Recently I wrote about the feeling of jealousy in business and how sometimes we can over look some of the biggest opportunities in business because we are too proud to join forces and instead continue to go it alone.
After writing that post I decided to take a leaf out of my own (not yet written) book and look at the possibility of joint ventures in a different light.
Having been on the Tribe scene for some time now, I decided I wanted to set up a separate Facebook Tribe Page to assist others to get more exposure in their business. The name of my group would be ‘The Beth Tribe Buzz’.
And then a little light bulb went on in my head (don’t you just love it when that happens!)…
‘What could be better than one Beth’…I thought to myself?…’Two Beth’s of course.’
And with that I got on to Skype and contacted my good friend Beth Allen. Many of you will I am sure already know Beth. Amazingly we seemed to take our businesses online at the same time, it was late in 2009 that we supported each other through our first few months as newly established bloggers.
To cut a long story short, Beth and I, apart from the name seem to have a lot in common, and I was over the moon when Beth said that she would love to join forces for The Beth Tribe Buzz…and so I would like to introduce you to our new baby.
This brings me back to the point of my post! I just wanted to touch on why you should consider Joint Ventures and Secondly on some tips that might help you make a decision if a partnership is worth pursuing.
What is a Joint Venture?
Ok so I am not going to get too into the Legal aspects of a Joint Venture here. But put very simply. A Joint Venture is when two or more businesses or even two individuals come to together, pooling resources, expertise and a common purpose to achieve a particular goal.
On a grander scale business men and women might consider joint ventures for the development of new products, moving in to new markets, business expansion etc.
Obviously entering into many Joint Ventures has financial implications, however today I am simply using Joint Venture to describe a coming together of likeminded people to achieve a common goal.
However, regardless of financial gain, JV’s such as The Beth Tribe Buzz are a great ‘warm-up’, experience, for entrepreneurs who are likely to partner up in the future. After all they are a great dry run, to work out how you work together, to learn your strengths and weaknesses, to develop relationship and networking skills and find out whether you are cut out to work with others.
How to find a great business partner?
Before you jump in to bed with any old Tom, Dick or Harry you might want to consider the following:
Finally I just want to say, take your time!! Follow your intuition and don’t doing anything rash. If you are unsure then it’s probably not right. But give your relationship the test of time before you commit to any Joint Venture, if you still feel passionate about JV after the honeymoon period is over then go for it!
I would love to know your stories of Joint Ventures! What has worked well or not for you and what would you do better if you could do it all over again. Please support Beth Allen and myself in our new partnership. Please join The Beth Tribe Buzz and share your best content.
We look forward to getting to know you better.
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