Three Keys to Joint Venture Success

There are three vital characteristics to look for in your Joint Venture Partners. If any one of these is missing or suspect, walk away – but walk FAST. If all three are in place, however, look forward to a lucrative, long-term, and satisfying Joint Venture partnership that will outlast any challenges and forge a strong and enduring friendship, which exceeds any monetary rewards.

The first Key is Congruency. That simply means that people walk their talk. That they live according to their professed values and beliefs, and that they are true to their word, honest and reliable. Congruency means you know whom you’re dealing with. There is no place in Joint Venture relationships, or any relationships, for that matter, for dishonesty, hypocrisy, and double talk. What you see should be what you get. Seek straight shooters, not politicians, and shysters. Not excuse makers. In addition, if people are congruent, that means they are driven by their philosophy, so make sure they are Capitalists and not collectivists. Remember to watch out for the Bible thumpers – they are usually the least honest of all. People who have to tell you how honest they are, are usually not.

The second Key is Constancy, or consistency. The same, yesterday, today, and tomorrow. Not one day your friend and the next day a stranger, no Jekyll and Hyde, schizoid behavior. You’re looking for people who are there when you need them, who return their calls and e mails promptly, who deliver on time, who do what they say they will do and who always show up for you. People who have your back. Long term. Not in for the quick buck. No desperados. Look at peoples’ track records for clues as to whether you have picked up another loser who is pretending to be a winner. You’re looking for solid, grounded, stable JV partners.

And the third Key is Creativity. Joint Ventures should be based on strong relationships of trust and commitment, but they WORK because of creativity. People who are too analytical will suffer from “Paralysis of Analysis” and forget all about the bottom line. You have to be able to deal with imperfection and see the opportunities. It’s essential that Joint Venture Brokers are open-minded and that they are open to the ideas of others – that enhances the creative possibilities in JV’s. Without creativity, you have an employee mentality that insists on selling time for money, thinks in terms of scarcity, and has a feeling of entitlement. Capitalism is founded on creatively delivering value and being paid for it.

By carefully selecting your JV partners you save time and frustration, money and tears, and you achieve amazing results. Be prepared to say, “No” and be ready to walk away at any time when you see that one of the three Keys is missing. "Birds of the feather flock together" - who are you flocking with? Do you want to go where that flock is headed? A good team accomplishes magnificent things. Find the right partners in the DollarMakers Joint Venture Forum.

Robin J. Elliott www.DollarMakers.com

Using Economies of Scale in Marketing

How can Wal-Mart sell products at such low prices? How can you do the same, without being a Wal-Mart? Can you undercut FedEx prices? You might be surprised at my answer.

Economy of Scale definition: “Reduction in cost per unit resulting from increased production, realized through operational efficiencies. Economies of scale can be accomplished because as production increases, the cost of producing each additional unit falls.”

Investopedia says: “Economies of scale gives big companies access to a larger market by allowing them to operate with greater geographical reach. For the more traditional (small to medium) companies, however, size does have its limits.”

Never more, Miranda, never more! This is where traditional thinking clashes with today’s business and distribution reality. Traditionally, big business had the edge. Wal-Mart is a well-known example. No longer. Through the use of Joint Ventures, you can now compete in any market. A good example of this is when I went to courier something to one of our Members in Detroit by FedEx. The clerk suggested I use another courier service for a cheaper rate. Here’s the exciting part: The other courier uses FedEx and charges less than FedEx! They are not really competing with FedEx; they are piggybacking on FedEx by being an intermediary, getting a lot of business and buying FedEx services for a very good rate, then reselling it. They don’t have huge overhead, airplanes, or branding. They simply Joint Venture with FedEx and use economies of scale. And everybody wins: FedEx, the customer and the middleman (or Joint Venture broker)

Small businesses and individual Joint Venture Brokers can utilize the power of economies of scale and benefit from the distribution of value through the use of existing resources. Everything you need is already available. You don’t have to build, buy or own FedEx to leverage their resources. Smart entrepreneurs don’t risk money on retainers and wages for “consultants” or gamble on advertising that isn’t proven. They don’t cold call or waste time. They work strategically. Imagine an army general who decides to randomly bomb his enemy, hoping to hit something, or a politician who isn’t interested in demographics or polls or what his competition is doing. Work smart, not hard. Don’t risk the farm.

I recently offered our Members the opportunity to make a serious amount of money at no cost or risk, using existing resources to reach tens of thousands of potential buyers. We provide them a proven, simple, prepackaged system And we do this all the time. 98% of my business is built on Joint Ventures. This creates security and permanence for my Members. Responsible entrepreneurs understand the need to stay in business and achieve success, not only for themselves, but also for those who depend on them: their vendors, employees, associates, Joint Venture partners and clients.

Next time you want to spend money, gamble on the promises of salespeople, reinvent the wheel or think in terms of “competition”, perhaps you should rethink your options. Download my book on Joint Ventures, “Joint Adventures”, with my compliments. Click here: www.dollarmakers.com/joint_adventures.pdf then join the DollarMakers Joint Venture Forum. Together, we are doing amazing things.

Robin J. Elliott www.dollarmakers.com