7 More Benefits Of Joint Ventures
Many business owners are still fearful of forming a joint venture
. They have so much to attend to with their own business dealings, and certainly a joint venture success is never guaranteed.However, isn't business all about taking and controlling risks? If an entrepreneur can get past the initial fear of joint ventures, they may find that the benefits of a well-planned JV can add big profits and save time on their own business.
Much has already been written about the benefits of JVs. However, there are so many that it's important to list more so that you get a clear picture of how a JV can improve your business. For your encouragement, here are seven more to consider:
1. Free Advertising - A JV can provide you with free advertising and promotion. A simple joint venture agreement could allow you and your JV partner to cross market each other's products. You agree to promote his products in your store, while he does the same with your products. You may find that this type of free advertising reaches a new market base that you never expected.
2. Learn New Skills - A joint venture will test your business acumen and abilities. You'll be required to share your expertise, and in exchange, your JV partner will share his. Through the sharing of individual expertise, you can gain valuable insight into your JV partner's ability to develop creative marketing, close a sale, or even manage an assembly line.
3. Reduce Inventory - A JV may be a great way to help you reduce your extra inventory. If you need more space for new products or materials, you can formulate a joint venture where you giveaway part of your inventory as part of a cross promotion with your JV partner.
4. Reduce Employee Hiring Costs - You can form a creative joint venture where you can save on hiring costs. Agree to provide your JV partner with ample business in exchange for office space or even the use of his employees for certain tasks.
5. Test a New Product - If you have developed a new product, a joint venture may be a great way to test market. Agree with your JV partner to promote your new product as a sample or as part of a merchandise package. Be sure to get valuable data and feedback from customers who try your product.
6. Expand Business Relationships - Not only does a joint venture strengthen your relationship with your JV partner, but with other contacts in your shared industries. You may find that a contact on your JV partner's list will become a valuable contact for your own business. Never forget the power and benefit of networking.
7. Get Discounts - A JV partnership could save you money on materials or supplies. Agree not only to share information and expertise, but also on products that you both provide.
There are literally hundreds of potential benefits of a joint venture. It takes creativity to see past the obvious financial profit benefits and discover the plethora of other ways that a JV can be good for your business. Don't be afraid to explore these possibilities.
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