The most common joint venture is the one-and-done endorsement deal.
You get a list owner to promote your product and share the commissions. Maybe you split 50-50 or perhaps you give the list owner the lion’s share of the profits. They’ve spent YEARS developing a relationship with those subscribers and they’re handing them to you on a silver platter.
It’s a risk-free way to profit and grow your customer list at the same time.
I’ve done many of those deals and made a lot of money from them.
But they’re not my favorite kind of joint ventures.
The deals I prefer are the ones that continue working or me for months, years, or even decades to come.
Here’s one example.
I’ve been paid a monthly check from a shopping cart for over a decade now! Yes, I said over a decade. That’s longer than a lot of people stay in the same job today.
Find a continuity offer, software program, tool, or service that pays monthly…and you can get paid on them potentially forever.
You could even say you’re building a retirement income.
I recently helped two of my clients set up a deal with one another.
One owns a list of niche business owners. The other is a website developer.
The list owner refers his subscribers over to the website developer for a free demo of how his website, search engine optimization, and social media services can help them generate more clients in their business.
The list owner gets paid a monthly commission for every new client who signs up for the service…for as long as they’re a client.
That’s a service his subscribers want and need to buy anyway. He transfers a portion of his credibility to the developer and in exchange the developer gets clients at zero risk to him.
Everyone wins. The list owner promotes the developer in his follow-up systems and plugs him quarterly to his full list.
Your own products and services are only a portion of the profits you should be earning in your business.
Here’s another of my favorite joint ventures…the partnership product.
You’ve probably seen the products I’ve done with Glenn Livingston in the past few years. He’s a freaking genius when it comes to online marketing, research, coaching, and more.
Creating a product with a partner is much easier. Not only do you get someone to bounce your ideas off of, but you become ‘responsible’ for getting your portion done on time. Your partner is relying on you…so no letting it slide for weeks or even months like you could do with your own projects.
Plus your product comes out better because of the additional experience and expertise your partner brings to the table.
Over the past couple of emails, I’ve told you to…
#1 – Write down everything you know about your perfect customer…their demographics, their pain points, their desires, etc.
#2 – Make a list of everyone who currently reaches your target customer. They could be competitors or they could be an unrelated business. All that matters is they have your customers on their list or visiting their website.
Today’s assignment is to make a list of how you can BENEFIT your partner. What do you bring to the table? If your product or service is unique in the marketplace, why is that? How does it benefit both of your audiences (the end consumer and the joint venture partner)?
Can you produce exclusive content for your partner? Do you have skills that could benefit them? Could you put them in contact with experts they want to reach? Do you have credibility, expertise, or even a story they’d want to share with their audience?
What if you’re drawing a blank here? That’s OK for now. I’ve got you covered.
Next week Glenn Livingston and I will be releasing our new product, “Joint Venture Fast Track: How to Quickly Find Them, Set Them Up, and Profit Long Term.”
It’s all about creating evergreen joint ventures to grow your business no risk, no money, and no list.
Of course we have a couple of extra surprises in store for you also…