How can joint ventures boost local small business results

How Can Joint Ventures Boost Local Small Business Results?

If you own a business and would like to get more profit from less work, then you definitely want to start doing joint ventures. Find out how in this article.

A joint venture in business is simply a triple win, or a win-win-win. It happens when 2 (or more) business owners do a deal that not only benefits both businesses, but also serves the customers. There MUST be a win-win-win.

Let me give an example so you can understand the power of joint ventures. There are many kinds of joint ventures that you can organize. This example is for local business owners. Imagine this scenario. Sam owns a dog-friendly restaurant. Sarah owns a gourmet dog cookie business. They form a joint venture that works like this.

Sarah puts a few of her fancy treats into cute little bags. She includes a business card, of course, and she also includes a coupon. maybe it is a 10% discount or maybe it is a gift with purchase offer. She brings the treat bags over to Sam’s restaurant each week. Whenever a dog-owning diner comes to eat, Sam makes their dog very happy by giving the cookies. Any dog owner is likely to go buy the treats if they are a hit with the dog, right? So the dog owner makes a purchase from Sarah and in turn gets a coupon for a free appetizer or dessert from Sam’s restaurant. As you can imagine, both businesses benefit, and the customers will tell their dog-loving friends about their experience. That’s a match made in heaven.

If you want to re-define economic stimulus for yourself, then you want to start creating joint ventures for your business. Think of the buying habits of your customer and you can start coming up with some fabulous ideas for your own joint ventures. Why not take out some paper and start using the creative side of your brain?

All it takes is a little creativity and a deep desire to serve your customer. Find out what else your customer buys. If you notice that people often come into your business carrying shopping bags from a particular nearby business, you have the basis for a joint venture. Could you ask them to offer a coupon or a sample? And could you in turn find a way to give your customers a discount or sample of theirs?

Ask yourself these questions to get the creative juices flowing.

Where else do your customers like to shop? What other products/services are a natural fit for your customer? What else do your customers want and need that you don’t intend to provide yourself? How can you make these customers to think of you as their hero? Whom do you know in a business that your customers would also like to frequent? Whom do you trust in a complimentary business? How can you better serve your customers by forging joint ventures? How will you track results? Start stretching your mind and your expectations and create your own economic stimulus plan through the power of joint ventures.