Work At Home Joint Venture Negotiation Tips

When you want to negotiate the terms of a successful, win/win Joint Venture, there are a few basic guidelines that I have learned through the years that will help you to optimize the opportunity and maximize the chances of a successful Joint Venture that can lead to many more. More importantly, with the right approach you can build and maintain a good, solid relationship, whether the Joint Venture is successful or not!

First, do a lot of homework on the type of business you’re dealing with, its unique problems, profit margins, challenges, back end and resources. You can use the Internet, speak to the competition, read industry publications and talk with company employees, vendors and customers. Also, speak to fellow Joint Venture Forum Members at your locals meeting, on the Internet and on your Members Only Conference calls. Six degrees of Separation means everybody knows people and you’re looking for contacts that can fast-track your information collection and due diligence.

Next, do serious research on the person you’re dealing with. Naturally, you should be negotiating with the decision maker. What is his or her “Hot Button”? What do they really, really want? What keeps them awake at night? What are their values, hopes, dreams, fears and aspirations? WHY do they want what they say they want? How much and what will it take to really get their undivided attention? You need to craft and personalize the Joint Venture to take full advantage of this knowledge to offer the ultimate benefit, a deal which is too good to be refused.

Is this person knowledgeable about the mindset required for a successful Joint Venture? Give him Joint Venture information to prepare his mind. There are complimentary downloads, interviews and more on http://www.jvwisdom.com that you can use. Suggest he joins the DollarMakers Joint Venture Forum or attends a DollarMakers Joint Venture Broker Bootcamp. Members have also realized the efficacy of giving then a copy of my book, Joint Adventures, to read in preparation to the negotiation.

Also, make sure you reduce the cost and risk on both sides to the absolute minimum, as well as the time required to make it work. Do this by leveraging existing resources instead of creating / buying / building new ones. That way, if things don’t work out as expected, nobody loses and the relationship remains strong, without resentment or regret.

Get the opinion of at least two respected mentors, Mastermind Partners, or Fellow Joint Venture Forum Members before presenting your case to your potential Joint Venture partner.

Finally, put everything in writing. This clarifies issues and responsibilities, duties, payments, time of payment, conditions and expectations. You could also mention the fact that things might not work out as expected, and what will occur under those circumstances. Clear communication is essential.

Always be positive, relaxed and unattached, and be prepared to walk away from any Joint Venture if you’re not comfortable or if the return on investment is not deemed worth the time and effort it requires, always bearing in mind the big picture. This attitude will strengthen your position.

For more than 20 years, Robin J. Elliott has worked with thousands of businesses in over 49 industries across the United States, Canada, and Africa to help small business entrepreneurs build wealth and gain access to new markets and profit centers through Joint Ventures. Make Money Using Joint Ventures - Watch the free 90 Minute video about how anyone can make money using Joint Ventures at www.jvwisdom.com.

This post is a followup of Step by Step Joint venture.

Before approaching anyone to do a Joint Venture, you should have done your due diligence and established the integrity of that person. That’s why we encourage our Members of the DollarMakers Joint Venture Forum (www.jvwisdom.com) to work only with other Members, who have agreed to abide by our Code of Ethics, instead of strangers. That is also the reason why it is in our Members’ best interests to grow the Membership in order to expand their Joint Venture partner options. Doing your due diligence might mean a Google, a credit check, a Better Business Bureau check and even a police check, as well as talking with their competition, suppliers, vendors, landlords, customers, neighbors and staff.

Once you have established the integrity of your potential Joint Venture partner, learn as much as you can about their business from the same sources, so that you are well prepared and knowledgeable about their business, demographic marketing target, profit margins, problems, aspirations, strengths, and weaknesses.

Here’s the kind of approach I would use. I would make sure that my packaging is intact, so that I can project credibility, focus, professionalism, integrity, and success. Then I would deal only with the owner or decision maker. My approach would be based on what I had learnt about them and I would ask them questions like, “What is it that you want for your business? What problems do you need solved? What goals do you have?” before I start telling them what I can offer or what I know about them. You learn by listening, not by talking. Once they start telling you what they want and you interact with them, they will quickly realize that you have done your homework.

