Let’s talk one more time about the advantages of joint ventures. I want you to be clear that JVs are one of the best ways to build your business bigger faster than almost any other way without breaking the bank. The advantages far outweigh any perceived disadvantages but always make sure you do your due diligence before contracting business with someone else. Their reputation, good or bad, will rub off on you and vice versa.
- You’ll Share the Investment – When you spread the investment over a group of people rather than shouldering it all on your own, you can build better and bigger faster. Imagine putting on a big summit and splitting all costs five or more ways? You can do so much more by combining your budgets.
- You’ll Share the Expenses – Some costs are investments because they offer a direct return, but some expenses are just that, expenses that need to be paid. If you are sharing expenses, you can actually cut them down. For example, if you need software like Dropbox or Canva, they have group options that can cut down on per person contribution.
- You’ll Share the Workload – You know instinctively that your grandmother was right when she said that many hands make for short work. But this is not just true for cleaning up after dinner. It works for your business too. If you divvy up the duties for the JV, you’ll all benefit while working less.
- You’ll Gain Skillsets You Don’t Have – Each person you meet in life teaches you something you don’t know if only you pay close attention. Imagine if you actually take advantage of the knowledge that you can access by seeking to JV with people you know you’ll learn from. It’s a fast track to new skills.
- You’ll Gain Access to Resources You Don’t Have – Just like skills, you can also end up with access to new resources you never heard of before. That may be an introduction to the technology, but it may also mean people.
- You’ll Penetrate New Markets Faster – If you want to attract a new segment of your audience, find the competition that works with that segment with a JV idea. Do tasks in advance so that when you approach someone who has a larger audience than you, they notice the benefits of working with you. Your reward will be commiserated with your efforts.
- You’ll Build a New Stream of Income – The best thing about a well-planned JV is that you’ll monetize it and build a new stream of income. Studies show that people with more income streams end up better off than those who rely on just one.
- You’ll Improve and Enhance Your Credibility – When you hang around other people who your audience already admires, you will gain credibility for no other reason than they already trust your competitor. This is often referred to as the “Oprah Effect.”
- You’ll Reduce and Remove Barriers to Competition – When you start working with your competition, you’ll actually reduce the risk that any competition has on your business. You’ll start needing each other and become even better because of it.
- You’ll Create Improved Economies of Scale – When you expand your audience, you can start benefiting from economies of scale even if you deal in digital products. The bigger your audience becomes of hungry buyers, the more you’ll get from each promotion.
If you have any fear left about working with your competition, try to let go of it. Even big businesses join forces to create new products, host education for the industry and raise charity funds. If it did not work, they would not do it.
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