Tag: Adding Value

How to Explode Your Business – Joint Venture Follow up Tips for Success.

The fastest way to grow your business and acquire new clients and customers is to leverage other people’s money, relationships, and resources (OPM, OPR, OPR).

The best way to do this is to provide massive value for other people’s clients and customers.

The best way to do that is to know what problem your product or service will solve for someone and find out whose clients or customers need help solving that problem.

The best approach is to share how you are willing to provide training or tools FREE to the other company to help solve their big challenges.

The next step is to help position this as an ADDED BONUS OR VALUE to the other company’s clients to help with retention, increased business, or even bring on new clients.

By helping position as a bonus or value, too many people stop short and let the joint venture partner company develop how your free content will add value to their clients and how to implement.

That is a big mistake.

Make it simple for the other people and give them 2-3 ideas on how they might best position what content you will deliver for free to HELP THEM do more business (this is not about you at all on the front end)!

Once they know and feel that it is your drive, you will get more opportunities. How do you benefit? That is easy.

You benefit by having the other company send a marketing message to their clients (who are trusted by that company) sharing about your company and how you will add value to their life or business.

You are getting FREE ADVERTISING and, ideally, some new clients on the back end after you deliver your free content.

Once you get this first part down with the approach and presentation, you will find it very easy to get many companies interested in helping them become more successful.

The ball usually gets dropped in the follow-up. Here are my best tips for JV follow up tips for success.

  1. Track Your JV Opportunities. I would recommend a separate spreadsheet to track each JV opportunity and the stage you are at in the process.

    For example, list call, approach, presentation, follow-up, and close (the close means the JV is happening). And leave a column for the follow-up. This should be updated with the most recent follow-up attempt.

    Now you have a visual chart to track your JV opportunities separate from your regular client prospecting and customer follow-up.

  2. Schedule Time on Your Calendar for JV Calls. What is on your calendar each week? Most likely, what is most important. If something is NOT on your calendar each week, what does that mean?

    It sends a message that it is NOT important (which is not good). If you are in a relationship, do you schedule date nights? If not, what message does that send to your partner? That they are not important.

    If you do not have JV calls on your calendar, that says they are not important, which may be why they are not working for you.

  3. Variety in Follow-Up. This means don’t get lazy and send the same email message every month or the same voice mail message every month.

    It would be best to establish a JV follow-up marketing system as you have for leads or clients. You might have a sequence of calls, emails, postcards, letters…for every lead that opts in on your website or calls your business (or at least you should).

    Make sure you leave messages and emails with a different twist and are compelling to add value to the JV partner. It is not about you.

  4. Consistency and Frequency in Follow-Up. This may be obvious, but this is the #1 reason why so many don’t do JVs with NCP.

    They follow up once or twice, and DECIDE I am not interested, which is NOT the case in most situations.

    I see the value in most people’s products or services and how they may add value to your life, but there is such a thing called TIMING, and when is the best time for me to introduce your added value to my list.

    Again, like a good marketing campaign, there is a follow-up process over 3, 6, 9 months, and longer to touch base and determine if there is a need.

  5. Scheduling the JV. Many times when you speak to someone, they may love your JV idea to add more value, but the timing is off.

    Instead of waiting to follow up in 30 days, you may TEST to see if you could schedule your teleseminar or webinar in the future on their calendar, while now it is not so jam-packed.

    If you introduce something this week, most people are already swamped and have no time.

    But if you suggest scheduling something 60 days out on a calendar, that may be ideal and help you “close” more JV opportunities.

  6. Repetition. Dan Kennedy once said the way to get better at long copywriting is to do a lot of it poorly.

    In other words, get started and realize you will get better over time, and your initial results may not be excellent, but with repetition, you will get better over time over time.

    Too many people quit because they didn’t have success right away with JVs.

    You are likely to do this poorly at the start until you get more repetition and get better.

  7. Improved Skills. Like any other skill, there is an art to the JV. Find resources to help you improve this skill set.

    My company, NCP, has conducted The Ultimate Joint Venture Boot Camp for three years with training from the best JV experts in the world on how to leverage JVs.