Remember that your target has no interest whatsoever in you or your goals or problems; they are only interested in themselves. You are there to help them to get what they want, and you expect to be well paid for solutions you deliver. You will get that in writing. You will not be desperate. You are not a salesperson or an employee. You are their equal. You will not be managed or controlled – you will collaborate with them, and you will remove the risk and cost and time barriers to them doing business with you. The return on investment has to be good for both parties, not one-sided. Many of our members initiate the first meeting by sending the potential Joint Venture partner a copy of my book and referring them to their Replicator Joint Venture website. This sets the context and educates the prospect prior to your meeting.

“If I can bring you closer to attaining your goals, what specific remuneration can I expect per customer / order / event?” Do not reveal your modus operandi, your sources, or your action plan or give them the names of other Joint Venture partners before getting the agreement in writing. Be very specific, make notes, and beware those red flags:

- They don’t make eye contact when they shake your hand.
- They’re late for the meeting or late responding.
- They take calls during the meeting.
- They talk down to you.
- They offer you ridiculously low incentives or commissions.

When you get a gut feeling that you are dealing with the wrong person, LEAVE. YAHOO! You Always Have Other Options!

Be very specific. People who say, “I’ll see you around nine” or “About a week from now” or “More or less 20%” are playing games and manipulating. If they refuse to be specific and commit, walk away. You do not need them. You are not attached. Hold them accountable to what they agree to. Make sure you can back out of any Joint Venture at any time should you discover that you’re dealing with losers. Do not be awed by the appearance of wealth or success.

This mindset has made millions of dollars for Joint Venture Brokers. Be strong, professional, committed, focused, and sincere.

For more than 20 years, Robin J. Elliott has worked with thousands of businesses in over 49 industries across the United States, Canada, and Africa to help small business entrepreneurs build wealth and gain access to new markets and profit centers through Joint Ventures. Make Money Using Joint Ventures - Watch the free 90 Minute video about how anyone can make money using Joint Ventures at www.jvwisdom.com.

When you’re ready to start doing Joint Ventures, you should look at opportunities that fit the following criteria:

1. There should be no cost or risk to you and it should not involve a lot of time, and definitely no selling.

2. The deals should be able to create enough money per deal to be worth your time and effort.

3. You should only work with people you like and trust, who take action and are reliable. Don’t deal with whiners, losers or flakes.

4. Look at the turn-around time. If you’re bringing leads to realtors or financial planners (insurance salespeople), for example, their deals generally take a long time and often fall apart, whereas certain deals are time sensitive (like a seminar) and people have to make fast decision, so the deal happens or it doesn’t in a shorter period of time. We want high-return, no risk (to EITHER party), little time invested, no money invested, and a quick turn-around time.

5. Structure your multiple income sources to complement each other. Instead of a “feast or famine” scenario, have different businesses with different busy cycles in the hopper, so that you get an even flow of income. Also look for synergies between the different demographics and buyer needs so that the same customer can buy from more than one income source.

6. Put the deal in writing - who does what, how they do it, when they do it, how payment takes place, the exact amounts or percentages paid, when payment takes place, etc., the more detail the better so that there are no misunderstandings later on. Do you get paid on the first transaction or on ongoing transactions?

7. Attend the DollarMakers Joint Venture Forum Member meetings and conference calls and attend Bootcamps so that you stay connected and keep on learning. Remember, if there’s no risk to either party and a deal doesn’t work out, nobody gets hurt, so don’t be afraid to fail. Also, some people will not want to Joint Venture with you. Don’t take it personally; they simply don’t understand value yet.

8. Create an action plan and be prepared to do some research on people whom you intend to approach. For example, what are their profit margins, underutilized resources and needs? What kind of reputation do they have? Google them, check the Better Business Bureau, run a credit check, ask around.

9. Be upbeat and optimistic when approaching potential Joint Venture partners, but never be desperate. You don’t need them. Be prepared to walk away from any deal at any time.

10. Finally, business is a numbers game. The more you fail, the more people you talk with, the more you try, the bigger you think, the better. Joint Ventures is the fastest, best and most fun way to make an unlimited amount of money with no risk, little time and no money, that I have ever seen. Make it happen!

Become a Joint Venture Broker - Joint the DollarMakers Joint Venture Forum. Click Here: www.jvwisdom.com