Sunday, April 19, 2009

Building Wealth Together

When I first decided to strike out on my own, that is exactly how I did everything - on my own. It took me a while but I finally learned that there is a better way - building your business in partnership with someone else.

We live in an age of great opportunities and equally great challenges. The internet has enabled many to choose to become an entrepreneur. And yet, we look at the current economic situation and it seems the American Dream of life-satisfaction and financial freedom remains out of reach for many.

These days, it sometimes takes teamwork to reach our financial goals. Partnerships and joint ventures are a great way to create more business for everyone involved. You aren't an expert in everything. We all have our talents and interests. Allying yourself with several other people, especially those with different areas of expertise, but similar values, is a means of combining your strengths for mutual benefit. Focus on your strengths and use the strengths of your allies to fill in your weak areas.

You can use joint ventures in a variety of ways. Do you know someone that has just created an fabulous product but doesn't know how to market it? If you have the marketing skills necessary for success, joint venture. Or suppose it's an existing product that hasn't been introduced into a particular marketing niche. If that's your niche, joint venture. Do you want to expand your business into other areas but don't know how, joint venture with someone who is already successful in that area. I engage in a very common form of joint venture regularly. As a "baby boomer' woman entrepreneur, I have access to a very specific market. Much of my list is comprised of baby boomer women - some entrepreneurs in their own right, most of them professional career women in some aspect. I am often asked to market someone's product or service or book to my list. If it's something I can endorse, I will do so in exchange for either a percentage of the sales or, if they target a market I am not reaching, having them promote me to their list. A very simple and yet at times highly profitable joint venture.

It can sometimes be difficult to find a partner to joint venture with, especially if you are new in the business. There a several resources available to help you learn this skill. I highly recommend you read everything available by Ken McArthur and attend one of his jvAlert events as soon as you can. I have made many valuable contacts at these events and Ken works hard to ensure that the atmosphere is conducive to just that - networking, making contacts, and creating joint ventures.

Another great way to build wealth together is through a MasterMind. Napolean Hill, in his classic Think and Grow Rich, wrote: “No two minds ever come together without, thereby, creating a third, invisible, intangible force which can be likened to a third mind. No individual may have great power without availing himself of the ‘Master Mind.’”

What is a MasterMind? Very simply, it is a group of like-minded people who get together to provide each other with feedback, hold each other accountable, brainstorm ideas together, and help each other focus and stay on track. MasterMinds allow you to tap into the experience and skill of others to help you improve your business. I love working with my MasterMind groups and look forward to our meetings. I have received great feedback and support here.

Finding the right MasterMind is important. You want to be sure the members have similar interests and skills to your own. Most reputable business coaches support a MasterMind group of their own. I suggest you start there. Find a coach you trust and respect and see if they have a MasterMind group. If not, you can always ask if they would be interested in starting one.

Whether you find a joint venture partner or join a MasterMind - or both, I hope you have learned one thing today. You don't have to do this alone. There are plenty of opportunities for you to reach out to others and build wealth together.


Heidi Caswell said...

Great defination of a joint venture, and how to start one. Great for those just starting out and those who've been around for a while.

Betty Lynch said...

Great tips, thank you.