Profit-boosting Small Business Advice: Create Joint Ventures
Every busy business owner looks for ways to make the most of your time and resources
. You want to work smarter, not harder, and you want to find unique ways to get your clients talking about you. What you will discover in this article gives you all that and more.I will show you a profitable and truly exciting way to define economic stimulus for you and your business. Maybe you are a service provider, such as a chiropractor. Perhaps you run a store. You can apply this strategy no matter what type of business you conduct.
There are numerous reasons why forming joint ventures (JVs) are so powerful for business. JVs multi-task for you, because they accomplish a number of jobs with minimal effort.
1. These deals are profitable for you.
2. They are profitable for the other party involved.
3. They do not require outlays of cash/resources.
4. They can reduce your advertising budget.
5. They provide a higher level of service for your customers or clients.
Here is an example. Remember that you can adapt this to your own business. What you want to do is to start asking yourself questions like: "What else do people who buy from me want and need?" "How can I serve my customers BETTER without taxing my own time and resources?" and "How can I make more money with less effort?"
Once you start thinking in this new and creative way, you will begin to see opportunities everywhere where before you saw nothing out of the ordinary. All it takes is a little practice, and the best way for me to teach you is by sharing examples. Imagine putting together an arrangement such as this one between a flower shop and a photographer.
Sue owns a flower shop. Jerry is a photographer. Since Sue arranges flowers for weddings all the time, it is a good idea for her to serve her clients better by offering them opportunities to take care of other wedding needs. Naturally, some people already have a referral for a photographer from a friend or family member. Some brides, however, will be so happy if they can get a good referral, especially if there is a special deal.
By adding something from Jerry to her display, Sue has a natural, easy way to add value to her customers who need a photographer. She includes a sample book from Jerry alongside her own floral sample book. She also has cards from jerry offering a discount, upgrade or other special offer. The phographer gets a new client. The customer gets their discount from Jerry and Sue gets a referral fee from Jerry.
Now, you may be wondering how to track this sort of arrangement. You may think that Jerry would honor the discount but simply neglect to pay Sue her fee. Yes, this could happen, however think of what is happening for Jerry. Without advertising in the usual ways, such as radio or newspaper, he is getting new business that he would not otherwise have enjoyed. His profits go up, so even though he is giving a small piece to Sue and a small piece for the customer's special offer, he is growing his profits without any outlay of cash. In fact, you can see that he is saving money.
Do not think for a moment that it "costs" you to "give up" a piece of the profits in this way. You are not giving up a piece of your pie but rather expanding your pie with minimal effort and sharing a sliver of that "found money" with the person who sent you business. If Jerry earns an extra $50,000 that he would not have earned, why would he mind sharing a little slice with Sue? And of course all Sue has to do is share a value-added proposition with her clients and she collects a referral fee from Jerry. Everybody wins. Nobody loses. It is like creating money out of thin air.
Jerry should even be able to cut way back on advertising because of this JV with Sue, because he gets a source of customers. Sue might even think up some other creative ventures that are mutually beneficial, especially as she sees those referral fees add up.
Additionally, Jerry can make a similar arrangement to refer people to Sue's flower shop. He might take photos of some of her arrangements and include them in his displays. He also gets a card from her, which he gives to all his clients, because many photographic occasions are also flowers occasions. He photographs weddings, family reunions, anniversaries, proms, galas, fundraisers, holiday parties and more. All are fantastic occasions for giving flowers.
Imagine how much more business Sue can gain simply from Jerry's referrals. She offers special pricing or an upgrade to the customer and a "finder's fee"/referral fee for Jerry. She also can cut way back on her advertising budget because of JVs. Everybody wins, especially the happy customers.
You can organize deals like this one for any kind of business. If you would rather leave it to someone else, you can gain the services of a Joint Venture Facilitator to arrange them for you. A JV Facilitator is a marketing consultant who first determines your needs and your assets and then finds matching partners.
No matter which road you choose, you definitely will beenefit in many ways from partnering up in this profitable manner.
by: Ronda Del Boccio Buy Sell Property Gurgaon the Prefect Destination Tips On Designing Your Envelopes Why Tradesmen Need Quality Workwear Add Distinction To Your Wedding With Handmade Wedding Rings Try These Exquisite Spas At Hotels In Oxford Circus by:John Rodricks Motor Trade Road Risk Insurance Can Save You From Any Incidents Swimming Pool Gifts: Get Your Holiday Shopping Done by Thanksgiving! Choosing The Top Christmas Toys of 2010 Look For Golf Clubs For Kids Fashion Suits for Men in 2011 Watch Blackhawks vs Wild Online via PC STREAM Online Floral Delivery Gurgaon - Next Day Flower Delivery Gurgaon For The Fast Gift How To Successfully Co-parent In A Stepfamily Or Blended Family