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Sure, if you feel like you’re a one man show that’s about to crack the ultimate marketing secret, then go ahead and do it. But for most of us that doesn’t necessarily have the time, energy, or more importantly, capital, then going for a joint venture (commonly referred to as a JV) partnerships is the way to go.
Why Joint Venture?
The simple explanation is this – two is better than one (and so I’ve been told that applies for many other things too :P). In an in-depth perspective though, internet marketers go into JV partnerships for three major reasons:
1. Pooling in time, energy and capital resources. This is the practical aspect, especially if your budget is limited and you’re tied to many more responsibilities. For the budget aspect, having a partner can sometimes give a cushion or lessens the blow to your venture if ever something goes wrong… or worse… fails. For example, if you’re on your own, it may seem nice to imagine getting all the profits, but on the downside, it’s a complete disaster too if you’re gonna shoulder all the losses. More than that, your investment in terms of time and energy should be considered too. If your slate is close to full already, then can you even efficiently handle a project and make it successful? Admit it, we do need a hand if we want to lighten the load.
2. Up-scaling a project (hint: buy now price). Ventures usually go well not just because of the manpower behind it, but also because of how it uses the people involved in a venture to make it sound bigger, more reputable, and thus… pricier. Think of it this way, suppose Marketer A is a popular guru and he has this new online marketing school. Originally, it may cost relatively cheap and affordable. But the moment he has more gurus partnering in the venture, he can easily upscale the price and very much justify for it.
People swarm over ventures that are big and has more backing from known personalities in the niche. That’s why even if some big gun guru can afford the whole capital for a project, he’ll seek for JVs just to make it bigger and worth the buzz.
3. Adding to the quality of the material (lessons, videos, podcasts, freebies etc). In the end, what people (buyers to be specific) are looking for all boils down to one question – is it worth it? Marketers need a lot of reason to justify every single claim they put in their sales page copy. They even need lots of stuff (and not just the usual ebooks with master resell rights) to give away for the sake of convincing or just capturing people in their lists.
More than that, having someone onboard also helps in developing the product itself. Ebooks, membership sites, creating podcasts, interviewing people… all of these things take up too much time and energy for just one person. JVs help because you have a partner (or team) to distribute tasks with, plus actually contribute when it comes to the quality of the information that you’re selling.
While a one man show maybe cool to look at, it’s not very much strategic especially in terms of planning for something big and highly profitable. That’s why people usually resolve to joint venture partnerships- so you can create something that’s (hopefully) better and be efficient in using your time, energy and capital.
So if you’re planning for something right now, you might as well consider if a JV partnership would suit it. And if does, start looking for a partner right now! How? Well, wait for the second part of this post because that’s definitely on my writing agenda ;)
For questions, just fire ‘em below :)