Here’s the definition from Wikipedia:
“A joint venture (often abbreviated JV) is an entity formed between two or more parties to undertake economic activity together. The parties agree to create a new entity by both contributing equity, and they then share in the revenues, expenses, and control of the enterprise. The venture can be for one specific project only, or a continuing business relationship such as the Sony Ericsson joint venture. This is in contrast to a strategic alliance, which involves no equity stake by the participants, and is a much less rigid arrangement.
Organizations can also form joint ventures, for example, a child welfare organization in the Midwest initiated a joint venture whose mission is to develop and service client tracking software for human service organizations. The five partners all sit on the joint venture corporation’s board, and together have been able to provide the community with a much-needed resource.
The phrase generally refers to the purpose of the entity and not to a type of entity. Therefore, a joint venture may be a corporation, limited liability company, partnership or other legal structure, depending on a number of considerations such as tax and tort liability.”
There are different types of JV deals but the fastest and easiest is probably the endorsed internet joint venture. An endorsed JV is when the company or individual that you are partnering with endorses or recommends your products or services to the customers on their mailing list. One of the reasons that this can be so successful is that your partner already has an established relationship or rapport with everyone on their list… a customer base who values their opinion.
Now there is another way to leverage the value of internet joint ventures beyond simply tapping into somebody else’s mailing list.
You could spend thousands of dollars buying programs from various marketing guru’s. Then you could spend months learning how to do all of the various steps required to build an internet business. I’ll cover the detail on what’s involved in producing and launching your own electronic and physical products in future posts. Here’s a short sample list of some of the tasks that you will face:
- Idea development
- Niche market research
- Content development
- Video production
- Text production (electronic and/or physical)
- Graphic design
- Photography
- Web site development
- List building
- SEO
- Traffic generation
- Deliverability
- Testing and refinement
And that’s just the product side of your business. You also need to consider:
- Accounting
- Business structure (sole proprietorship vs. incorporating)
- Taxes
- Regulatory Compliance
- Employee management
- Payroll
- Expenses
Starting to get the picture? There is too much for one person to do. This is one of the main reasons people never take action on their ideas. Another key reason is uncertainty of what to do next.
Or you could follow Rich Scheffren’s advice and outsource all of the functions that you can’t or don’t like to do yourself and hire an experienced, successful business development and marketing team. Having the experts at Joint Venture Lightning on your team speeds the process and greatly increases your chances for success.
You can see our scope of services on the About Us page. No internet hype, just real world experience from the trenches of the business battlefront.
We are looking to team up with entrepreneurs like you who have great ideas but who need help getting them produced and launched. You bring the idea, passion and expertise and we’ll bring the business experience. Together we can produce real products and real profits.
Be sure to subscribe to begin your joint venture project today.
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