Joint Venture Blueprint for Success -the JV Doctor

JOINT VENTURES FOR BUSINESS

Dr. Murray Beaulieu

• Certified Joint Venture Broker

• LinkedIn Expert

• 30 years Fortune 500 Financial Management

• US Army Logistics Management Officer

• University of Notre Dame Graduate

• MBA Southern NH University

• [email protected]

What Will We Be Covering In This Workshop?

• Introduction to Joint Ventures

• The Joint Venture Mind-set

• Finding Joint Venture Partners

• Contacting Joint Venture Partners

• Managing Joint Venture Partners

• Joint Venture Contracts

• Types of Joint Ventures

• Joint Venture Examples

World’s Most Powerful Business Strategy?

A Joint Venture is an arrangement of mutual benefit between two or more people or businesses who have complimentary resources.

Resources can range from products, services, business assets and customer list that has a relationship with the list owner that can be leveraged for minimal cost.

According to one of my mentors the Marketing Expert Jay Abraham less than 5% of people know how to use Joint Ventures properly.

AND MOST DON’T EVEN KNOW HOW TO USE THEM AT ALL!

A Businesses Most VALUABLE Asset

The relationship between a business owner and customers is the most VALUABLE asset that can be leveraged!

• When business is sold asset VALUED on Balance Sheet.

• It costs SIX times as much to sell to a new buyer.

• Selling to the same customer again is PURE profit.

• It costs ZERO using other businesses lists.

• More of the profit is yours with NO advertising costs!

The BENEFITS Of Using Joint Ventures

• Allows you to COMPENSATE weak areas in your business without the nominal investment.

• Allows you to take advantage of UNLIMITED businesses complimentary skills and resources.

• Allows you to BOOST your lead/client generation and profits very quickly.

• Allows you great branding potential for FREE.

• Allows you to MAKE MONEY out of thin air!

The Joint Venture Mindset

If you don’t have the right success mindset then you are destined to fail. Visualization is the best means of manifesting the specific successful outcome!

If you want to attract the energy of opportunity and success then you should use an affirmation like:

“I am the right person, in the right place, at the right time, doing the right things, with the right people!”

“I am aware of and open to unlimited joint venture opportunities, I am involved in the best ‘high-level’ joint venture opportunities!”

Always see yourself as someone adding value to others!

Finding Potential Joint Venture Partners

Existing Mailing List, Customer List or Newsletter

One of the BEST places to start. Customers have already done business with you or the list owner and have a trusted relationship which could be leveraged!

Sites:

www.hilitedms.co.uk – UK

www.mediafinder.com – US and Canada

www.new-lists.com – Newsletter Lists


Seminars and Paid Events

You can meet and network with a lot of serious and motivated people. The higher the price for the seminar or event, the more players you will meet!

ASK THE RIGHT QUESTIONS!

“How Did YOU Get Started As a...?”

“How Can I HELP YOU Sell More of Your Product OR Service?”


Trade Shows and Exhibitions

You can meet and network with a lot of serious and motivated business owners and contacts. They don’t understand the power of Joint Ventures and treat each other as competitors.

ASK THE RIGHT QUESTION!

“If I Could Generate YOU Business for FREE From This Room, Would You Give me __%?”


Targeted Online Discussion Boards/Forums

You can meet and network with a lot of prospective joint venture partners online in similar industries or niches that serve the same clients as you!

Sites:

http://www.big-boards.com - Forum Directory

http://www.google.com/dirhp - Google Directory


Social Network Sites

Collaborate with other professionals and directly with key people of Influence and their network/connections!

Sites:

http://www.linkedIn.com

http://www.twitter.com

http://www.facebook.com


Google

Amazing resource for finding joint venture partners. With a few tricks you can really narrow down your search results to find great opportunities!

Sites:

http://www.google.co.uk - UK

http://www.google.com – US


Using Google Effectively – STEP 1

Write a list of keywords that most closely match your targeted market. Take each keyword and do the following search to find suitable JV partners:

• personal development + newsletter

• personal development + forum

• personal development + blog



With each list of results visit the most relevant sites ranked/PPC ads and then use the following tool to check their suitability and ranking of importance out:

http://www.whois.domaintools.com

This tool will tell you their Alexa ranking (how popular they are), whether they are blacklisted, how long they have been around, their visitors and contact details!



Now you should have plenty of potential JV partners ready to contact. You will want to put them all on a checklist and rate them A, B or C.

• A – Ideal partners with largest lists or traffic

• B – Second group of potential JV partners

• C – Let someone else contact them later


Google Advanced Strategy

http://www.google.com/advanced_search

Qualifying Joint Venture Partners

Using Due Diligence

You can now get access to ALL records for companies online for FREE using the tool below:

http://www.duedil.com

This tool wil give you access to over 8 million companies with over 20 years of financial history!

Qualifying Joint Venture Partners

Using Social Media Monitoring

You can now get access to everything that people are talking about your potential JV partner online for FREE using the tool below:

http://www.socialmention.com

This tool will also give you social media alerts direct to your email inbox.

Contacting Potential Joint Venture Partners

Email/Online

Email is practical, easy and cheap. A great way to communicate with potential partners when you are already dealing with them.

Most business owners usually receive a lot of emails and don’t always read proposals unless you have a very strong headline that catches their attention!

