9) Teaming, Partnering, and Joint Ventures
Joint venture is when two or more businesses enter a temporary partnership. Joint venture for physical business is a major decision, whereby they have considered the factors that might affect the relationship of this partnership. Fortunately, to form a joint venture in the online business is much easier.
“If you can’t beat them, join them. Two heads are better than one.” If you want to increase the market reach, break down barriers in your market, or just for the simple reason to generate more revenues, joint venture is definitely the best idea.
You can find or become a joint venture partner. Do not let go of any opportunities that allows you to earn passive income. It is not necessary to have a few projects with your JV partner; it can be just one particular project. Of course, you can have a long term partnership for the business as well.
When you have a JV partner, you will have the opportunity to access new markets and expand your networks. Likewise, your partner will have the access to your market too. This is a lovely win-win situation for all parties.
In addition, you are able to share the risks and costs with a partner or two. This would be great, especially for newbies, who do not have big capitals at the beginning of their business.
Of course, there are risks in forming up joint ventures as well. You may be facing the different objectives from your partners. Whenever there are different group of people, there are different opinions. Thus, clear communication plays a vital role in JV forming.
Despite the risks, joint venture is a powerful technique to earn massive revenues. This would be a great idea to add on one extra passive income stream as well.