the tips and techniques he uses every month to stay in business during the recession. He tried it and is now getting paid $200 a month by the owners of different restaurants for about two hours a month of giving advice. He has multiple restaurant owners paying him and the profit is just about 100%. A simple concept that will easily add another $20,000 to $30,000 to net profits.