7 GREAT REASONS TO USE JOINT VENTURES
1. They leverage your business to more potential clients through valuable partnerships – building your client base at minimal cost
2. They build your credibility through the trust already held by your partners – exposing you to warm rather than cold prospects
3. You are seen as someone who is willing to work with others for a greater benefit to all concerned
4. They allow you to be surrounded by likeminded and passionate people - you will be inspired and inspire others
5. They can create free publicity
6. If carefully targeted joint ventures will help position you as an expert in your chosen field
7. They eliminate that horrible feeling of slogging away on your own trying to get clients
WHAT TO CONSIDER WHEN CHOOSING JOINT VENTURE PARTNERS
Know exactly who you want to attract to your business. Clearly define your audience. This becomes apparent when you know exactly what your strengths are and who you can help the most. You must identify this first before proceeding, if you want them to work well for you.
Partner with local businesses who have the same target market as you. They may or may not be health related, it could be the local fitness club, café or playgroup.
Approach potential partners from a ‘what’s in it for them’ perspective – it’s not all about you (although your aim is for you to benefit, it must benefit your partners also).
Remember that it's a team effort - you don’t have to go it alone. Bigger joint ventures are best when everyone has a role to play. Don’t be afraid to delegate – just the fact that you initiated the idea will be worthwhile if everyone benefits.
Pool your resources. Eveyone invloved can play a part in promoting the joint venture. Making sure everyones clients hear about the promotion and that any cost are shared will help with the smooth running of your project.
10 JOINT VENTURE IDEAS YOU COULD TRY
1. Place flyers at local businesses in exchange for their ad or coupon in your newsletter
2. Offer a free treatment to the local physio or personal trainer who can speak on your behalf to their clients and refer them to you. A value adding voucher works well in conjunction with these. Offer to refer your clients to them also.
3. Offer treatments as prizes to local charities and fundraisers in exchange for promotion in their flyers and newsletters as a sponsor.
4. Sponsor a member of the month prize at the local gym.
5. Team up with the local health food store – you promote their products while they promote your service.
6. Set up a stand at the local sports club or fitness centre. It offers their members an additional service and you get exposure to new clients.
7. Participate in open days and community events – you’ve got to be in it to win it!
8. Create a health expo by teaming up with other practitioners. Charge a fair price for half hour treatments and offer free talks on different health issues. Ask a local venue to donate the space. Promote it through local newspaper articles and what’s on columns, on community noticeboards and free online community directories. A little planning goes a long way.
9. Create a local network that appeals to your target market. For example, if women 40 plus are your market, team up with a local café or restaurant and host a monthly luncheon event. It could be purely social or you could have an interesting speaker each month.
10. Join with other complementary businesses and do in-home functions that are fun. Great for hens parties and 'girls nights in'.
Teamwork divides the task and double the success.
- Unknown
Got a joint venture idea that has worked for you? I'd love to hear about it!
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