The Five Deadly Sins Of Joint Ventures

Share on facebook
Share on google
Share on twitter
Share on linkedin
Joint Ventures are all the buzz with business-insiders as they know it’s the best strategy to grow their brand, and bank account, quickly without a large audience of their own or spending money on ads. Unfortunately, many entrepreneurs jump into the JV pool without first learning how to swim and end up sinking fast. While JVs aren’t rocket science, there is a set of best practices to follow to ensure success for all involved. I’ve been finding and connecting with the perfect partners for win/win business relationships for myself and my clients. And I know first-hand how the right JV can literally be a life-saver.
When a nasty separation left me with only $0.56 in the bank and a repo’d car, I knew I had to do something quickly in order to support myself and my son. Without a budget for ad spend and no time to build an audience, I moved into high gear, studying all I could get my hands and eyes on about Joint Ventures.
At the time, not a lot of people were talking about JVs. I reached out to various mentors who were using partnerships successfully and began to implement their strategies. Without any kind of a roadmap or how-to book, I patched the plan together myself.
Seems my plan worked as within 60 days of starting my JV journey, I’d made over $52,000, got my car back and was able to breathe again without worrying about how to put food on the table. Word soon spread in the entrepreneur community about my success and before long, I was being tapped for my winning blueprint to help others find their winning partnerships. Eventually, I combined all my experiences as the Real25 Method, my proprietary approach to creating winning JVs.
Here are the common pitfalls I’ve seen from business owners working without a JV roadmap and how you can avoid them for yourself:
    1. Not Doing The Research – Not every influencer is the right fit for your offer. Take the time to research who they are, what their ‘voice’ is, who their audience is and how you might fit into their universe. Just because someone has 100,000 followers doesn’t mean that their people want or need what you’re offering. Your approach to business may be completely different than the influencers and come off as a bit tone-deaf if you were to work together.
    1. Not Creating a Relationship – Imagine someone walks into a bar and asks you to marry them. Would you say yes? This is exactly what too many people do when approaching influencers for a JV instead of take the time to connect. Yes it takes a bit of time but if you’re commenting on their posts, interacting with their audiences, sharing value and knowledge, you’re going to get on the influencer’s radar fairly quickly and be viewed as helpful. By the time you approach them about partnering, they know, like and trust you, making it easier for them to say ‘yes’. A cold pitch is going to get your nowhere so do your homework, take your time and build that relationship.
  1. Not Having An Offer That Fills A Void – No matter how amazing the coach is or how knowledgeable the influencer is, no one can give everything to their followers. A great JV partnership looks for the empty spaces in the influencers offers and crafts an offer that brings their strengths to patch up one of those holes. This approach of giving complimentary services/products doesn’t create any kind of competition with what the partner is offering and permits them to give a more rounded experience to their audience. It’s a win/win/win for everyone involved – the influencer, their audience and you!
  2. Not Having the Back Office Ready – Contracts, email swipes, affiliate software, payment processors and receipts may be pedestrian and boring compared to the exciting world of sales and marketing but they are the foundations on which success is built. If you have an influencer agree to a JV with you and you’re then scrambling to get all these technical pieces in place, you’re potentially putting the partner into a very bad position with their audience. They’re recommending you to their followers as someone they can know, like and trust. If you drop the ball, they lose all that credibility they’ve worked so long and hard to achieve. Treat your JV partner like a Golden Goose and don’t even think to approach them until you have all your i’s dotted and t’s cross. It’s a small community and one bad JV partnership will spread like wildfire, leaving you blackballed.
  3. Not Being Present – Seems simple enough to get back to people and to do what you say you’re going to, right? You’d be surprised how many people flake out. If you make an appointment – show up. If you promise to send materials, do so. Just keeping your word will put you head and shoulders above the crowd and prove to your partners that you’re someone they can rely on.
And there you have it, the five deadly sins of Joint Ventures and how to avoid them. Ready to do all the right things with Joint Ventures but not sure where to get started? Talk to me, as we’ll make sure your JV is a success and paves the way for many, many more!

Leave a Replay

About Me

Latasha Mitchell

Latasha Mitchell

Latasha Mitchell is a Funnel + Joint Venture Strategist and Digital Marketer, helping business owners harness the untapped power of authority to scale their business faster, and easier, than they ever imagined.

Recent Posts

Follow Me