Creating a joint venture partnership is one of the fastest growing and most enjoyable ways to expand your business. This tool is used by many solopreneurs to ease the path of business growth.
If you know in advance the best way for you to create these partnerships you can avoid any pitfalls you might encounter.
Here are some ideas to use as a starting point for creating your own specific guidelines.
Is there good open communication flowing in both directions?
As partners do you share common values and goals in the venture?
Are you both clear on what you want to achieve through this joint venture?
Is this a win for both parties and for the market you will be attracting? Are you in alignment regarding how you will market this product or service?
Do you have a strategy in place to resolve any differences that may surface during the partnership? At any time, can you negotiate a course correction for your offering if it’s needed?
Are there certain things on both sides that are not negotiable?
Is there an exit strategy agreed upon at the beginning if either party wants out of the arrangement?
Do the partners have complementary knowledge, skill and ability so that if one person is weaker in one area, the other person is strong?
Is the venture using the creative skills of each partner, whatever those skills are?
Is this partnership in alignment with your mission and vision. Is it fun and juicy?
Do you feel heard? Are you really listening to what your partner is saying (or in fact, not saying)?
Through this project and partnership:
1. What are you being called to become?
2. What are you being called to release?
Joint ventures are models of co-creation at it’s best.
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