How to use joint ventures in business

Right now many small businesses are in a panic because of Americans tighter spending. All over the country higher gas prices, (over a $100 a barrel) at this writing, a jittery stock market and a housing slowdown that is really hitting consumers wallets hard resulting in less spending for retailers.

By using Joint Ventures which is simply combining two companies advertising, distribution channels, and customer lists to work together as one for the betterment of both companies it can mean a double digit increase in profits without any additional expenses. This is a win-win for all involved.

What to look for in a joint venture partner if you are a business owner:

#1 Do you and your potential partner serve the same type of customers?

#2 Does your potential JV partner keep a database of current and past customers, and do you do the same?

#3 Is thers enough profit margin that each partner can offer a good discount to the product or service offered to the partners customers to entice them to buy right now to get an immediate jump in sales during slow times?

#4 Is there a way to combine advertising and mailing costs so that you can get the same exposure for half the cost?

#5 Can you combine your product and service among more than one referring business to give each other increased exposure to hundreds or thousands of buying customers that are interested in buying one or more of the services or products offered as a package deal.

These are just a few of the joint venture mindset questions when just getting started in thinking creatively about using each others business assets to create a 1+1=3 competitive advantage through joint ventures.

For more information on using Joint Ventures in your business visit www.pauldaquino.com for a free report on creating a 6 figure income using joint ventures in your business.