Welcome to Day 27 of 30 Days To Your Financial Freedom Challenge!
Sometimes if one person is experiencing a downturn, so are a lot of others. When this happens, working together can make all the difference. One way to generate extra cash during a financial crunch is to start a joint venture with others. Let’s explore how this can help.
What is a Joint Venture?
A joint venture is a temporary partnership that keeps each business entity separate while they join forces on a project. To complete a joint venture, successfully create a contract that explains everyone’s responsibilities and duties as well as the expected rewards so that everyone is on the same page.
Examples of Joint Ventures
You may have seen some JVs in action through membership sites run by several distinct business people, or maybe you’ve gone to a summit that has several non-paid speakers, or you’ve seen a joint fundraiser that many organizations participate in, such as the Susan B. Anthony cancer fundraisers.
JV Ideas for You to Try
Webinar
Set up the topic and invite speakers to apply. Chose five to ten speakers to talk on the topics they’ve chosen based on the niche and title you picked for the webinar.
Events
Summits and conferences are very profitable as long as you niche it down and make it super focused. Invite the people you know who are experts to speak in exchange for a share in the sales.
Joint YouTube Channel
Choose seven people to work within your niche and assign each a day to publish a show to the channel. Set up guidelines, channel art, and make it easy for each person to accomplish the goal.
Joint Industry Blog
Just like YouTube, you can work with others to set up an industry-focused blog that you each work on within your area of expertise.
Publish a Compilation Book
Set the topic, provide the guidelines, and do the work of editing, designing, and so forth the book on the subject you want. Everyone can share in the sales or make money directly from affiliate sales for the book.
Publish a Subject Matter Magazine
A fun way to work together is by publishing an industry magazine together. You can publish print and digital magazines today rather easily using the right apps and software.
Run a Membership Site
Gather five of your closest complementary niche providers to run a membership site together. Assign each person’s responsibilities and split the profits with everyone.
Start a Group Coaching Project
Challenges and short-term group coaching projects are extremely lucrative. If you know several people within a niche that each does something special with their customers, you can combine all your talents for a massive group coaching project.
Why JVs Work
When you enter into a JV with the right people, they tend to serve the same or similar audience as you. They might be competition in some ways, indirectly or directly. Usually, you’ll have more success if you’re not direct competition but instead are complementary to each other.
For example, a writer and a graphic designer could work together, creating a private label rights content website together. They both have their own customer base, email lists, and affiliate marketing programs. They use their individual skills to create content for the website, and then they share in the profits.
A joint venture allows you each to work within your expertise, expand your audience, and deliver even more value to your ideal customers. Due to this collaboration, the word goes out to more people due to the shared audience. Due to the shared work and shared resources, each participant can do less and still be rewarded substantially while reducing the burdens associated with the work.
The main thing you need to do to have a successful joint venture is to fully plan it out before you invite others, then set up meetings to organize and change what needs to be changed together. Don’t fail due to insufficient planning. Every partner has to do their part, and the only way to ensure this happens is to plan it out in advance from idea to completion, including the exit strategy.
Please leave any comments or questions below.
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