HOW TO FIND JV PARTNERS THAT DON'T SUCK
(The Life Out of You)
Editor's Note: Angel Quintana Issue #40
As solopreneurs, it can get a little lonely from time to time. Writing blog posts, making YouTube videos, taking pictures for Instagram are all fabulous business past times, but what about those days when you just want to bounce ideas off a vested party to get those creative juices flowing and brainstorm new money-making activities… What do you do then?
For starters, you hop on over to Facebook and join a few groups, which usually proceeds to jumping on the phone or Skype with like-minded individuals to shoot-the-shit. And then the excitement sets in! Finally someone who is also eager to make more money and share ideas!
Those long and cozy conversations birth a plethora of new ideas and that’s usually when we get the bright idea that it might be time to take on a business partner or engage in profit-sharing with a joint venture partner.
However, with all that excitement bursting from your heart around the idea of bringing another soul to your creative endeavors, your judgement becomes blurred and you often jump in head first without really preparing yourself for the repercussions of opening your business up to a complete stranger.
Don’t get me wrong, joint venture partnerships can be a fantastic way to gain momentum in your business, spread the word faster about your mission, and generate income faster too. But it can also leave you in a legal feud or worse, emotionally wounded. The bottom-line is you cannot be naive when you choose your joint venture partners or bring on any type of business partner into your passion project!
So let’s take all the money you’re going to make out of the scenario for just a minute and take a look what qualities to find for when choosing your JV’s.
MAKE SURE YOU CAN LAUGH TOGETHER
I am putting this as the first thing to look at when doing a JV because I feel it is the most important part. It may sound ridiculous because we’re talking about business right now, but people who share a similar humor get each other on a deeper level— Chris Rock anyone? It’s sorta like music when it comes to dating. When you share a similar tune, it’s an energy that feels familiar, comfortable, one that you can trust. It’s an instant bond.
Imagine for a moment all the grueling details you’ll have to endure together— they can be down right funny. Being able to laugh at your first attempt at a sales page or that goofy smile you made in your JV photo shoot is essential. After all, business isn't easy!
My advice: beware of the JV candidates that don’t get your humor and the next time you get on the phone with a colleague to shoot-the-shit, crack a few jokes and be yourself. Then see if they “get it”. If you get the vibe that they think you’re nuts, remember they haven’t seen anything yet!
MAKE SURE THEY AREN’T A SNEAK FREAK
No it’s not a typo; I didn’t mean “neat freak”. What I’m talking about is the way this potential JV lives their life outside work and on the job. This takes some demystifying. A sneak freak can royally screw you over and don’t think just because she’s organized with all her Dropbox files that she isn’t a sneak freak. Beware of her master plan; I assure you there just might be one.
Almost every business owner wants to appear like they have their shit together, and bless the hearts for the ones who are transparent that they are still working on getting their business off the ground. Honesty goes a long, long way in a joint venture partnership. Keep your eyes and ears open when communicating with a potential JV; this is where reading between the lines and trusting your intuition are imperative!
If you just met this person in a Facebook group and feel like you “instantly” hit it off… wait a month of 6! Don’t jump into bed with them so quickly! Take the time to find out who they really are on the inside. If they aren’t willing to share something that shows a little vulnerability do not pass go! Do not collect $200!
Let’s face it, if they aren’t willing to open up with you, just imagine what a nightmare they will be should any legal disputes come about. Take your time before signing on the dotted line because sneak freaks are sneaky. Consider yourself warned.
MAKE SURE THEIR VALUE IS EQUAL TO YOURS
Joint venture partners are terrific when both parties are just starting out in their businesses, but that doesn’t mean you should team up with them. What’s really important is that both parties bring equal value to the table. This means, if you are a master marketer or a sales guru who knows how to bring in the money or you have 5 times the mailing list of your potential joint venture partner, this could feel a bit unbalanced.
However, if the balance feels unequal on the surface, the best remedy is to write down what you both plan to get out of the partnership. If you are the sales guru, maybe you’re looking to enter into a new market— one that you currently aren’t familiar with and whom aren’t familiar with you.
Let’s say you are a sales guru who is looking to break into the holistic industry. You love your green juice, but you don’t know the first thing about how to approach the holistic entrepreneur. You meet Sally and she is a holistic health practitioner who is well versed in the holistic community. She runs three Facebook groups on meditation, Reiki, and yoga, but her business is fairly new.
Teaming up with Sally wouldn’t be a bad idea seeing that she has the community that you’d love to be introduced to. And Sally’s main intention is to make more money in her business. As long as you trust each other and can laugh together, this could be a match made in paradise.
It’s also important that you choose a JV partner that doesn’t share the same expertise you possess. Even if you’re both business coaches, make sure each of your bring something different to the table that would benefit each other mutually, and equally valuable.
It should go without saying that all JV partnerships should have a contract in place so the lines are clear as to what the project is, the profit-sharing split, and what each parties responsibilities are in the partnership; but even so, emails hold up in court should anything go haywire, but it’s best to get a contract signed before moving forward with building out a website or opening an account together.
In closing, finding the right JV partnerships take time. Rushing to the wedding chapel shouldn’t be the goal, but instead building a strong relationship that is filled with laughter, hard work, and above all, trust has been established and built over time.
Trust is the foundation to any successful relationship, and the sooner you can build that, the more JV partners you will have and the more time you can spend together laughing all the way to the bank!
ABOUT the FOUNDER
Angel Quintana is the founder and CEO of Holistic Fashionista®, a business academy and magazine helping philanthropists build boutique brands so they can help change the world. In The Holistic Fashionista Academy, she helps clients discover their Kismet Clients®, develop a product collection that represents their cause, and build well-thought out sales funnels to change more lives and make more money!
In her book, Funnel Foreplay, she teaches change makers how to successfully quickly warm up cold leads and turn them into buyers. While her tattooed exterior shows her creative tough side and her road to success has been difficult, it is her thoughtful approach to brand building and unique selling approach that has won her thousands of raving fans. Angel and her businesses have been featured on: Apparel News, Examiner.com, Law of Attraction Radio, and spoken on stage at Digital Marketing for Business, At The Helm, and Fashion Institute of Design and Merchandising in Los Angeles, CA.