Building Joint Ventures

Creating Joint Ventures can be one of the most exciting methods of creating residual income imaginable. And they don't have to be as complicated as so many people seem to want to make them.

What I'm going to provide here is an excerpt from the 45-page electronic book I authored on successfully selling joint venture deals. You can snag a copy of the complete document and even view an informative video I put together on the subject of the the 3 most common mistakes beginners make when initially trying to start out in joint-venturing: maverick joint ventures dotcom (just run it all together, as a web address).

Over the past few years we have seen a ton of hype about JV deals. The big guys selling courses on the subject have been trying to convince us how simple joint ventures are to put together, and implying that it's merely a matter of walking in with a strong idea, and the cash will pour into your bank account.

That's not very accurate, though, right?

Fact is, too often the advice we're given falls short. The experts tell us, in effect, " Go on out there and build deals!" but neglect to really explain how to do that... with actual people... in real life.

And all too often the deals they suggest we pitch are more appropriate to consultative marketing (or venture marketing) ... where you are offering to concoct and roll out new marketing approaches for them in return for a part of the profits you help create-- which is all awesome and everything (and possibly even a good opportunity in itself, for sure when you're learning the ropes), but what they fail to tell you is how to pick out the right situations to go in with the consultative marketing angle, and which situations are going to only end up costing you a whole lot of effort and grief, with no reward in sight.

In a nutshell (let's just get to the brass tacks here), what you really want to do is focus on the intelligent deals, identify the RIGHT opportunities, talk to the most appropriate prospects ... and orchestrate it all so that things actually advance-- ideally without you having to do all of the work-- and you get paid.

And while you can certainly do this through consultative/venture-marketing (and I'll talk more about this in a bit), your goal really needs to be something grander than that. In the last analysis, you don't want to be a hired-gun marketing expert. That's too much work. What you want to be is the guy who puts the deal together and makes massive profits imaginable in a very short period of time, and gets you paid for years and years to come.

You want to build that deal.

You really need to put a joint venture in place that leverages the assets and efforts of the companies you're bringing together, that ensures they'll take action on making it happen, and ensures you a substantial continuing pay check for having been the person to put the deal together.

That's a real joint venture.

And that is precisely what we're going to be talking about in this piece.

Too often what people are talking about when they say they're talking about building joint ventures really boils down to something else entirely. I've heard so-called joint-venture"gurus" talk about JV deals... when they were really just talking about affiliate marketing. I've heard them talk about JV deals... when they were really describing creating your own information products and working to promote them on the internet. I've heard them ramble on about joint ventures... when they were really describing helping someone start up a new website, or blast out some new marketing scheme, or try to get someone's product added to a website someone else is running.

Here's how I see it, none of that equates with a TRUE JOINT VENTURE. True joint ventures consist of creative match-making between Company A and Company B, with a creative spin in there to make it specially attractive to the marketplace.

Those are the 3 components required for the kind of joint ventures I'm describing putting together.

• Company A -- with a product (and maybe a market),

• Company B -- has a market (and maybe a product),

• The Creative Twist.

But in learning to put JV deals like that together, you need to approach it mindful of the common slip-ups and pitfalls you're going to need to avoid. If you can side-step these, early on, your path toward building lucrative joint ventures will be radically accelerated.

So let's move on to...

The 4 Most Common Mistakes When Beginning to Build Joint Ventures:

1.) Dwelling too much on theory. The important thing is simply this: DOING IT. Learn the ropes working actual deals.

2.) Allowing yourself to be cowed, allowing self-doubt and uncertainty, or fear of failure or embarrassment, to hold you back.

3.) Chasing after deals that are too big too soon. You need to start small, learn the ropes, develop your self-image. You have to learn to build deals through practicing putting deals together. Start small and work your way up to bigger and more advanced deals. You do it again and again"until you become subconsciously proficient," until making things happen is simply second nature. It's not sufficient to understand this stuff in your head; you must develop a feel of how it all works in the real world. You have to achieve proficiency.

4.) Mistaking consultative marketing (or venture marketing) opportunities for JV deals. They're totally different. In consultative marketing, you are bringing some unexplored marketing idea to the table, with the hope that, if it works, you'll earn some money from it. But in reality, that's just a job. And you don't want a job. Instead, you want to be creating real joint ventures, orchestrating deals between two or more businesses, giving it a CREATIVE TWIST of some kind, and setting up something that will work without your direct continued involvement, generating a residual income for years to come. That's a real joint venture. And that's what you should be learning to put together.

Those are the main ones to avoid. But here are some others to be sure to think through and steel yourself against ...

Other Common Mistakes When Learning to Put Together Joint Ventures Deals:

1.) Trying to build joint ventures with the wrong people. These may be companies who are simply too close to offering the same kind of product, or who have a market, but maybe it's not the right market. They might be companies with insufficient margin or scaleability for it to create suitable profits. They might just be bums, or crooks, or losers.

2.) Quitting. You must PERSIST even when your early deals fall apart or go wrong. You just have to keep going. You just have to believe that with time you will learn this and become proficient at it.

3.) Failing to dissect your "failures" and learn from them. You need to tackle each deal forensically, really pick it to pieces and figure out what worked and what didn't and what could have been handled more effectively or approached in a superior way. And analyze your wins as well! What were the key components? Where could they be reworked and made better?

4.) Giving up too quickly when trying to bring two companies together. Most serious sales take 9 to 11 progressive communications to wrap up. You simply cannot take"No" for "No." A joint venture is an intangible high-ticket sale, and you have to expect it to take more than one conversation, phone call, or email. Never forget: it's a process, not a one-shot deal. Work the process and refine your approach as you progress in developing your skills.

5.) Forgetting to search out Naturally Existing Economic Relationships you can tap into with the greatest likelihood of succeeding.

6.) Not knowing how to communicate. You can't put this together while hiding behind the internet or a bunch of emails. Either you need to get in there and sell it, or you need to partner up with someone who can sell it for you.

7.) Not having a clue how to make it all work. Again, this comes from practice and acquired proficiency. You need to figure out how stuff actually works. How to move it forward and make it work. And it could also be that you simply need to locate others you can joint venture with who are interested in (and skillful at) managing the deals you are setting up.

8.) Not taking the time in advance to overcome their possible objections and resistances. Most prospective clients have the same worries or concerns. You need to hammer these and remove their obstacles to doing business with you.

And finally, let's grab another short excerpt from my e - book, and dig into...

Five Key Factors in Successfully Getting Started in Putting Together Joint Ventures:

1. Start with easy(no-brainer) deals and smaller companies. And remember: you're not promising anything.

2. Set a goal to being putting together a deal a day or at least one or two a week.

3. Target about$500 to $1000 each month per deal. ( Which is to say, on a 25% split, you want to be able to create new profits in the neighborhood of two to four thousand a month for the companies you are bringing together. Typically you will come in on one side or the other, but it's certainly possible to get a commission from each side.)

4. Avoid offering up your own cash if you can, and avoid tying yourself to the actual running of it over the long haul. What you really want to do is, bring in a partner to actually do the work, either for a fee or for a piece of your cut.

5. Come up with some simple controls so as to put the clients at ease and show that they're taking no risk, that what you're bringing to the table is found money.

If you want to snag a complete copy of my 45-page document on building real-world joint ventures, you can grab a copy of the complete book at: maverick joint ventures dotcom (all run together, as a web address).

And always remember, the essential point here is to just get out there, get going, and learn while you're doing it. Set yourself some goals and get on out there and build some JV deals. Make things happen!