Like anything, starting a joint venture has its advantages and its disadvantages. The first thing that you need to look for is to find a company or an individual that is going to be able to compliment you and your company well. You need to know that you are going to be able to get along with a certain person otherwise working and doing business with them could end up being a nightmare and you will never be able to get things off the ground.

One of the key things that you are looking for is to be able to gain capacity and expertise and therefore choosing the correct person to join up with is absolutely fundamental to your success. You are looking for someone who is going to be able to bring something to the party that you don’t already have yourself.

For example, if you are thinking of starting off with a new online company and you are an excellent salesman but are lacking when it comes to marketing and advertising then getting involved with a partner who has those necessary skills will enable you to be far more successful. The idea is that together you are a greater force than the some of your parts and so by teaming up you should be able to guarantee greater success.

It will really depend on what sort of company you run and how big it is. It might be that you are simply a small start up and are looking to join up with someone in order to benefit from their list of contacts in order to give your tree a lot more branches. Or it might be that you are already an established business that is now looking to stretch out into an international arena rather than staying local and domestic. In this case it is important for you to find a company that will be able to help you with this expansion.

Another good advantage of a joint venture is the fact that any risk that you have is shared between the two of you. If you are putting money into the pot then you will only be required to put up half of it and equally you will only need to be doing half of the work.

However, there are also disadvantages that you are going to have to consider as well. First of all, it can be difficult to set up a joint venture as the steps that you need to take can be hard. It can take time and effort to build up the rapport and relationship with another person or company before you are in a position to start off.

You will need to be able to agree on a lot of things and sometime this can cause these ventures to fall apart when things are not being agreed on. In addition to this, all of the profits that you make will be shared as well which can be a problem if you feel that you are doing more than the other party to gain success.

These are a few of the advantages and disadvantages of a joint venture. If you have enjoyed this article, please post a comment.

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You know what’s great about Internet marketing and why it all works? It’s because there are LOTS of other people out there who want to make money online too. They’ll help you, if you help them! So you can sell their products to your list and they can sell your products to their list. It’s usual, with digital products, to split the proceeds 50/50.

It’s called a “joint venture” relationship. Effectively it doubles your marketing exposure at a stroke (assuming their list is about the same size as yours). Brilliant!

But why stop at just one JV partner? If one partner is good, ten would be great. In fact we recommend you try to find about 30 partners for a product launch. That will give your product a real impact. A jv venture is probably the best way to make money online.

All benefits aside, Joint Venturing requires some planning. Here are some important DOs and DON’Ts:

DO. Select your partners with care. Make sure they are people you know perform well (you’ve been watching them online), or they work with someone you already know and trust or (best of all maybe), someone you met in person, perhaps at a seminar.

DO. Research your potential JV partners. Sign up for their publications, visit their websites, read everything about them and their history. Try to understand their values and motivation as best you can from what they make public.

DO. Figure out what you can do for him or her, not the other way round. Start asking, what value could I provide this partner? What do I have that they don’t? What could they be doing that they aren’t? What challenge or goals are they pursuing and how can I help them get there?

DO. Remember that JVs are a personal one-to-one thing, not based on mass mailings. You get to know each other, learn to like and trust each other. Truly great joint ventures with the potential to make you rich will take root only with a customized, personal approach.

DON’T. Be afraid to approach strangers. One of the great things about making money online is that even successful people will be open to an approach from you. Why is this? Probably because most online business owners realize, ‘you never know where then next great idea or opportunity is going to come along.’

DON’T. Approach a potential partner without a clear project in mind, preferably ready to run with a launch date in view. In other words, do NOT approach a joint venture partner with the following: ‘So, what do you think? Wanna do something together?’

If all you have is a vague ‘Hey, let’s do something and make money online together,’ you won’t have answered their first obvious question: ‘Why should I work with a stranger, when I can sit around and brainstorm with friends.’

It’s like fishing; you get the lure right and the fish will surely bite.

In this case you don’t eat the “fish”, they become firm friends and make you a lot of money.

Good hunting!

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