Should Not Be Your ONLY Mode of Contact!


FedEx or Special Delivery

The BEST way to contact potential partners. It’s professional and rarely used so gets the attention. You get pass the first barrier as it always gets opened!

Helps get past the gatekeeper easier as long as it is addressed to the decision maker and marked as:

URGENT: Please Hand Deliver


Phone

Follow up after you send your proposal out. You should also get your partners on the phone after they accept your proposal.

Only use the phone to follow-up or get an appointment NEVER pitch your proposal on the phone unless you know the person very well!

Managing Joint Venture Partners

• Sacrifice early profits for LONG TERM gain

• Offer highest performers BETTER commissions

• Offer other performers MILESTONE commissions

• Make sure you have a STRONG back-end

• Offering PRIZES for them to keep mailing

• Sharing communication about BUZZ

• Offering to PROMOTE for the performers

Agreements and Joint Venture Contracts

Non-Disclosure Agreements – NDA’s

Some people like to use NDA’s as it legally stops other people ripping off your trade secrets/ IP or even your entire sales process.

Joint Venture Contracts

Only start drafting an agreement once the deal has been solidified and you have a confirmation to go ahead.

How To Protect The Deal

• Have your partners sign a Non-Disclosure Agreement (or Intellectual Property Rights agreement) and have those agreements in your possession before telling your partners everything.

• Have them sign an agreement (contract).

• Put in your agreement that you have the right to inspect their shipping records, telephone records, etc. to see if there is a discrepancy between the two.

Most Popular Types Of Joint Ventures

Online

You find someone with a complimentary product or newsletter and you contact them to promote your product or bundle it with their own.

This can be done through emailing each other’s lists or via a link on their newsletter or website.

A very simple way to get started with joint ventures!


Licensing

You can make money instantly by buying or owning the rights to those things that are proven. Because it’s already been tested you don’t need to spend time and energy to prove that it would actually sell?

You can also charge people a royalty fee for the rights to your products and make money hands-free!

One of the quickest ways to make Millions!


Distribution

You find a distributor that has an existing sales channel and then you find a good quality targeted product. You take a cut on every sale made on both sides. Simple deal.

Another thing you can do is negotiate exclusivity if the product owner does not have some kind of affiliate program in place.

Control the distribution and you control the money!


Product Creation

You can approach people with great products that aren’t electronic and offer them to transcribe their product for them.

That way they can also sell it as an electronic product too to JV partners you find. Ask for a percentage of sales on that.

You can create multiple 6 figures with this strategy!


Endorsements

Find out about the high-ticket seminars being put on in your area. Contact the people setting up the event and suggest to JV Broker the deal by having someone endorse to their targeted list.

If the presenters are not planning on recording / filming the event, you may help them (secure licensing rights). Then you can help them market the physical product that you also own – once again on a Joint Venture basis.

Recurring revenue on a product that you also own!


UpSelling

Show other companies how they can upsell other products or services to increase the average unit of purchase.

You go out and find the other products for cut!

Every company needs an upsell strategy!


Reactivating Inactive Buyers

Customer attrition is the amount of customers that businesses lose every year, usually around 20%. Businesses are so busy looking for new customers that they lose existing customers and don’t even know it!

You can get together with other businesses and offer them your products/services to re-activate dormant customers for a percentage of the profits.

It costs 6 times as much to get new customers!


Unconverted Leads

Company A gets 5,000 call-in leads a month. They convert 15% of them. What should they do with the other 4,250 unconverted leads that costs them money?

You get them to do an endorsed joint venture campaign to promote your products to their unconverted leads (as they have not purchased) and split the profits!

There is so much abundance in leads for everybody!

Joint Venture Example #1

Audio Visual Company and Hotels

You get this company to form relationships with hotels to supply the audio visual needs of the customers of the hotel. They get all the business coming into the hotel. The hotel gets a slice of the revenue and so do you!


Construction Company and Unused Equipment

The company has equipment which it owns but which it doesn't use all the time.

You get the construction company to allows others to use the equipment and then split the profits from the equipment's use by the other company.


Office Furniture

Take the leads which they can’t sell/convert and offer them to a joint venture competitor on a 50/50 basis.

You may end up making more money from those leads than from the people you sell!


Showroom Companies

Acquire asset control and then develop concession relationships with other retail outlets which show their product for a piece of the revenue.

Find these retail outlets by placing a PR release in the trade journals indicating that they are in a mode of rapid expansion and are looking for retail establishments which meet certain criteria.


Training Companies

Create a relationship with a similar type of company but non-competitive. Generate cross promotional/cross endorsing opportunities.

The process can be used as a back-end to their client list as well as a front-end to current prospects.


Golf Clubs and Luxury Car Dealerships

Get the golf club to give away to luxury car dealerships one month of free classes at a cost of $1 each. If the car dealers buy hundreds of these it generates quick cash!

The golf club should Increase their long term sales by retaining one third of the people signing up for the free classes and you get 50%!

The car dealers also win by giving away something of significant value which only cost them $1!


Luxury Dating Agency and Luxury Cruises

Structure an endorsed letter for a cruise line to their membership base offering them a special package!

JOINT VENTURES FOR BUSINESS

Documents

Joint Venture Blueprint for Success -the JV Doctor