Joint ventures can be one of the quickest and most enjoyable ways to earn large sums of money online in a short time.
For example about 10 years ago I was learning how to build my first websites. While I was getting pretty good at creating sites, I still wasn’t sure what to sell on them. During this time I bought a product from a well known writer and entrepreneur. During the process we exchanged emails and seemed to build up a good rapport so I asked him if anyone was selling his materials online. They weren’t.
The traditional approach would have been to try to sell him my website design services. He would pay me an hourly amount or flat fee and I would build him a website. Would he have done it? Maybe. But there were many others who could offer him the same thing and were in fact probably much better web designers than I was. I needed to be different.
Instead, I proposed a joint venture. He would supply his products, good name, and customer base and I would build the website, maintain it and help market it. Soon after I became the “official” online source to sell his products. My percentage of sales was 50% so I made far more money that if I would have just designed the site. (And that’s assuming he bought my services)
But wait it gets better . . . One of my joint venture partners was thinking about starting a consulting “inner circle” service where people would pay him for his expertise for one year, prepaid up front. He had done it in the past and it worked very well for him. He got 100 people to pay him $2,000.
But it was a lot of work and didn’t know if he wanted to go through the effort to set it all up again and maintain. Especially because people would want some of the services to be online and he didn’t have the skills to do it. . Hmmm….
That got my wheels turning. I proposed a joint venture. He would provide the “star power”, his potential customer base, etc. and I would do all the technical behind the scene work to set it up and maintain it, and also include my consulting services. We would split the profits. The results? In just the first month we brought in over $30,000 in memberships.
Here’s another example. ..
One of my Business Fastlane subscribers is very good at computer programming & creating software products. Over the years he’s helped me a great deal on technical issues and I’ve always encouraged him to get into the information selling business. Finally he did it. He wrote an ebook on how to create software for profit, even if you aren’t a programmer. I thought the book had potential but with the zillions of ebooks already on the market it could be a tough sell. He was a virtual unknown in the information publishing world. Besides that, he didn’t have the time, knowledge or experience to promote it in traditional ways. He and his wife would have been happy if they sold $500 in books the first month.
What he did have is a very good understanding of joint ventures. He approached established online entrepreneurs about selling his ebook for a good percentage of the profits. He would provide the sales copy, customize the offer or do whatever else it took to work with them. They would offer it to their established customer list. They would split the profits
Did it work? This unknown ebook by an unknown author (who would have been happy with $500 in sales) produced over $85,000 in sales in just a few months!
What Joint Ventures Can You Create?
Every business can use joint ventures to build their business. Just ask yourself… Who already has influence and credibility with my target audience?
After some brainstorming you’ll probably come up with several possibilities. Offer a win/win proposal to your potential partner and you could find success quicker than you thought possible!
(c) 2012 Ruiz and Associated All rights reserved
Ron Ruiz is publisher and editor of “The Business Fastlane. ” For over 10 years he has brought his subscribers true case studies of unusual and little known ways real people, with real businesses are quietly earning good money right now both online and offline. Whether you want to earn a few hundred dollars extra each month or million dollar ideas, you can get proven business ideas and case studies at http://businessfastlane.net