Here are five great tips for creating a lasting and profitable online joint venture partnership:
1. Good attitude. The first and most important attribute to creating a lasting and profitable partnership is a good attitude. Not only will a good attitude help to ensure that your partner also has a positive attitude – since a positive attitude is contagious, it will also help you get through any difficult times. A good attitude is a sure sign of a good partnership and future profits.
While it is true that your business partner will be there to share the everyday complaints with, make sure that it is not every day. Make sure that you balance out any complaints with many more positive things that are happening. It goes a long way in making both of your days productive.
2. Willingness to compromise and communicate. Any partnership has moments where one partner will need to compromise. If you’re prepared for these moments, then you’re a step ahead of the game. Stay focused on the larger purpose of the partnership and don’t allow yourself to get swallowed by the finer details that are often so easy to get stuck on.
If your partner wants 55% of the profits, then fine: make sure that you negotiate the proposal so that you benefit elsewhere.
Communication is also key. If you’re unhappy about something, be sure to express that to your partner while remembering to stay positive. Additionally, communicate when you’re pleased. Positive comments are helpful in maintaining a healthy equilibrium with your joint venture partner.
3. Willingness to contribute 50% of the effort. If you’re going into a partnership with someone, it is unfair to expect to reap all the benefits and do none of the work. Of course, if you can both reap profits with little or no work then that’s the ideal partnership.
4. Willingness to stick to the plan. If you outlined and agreed to a plan with your partner, it is unfair to change the plan halfway through. You wouldn’t want your partner to do that to you, right? Of course, circumstances are occasionally beyond your control and things happen; however, it is important to work your hardest to stick to the plan, timeline, and workload you originally agreed to.
By veering from the plan you are saying that you actually don’t value your partnership and that the things you agreed upon do not matter to you. Remember that before you make important decisions and not talk to your partner.
5. Willingness to modify the plan if need be. I know this contradicts the above tip; however, if your partner has one of those unforeseen circumstances mentioned above, it is a good idea to be flexible. Maybe the timeline can be adjusted or the responsibilities and profits adjusted to accommodate the new circumstances. Be willing to adapt if need be.
Making sure that you have things outlined from the beginning will go a long way in keeping a partnership fun and productive. Also, make sure that you join in business with someone of similar work ethics. Pick someone that enjoys or is good at the things you aren’t and vice-versa. This makes a well rounded business.
The big picture of a joint venture partnership is that you’re building a benefit that goes beyond profits. The potential for a successful joint venture partnership can be more customers, more associates in your network, more credibility, and yes…more profits. The right attitude toward your partner and your partnership can and will create a lasting benefit for years to come.
