Joint Venture Tip - 11 Big Questions
Monday, May 26th, 2008 at 5:11 pm by Sarah Holland, AC Staff Writer
Unless you’re financially independent and dabble in business simply for the fun of it, every JV has to be a win-win. Your partners do need to be rewarded, but YOU need to benefit too.
If you want your JV to have any hope of succeeding, you must know why you’re doing a JV in the first place. Start out by choosing just one or two well-defined business goals. Then, once you have set a goal - stubbornly work toward it.
Affiliate Classroom has worked with about 3,000 affiliates at all levels of experience. The ones who continue to succeed learn to set goals for their affiliate business and stick with the goals until they are achieved. We have seen the most modest, part-time efforts pay off quickly - but only if the affiliate keeps his/her attention on goals that are clear, precise, and limited in number!
If you have fuzzy goals for your JV, you will get fuzzy results. If you have too many goals, you will be spread too thin and probably won’t achieve any of them. You can’t hit a dozen bulls-eyes simultaneously, and your JV partners will be disappointed in the results. So remember: choose just one or two goals, make them specific, and focus!
These questions may help you boil down your goals:
– How much product do you want your JV partners to move?
– How much profit do you want to take home from the JV?
– How much dollar volume do you want to achieve, and in what time frame?
– Do you want a quick, massive influx of cash into your business? How much?
– Are you looking for a more long term increase in sales growth? How much?
– Do you just want to get your foot in the door with some influential marketers?
– Do you want to get your current contacts more active in promoting your business permanently?
– Do you want to increase the size of your own affiliate base? By how much?
– Do you want a reduction in your advertising and customer acquisition costs?
– Do you want a massive increase in your opt-in list?
And finally, the most important question of all..
– What ROI would you like the JV to achieve - and in what time frame?
Remember, these questions are just to help you boil your goals down into something manageable. You don’t need to focus in depth on every single one of them!
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