Now the ball is in your court to take ACTION STEPS to IMPLEMENT JVs more often to be better at follow-ups to help your business benefit from the power of JVs!

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The Business Master Checklist to Review Before You Ever Start Another Business

Before you establish a new business, you must review our master business checklist to determine if a new business or entity is necessary.
You have one business up and running with some success.

You are considering starting another business and dividing your focus.
Perhaps you do not want to put all your “business eggs” in one basket. What if one business slows down and the other one picks up?

As you know, the worst number in business is one – one vendor, one client, one affiliate, one bank account. Does that mean one business? Not necessarily.

First, what are your reasons for starting another business? Here is the start of the business master checklist. Let’s consider them carefully:

  1. The first business is not working.
  2. You found a new product in another niche that should bring in more revenue.
  3. You want to diversify into another niche.
  4. You see an opportunity in your current niche and starting a new business (more so a new company) to service the opportunity in that niche.
  5. Your business partner was lame, and you started a new company and a new business, perhaps in a similar niche, to move on.

The first one is fairly obvious as to the concerns; yet, many fall into this trap.

Here is the pattern.

The first business (which was never up and running like a real business) was not working. The business owner got excited by another, different opportunity (the new shiny object syndrome).

The challenge here is that the second and third businesses will not work either because there was nothing solid in place for the first one. They half-started that business and half started another business, lacking focus, consistency, and frequency…all leading to another failure.

Finding a new product in another niche can work effectively. Most successful entrepreneurs, who were successful 5-8 years ago, have a totally different main profit center today than what their business had back then.

They had to reinvent themselves and, more importantly, change with the times and look for new opportunities.

Those who continue to ride the same horse down the wrong path will end up with more problems. You have to act and move quickly to be successful in business today. With NCP, our international market is the biggest new profit center that was not even in our business (or very little) 5 years ago.

We expect it to grow dramatically over the next 12 months.

Wanting to diversify into another niche can work and can be expensive. Typically, those who succeed are the ones who are already succeeding in their current niche.

For example, top internet marketers have a system for bringing traffic to a website and converting them for leads and revenue. They can take that model to any niche, especially ones with a great following with few good online marketers.

Armand Moran said, in a seminar, that he does very well in the tattoo niche. There are a lot of passionate people interested in tattoos. I do not believe Armand had any real interest in tattoos, other than many people do, and he knows the marketing model to drive traffic and make money.

Frank Kerns, another top internet marketer and great copywriter has websites in the dog training niche. Again, a great marketer with a SYSTEM already works and will adopt it to another niche where there is an opportunity for profit.

What does NOT work is someone with an ineffective system, jumping from one product to the next, hoping that it was not them or their system, but the product or niche was an issue. That, as you know, is typically not the case.

This is very common in the direct sales industry, where distributors jump from company to company, pointing out how each company’s marketing system did not work. Yet, each company has many people doing very well within that system.

This is really a matter of being more accountable and accusing everything or everyone else of not working. The main common dominator, in that situation, is you. If you are on the other side of the coin, and you are successful at almost every business you start, congrats – your system works!

The huge profit opportunity is to realize once your system works for one niche, more than likely, a similar pattern will work for another niche!
You would be surprised how many top marketers have multiple incomes (other than those they promote that you are familiar with).

You see an opportunity in your current niche and start a new business (more so a new company) to service this opportunity in that niche.

This makes a lot of sense when you have created a product or service that your niche loves. They almost expect you to come out with something that adds value to your first product or service.

There are three ways to look at your second product or service (many times, this makes sense to turns into a new company…especially if you have a partner on the first company and your partner does not want to also invest in the second concept; you may go it alone).

  1. Complement –Does your new product or service complement the first product or service you developed? Does it give your original product 5 times more results or benefits? If so, that is a natural fit!
  2. Enhance-Perhaps your product or service will enhance your existing products or services? How about fries with your hamburger?
  3. Enabler –If your new product or service enables you to get results, you would not have been able to get otherwise, that is a natural opportunity. The Ipad has several enablers to allow you to do different things, including working with pictures from your digital camera.

This becomes a very different way to look at your competition. What if you could provide a product or service that will complement, enhance, or enable what your competitor has already created?

