Teaming Up With Other Women

Have you ever thought of teaming up with other business women or work at home moms (WAHM) on joint ventures? Joint ventures are a great way to increase business, learn new skills and expand your list of business contacts. Forming a business alliance with other women and/or WAHMs is a great way for both of you to promote your products or services together. Both parties share in the work and also share profits. You determine the revenue split up front based on the amount of work required by either party. It is a great way for both people to leverage themselves For instance, maybe you are an expert in online auctions and you have a WAHM friend or associate who loves to write. You create a joint venture to write an e-book about the secrets of online auctions! Or perhaps you have a friend who is creating video content. You could have her interview you about the secrets of online auctions and the two of you can sell the video or use it in some type of promotion. The opportunities are truly unlimited when you start to brainstorm!

Ok, so lets say you have an idea but don't know anyone with the skill, product or service you are looking for. How can you find someone to joint venture with? Well, first of all I would suggest visiting our Member Forums. Place a post out under our Joint Ventures or other appropriate forum. Post the type of venture you are looking for. Odds are someone is out there that is interested or that can point you to a source. Forums are a great place to network and share information.

Another way to find joint venture partners is through a search of your local chamber of commerce directory if you are looking for someone local. If local is not important, just Google the key words of what you are looking for, or simply the words joint venture. You will surely find what you are looking for. Then it is just a matter of ironing out the details with your new partner. I have been involved in several joint ventures that have spawned into additional joint ventures and even formed a permanent business partnership as a result of my first joint venture.

No matter what method you use to identify potential joint venture partners, look into or interview each one before making a decision. You also need to make sure your personalities don't clash, as you will be working closely together. Check out their past work and try to gauge how ethical their business practices are. You not only want your joint venture to be successful, but you are also laying the reputation of you and your business on the line.

When you have made a decision and found a partner, you then have to define the following:

1. Who will do what work
2. Define deadlines for each phase of the project so you stay on track
3. Determine a price for the product or service
4. Determine how you will sell and market the product when complete
5. Determine any required project investments and who will contribute what percentage.
6. Agree upon a mutually beneficial split in the profits.

Joint ventures can truly be "win-win" opportunities for all business women and WAHM. It allows you to offer new products customers and also expand your customer base.

To your success...