| By :
Ronda Del Boccio
Joint ventures may sound like something mysterious and hard to do, but with a little mental agility and creativity, any business owner can create prosperous ventures that make their customers happy. A joint venture in business is simply a triple win, or a win-win-win. It happens when 2 (or more) business owners do a deal that not only benefits both businesses, but also serves the customers. There MUST be a win-win-win. There are many ways that a business owner can organize a joint venture. Since this may be a completely new concept to you, let me give a demonstration. This is based on a real-life "JV" or joint venture happening right now. Sarah makes little "doggie bags" with a couple of her gourmet treats, a business card and a coupon for 10% off the purchase of a bag of gourmet treats. When people go into Sam's restaurant with a dog, they get one of the treat samples. They go into Sarah's business and redeem the coupon. Sarah hands out a coupon to everyone who purchases from her shop offering a free appetizer at Sam's restaurant. This is a good fit because people who own dogs would be interested in shopping at both businesses. If you want to re-define economic stimulus for yourself, then you want to start creating joint ventures for your business. Think of the buying habits of your customer and you can start coming up with some fabulous ideas for your own joint ventures. Why not take out some paper and start using the creative side of your brain? Think of your customer's wants and needs, and you are on your way to thinking of joint venture ideas to implement in your business. Do your customers talk about shopping at a particular store? Do they frequently come from another shop into yours? Do they talk about needing to find a particular service or product? Those are the fuel. Can you make coupon/discount arrangements like the one in the example? Some questions you can ask yourself to get you thinking: Where else do your customers like to shop? What other products/services are a natural fit for your customer? What else do your customers want and need that you don't intend to provide yourself? How can you make these customers to think of you as their hero? Whom do you know in a business that your customers would also like to frequent? Whom do you trust in a complimentary business? How can you better serve your customers by forging joint ventures? How will you track results? Start stretching your mind and your expectations and create your own economic stimulus plan through the power of joint ventures.
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