You are bringing in profits with less effort because your competitor spent a lot of money to sell, market, and brand the first product or service the market is buying up. Now, you can come in on the backend for easier opportunities!

Your lame business partner got in the way. Like many marriages, when they start, all great businesses are full of excitement, dreams, and hope…that many times, during rocky times, turn the other way quickly.

Most businesses take 2-3 times as long to become profitable (if at all), and the expenses are, many times, 2-3 times what you and your partner expected. This can damper the enthusiasm quickly for the business opportunity, and many partners bail early, or worse, damage the credit of the company and/or another partner before they leave.

In this case, it would never make sense to save a few dollars to use that same entity structure you shared with your disgruntled partner.

Even if you thought they properly resigned, it never makes sense to have them sit on the sidelines and, years later, find out they still own 50% of your company. Forming a new entity makes sense, in this case.

Here is the Master Checklist (Questions) to Review Before You Ever Start Another Business:

Purpose: 

  1. Is your purpose compelling?
  2. Why do you believe you will be successful in this new business? It is always important to note your current beliefs and compare them within 3-6 months to see if they are on track. If they aren’t, what is different? The key is to learn from your successes and failures.
  3. Do you have a passion for the new business?
  4. Are you starting another one because the first one did not work?
  5. Are you able to leverage resources from the first business to shorten the second one’s learning curve?
  6. Are you motivated and excited to start another business?
  7. Do you have the energy to start another business?

 Niche:

  1. Is there a deep and passionate niche for the new business?
  2. Is there a low barrier to entry to acquire market share in the next niche?
  3. Do you have access to joint ventures to help you get off to a fast start to profits™ in the new niche?
  4. Is there pain in the niche, and you can provide the solution to solve their pain?
  5. Do you have a plan to develop CREDIBILITY for your business within your niche? Do you know how to do that with the business credit bureaus?

Capital

  1. Do you have the capital to start up another business? Meaning…
    1. Do you have a 2-5 year business plan?
    2. Do you have financials with a business and cash flow for the first year, especially the first 90 days will be key?
    3. Do you have the ability for extra reserves from a personal loan or line of credit, in case sales are off and expenses are more than you thought?
    4. Have you or do you plan to separate your personal and business credit to get your business in a position to secure more capital?
    5. Do you know the cost of goods sold for each product line or service you offer?
  2. Do you have plan B and C if plan A does not work with the amount of capital you thought?
  3. Is your new company building business credit with vendors that report to the business credit bureaus?
  4. If you are looking for investors, do you have a good securities attorney to help you follow the law as you look to raise money?

 Time:

  1. Do you have the extra time to commit to starting another business?
  2. Do you have the time management skills to make this happen?
  3. Are you able to avoid the pattern of overwhelm to keep focused and successful?
  4. Are you working ON your current business and not just IN it, so you create a system that allows you to work on the other business?

Resources: 

  1. The key resources to make any business opportunity easier are other people’s money and resources (including contacts, clients/customers).
  2. Do you have skills with joint ventures to leverages other people’s resources? Specifically, the host-beneficiary relationship, where your business is the beneficiary, and someone else’s business are the host. That means they will promote your business at no cost to your company. That is massive leverage when you are starting a new opportunity!
  3. Do you have the key relationships within the niche where you need support? If not, who do you know who can access key people who can help you in your niche?

Legal Structure:
When starting a new business, it often makes sense to form a new entity if the following are true:

  • The first business is profitable, and the new business may bring unnecessary liability to it.
  • The second business has a high degree of liability and should be separated from the primary business.
  • The asset class of the second business is different, safe assets vs. risk assets.
  • You have a partner for the first business and not the second, and vice versa.
  • The first business has financial problems.
  • For marketing reasons, to help create a new entity and separate brand. You can have more than one brand in one company, and many times it makes sense to keep it separate.
  • You will raise money for the new business and want to keep the assets of the first business separate.

Starting a new business and entity can be exciting and an opportunity for a fresh start to grow and add value.

Remember, the ONLY purpose of a business is MASSIVE PROFITS. If the business does not have a viable way to develop MASSIVE PROFITS, don’t do it.

That may take a couple of years, but our business master checklist should be in place before you start a new business.

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