Business Partnerships and Joint Ventures

Joint ventures and business partnerships are both fun and easy if you know a few of the basics. First of all, take a moment right now to think about the types of products or services that would be compliment or be related to your business. Look up these existing products or services using a search engine to find other business owners and website owners that own the rights to them. Then simply email them or call them up and make a deal to add them to your website and be sure to include a hefty commission for yourself in the deal. And get this all in writing. It's important to use contracts so that it's very clear what the both of you will be doing and what the profit split is.

Here's another way to find a good joint venture or business partnership. Let's say you're just now releasing a new product or service and you don't have much money. You end up doing some ad testing using ezines and you have now found a few different ezines that you think will be perfect for your target audience or niche market. Well, you now have a product or service and the person who owns the ezine already has a great targeted list, so it would be perfect to contact that ezine owner and ask him or her to do a joint venture together. The ezine owner will personally recommend or endorse your product and you both split up the profits in a way that you both agree upon.

If you happen to own an ezine yourself or put one together now, you are in the perfect place to be finding plenty of different joint ventures. Every new advertiser in your ezine would be a perfect candidate to propose a joint venture to. Again, just keep your eyes out for more products and services that fit your niche or target audience.

Another great way to get great business partnership and joint venture deals for yourself is this: Talk to businesses that still aren't online yet about going online. I know it's hard to believe but there are still a large percentage of businesses that are not online yet. Keep a good look out for these businesses and tell them you know how to take them online. If you don't actually know how to get your business online yet, you will by the time you finish this course. You can simply orchestrate the whole deal yourself. You can get a web designer and copyrighter for that business owner and bring his/her business online. And of course, you'll set the whole thing up so that you end up keeping a nice chunk of the profits. If a business is still not online yet, there is usually a good reason for it. And the reason is usually because the business owner is intimidated by the internet and doesn't even know where to begin. This is where you're internet expertise is going to pay off. Because you will know exactly where to begin by the time you finish this course.

Once you have found people to do joint ventures with, there are two different rules you'll want to lay out in a contract for them to sign.

1. The first part of your contract should cover Non-Disclosure or Confidentiality. This part of the contract simply states that they can't use your ideas without paying you for them. And this part of the contract also clearly states that if they steal your ideas, you will then have legal recourse to get your fair share of any profits generated as a result of your ideas.

2. The second part of your contract covers the fact that you will be the sole marketing arm. It's an agreement called an Exclusive Independent Marketing Agreement. And this part of the agreement clearly states that your business is completely separate from their business but through this legal agreement, you have exclusive rights to the product or service and will be entitled to a certain percentage of the profits(what ever you both agreed upon.)

Now again, I'm not a lawyer and since I just told you my opinion about how I like to handle my own contracts, I must now put this disclaimer below:

My advice is only my opinion. If you have any questions about creating contracts, and if you want to make sure that your own contracts are specific to your own situation and needs and the law in your area, be sure to consult with an attorney.

Before you even start negotiating a joint venture with another business person, you should know exactly what you're going to say. The business owner you approach is probably going to be extremely curious how you plan to double or triple his/her profits. Never tell them how you plan to do it. It's crucial that you get them to sign your contract before you reveal any of your marketing strategies. As long as you show them how confident you are in your marketing strategies and in yourself, you'll have their attention.

Just be sure to have your whole deal in writing with both of your signatures on it before the two of you begin working. Just because you get along well over the phone or in person and have developed a certain level of trust doesn't mean you can trust the spoken word of the person. Don't trust anything in business that's not in writing! Business partnerships are a disaster waiting to happen without both signatures.

You don't have to write your own contracts or hire an expensive attorney to write your agreements or contracts. Often times, I simply type the phrase "Free Legal Agreements" into my favorite search engine and hundreds of free documents come up for me. If I want a specific type of agreement such as a "Non-Disclosure" or "Confidentiality Agreement", I'll simply type those specific terms into the search engine. Nine times out of ten, the exact type of agreement I'm looking for will pop right up.

Some times I modify them a little bit to better suit my exact situation or deal. But other times I get lucky and find fully prepared contract forms that are perfect for my situation just the way they are. But be sure to make the documents you choose don't have their own copyright protection on them. Most of the time they don't. That's the reason so many of these pre-written contracts and agreements exist on the net.

These pre-written contracts are all over the place because the owners of those documents are giving them away for free in most cases. But some sites do charge a fee to use their documents. I have never bought an agreement form or contract. I usually find so many free pre-written contracts and agreement forms I can't imagine why people would actually buy them. These forms have usually been drawn up by "Real" attorneys who know the proper legal terminology necessary to make an agreement legally binding. This is important for all business partnerships.

I can't stress enough how important these contracts are. Never share your valuable intellectual property with anyone until you have a signed contract in your hands.

Joint ventures are the fastest way to quickly create a business out of nothing. Because even if you don't have a business yet, the joint venture can immediately begin bringing an income check to your mailbox and you don't even need to have a product or a list of prospects!

Your whole view of business and the internet is going to change as soon as you start seeing the big picture of "How to exploit the resources of others." I know that sounds bad, but hey, it's a dog-eat-dog world and you've got to look out for yourself! Get what you can when you can as long as it's all legal. Hopefully you now have a better understanding of how to handle Business Partnerships.

Since I review business opportunities and internet gurus all day for a living, you can guess I know which ones work and which ones don't. Click here to see how I make my money.

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