I recently started getting involved in JVology – a joint venture community. Since then, some amazing things have been happening in my business and I wanted to share.

What is joint venture?

Wikipedia defines a Joint Venture as:

A joint venture (JV) is a business entity created by two or more parties, generally characterized by shared ownership, shared returns and risks, and shared governance. Companies typically pursue joint ventures for one of four reasons: to access a new market, particularly emerging markets; to gain scale efficiencies by combining assets and operations; to share risk for major investments or projects; or to access skills and capabilities.
Source: https://en.wikipedia.org/wiki/Joint_venture

If you’re anything like me – that is really confusing and kind of scary. So here is how I define a joint venture:

An agreement between companies to partner together. One or both partners agree to promote the other and are compensated by some form of commission.

Still confused? I kind of was, too – so let’s get real and check out some joint venture examples.

How does a joint venture work?

When I first heard of JV partnerships about 8 years ago, I didn’t get involved. I was selling agency services and didn’t have a “packaged” program that I could create a JV offer for, or so I thought

That was a big mistake.

What I love about the JVology community and Jay Fiset is all of the big questions are broken down to become simple steps.

Basically – there are two ways that joint ventures work.

The first and most commonly thought of example is finding joint venture partners that have a similar audience as you and want to promote your product or service. In return, you pay them commission. Pretty awesome when you’re trying to extend your reach – it’s like having a giant referral partner – and totally worth paying out commission for the referrals!

The other way that a joint venture works is when you agree to promote someone else’s program in return for a commission.

What is a joint venture in business?

Many times when looking for joint venture partners, you will find those perfect ones that you can’t wait to promote their program and they want to do the same for you. Genius!

As I mentioned earlier, I previously didn’t join any joint venture community because I thought I had to have a product and launch to offer.

Come to find out, this isn’t true. As an example, I have created joint venture agreements with businesses where I simply send them the referrals for agency work I no longer want to do. I know the company and that they will take good care of my referrals. And, it becomes extra income for me.

The JV Agreement

The idea of creating some legal joint venture agreement is one of the other reasons I never joined. However, it’s not a daunting legal agreement. In fact, the most you really do is set up an affiliate program that manages partners and creates links for them – and tracks all of the referrals they send over. It also tells you how much you owe people and when to pay them.

Seriously stupid easy.

And, because this is the norm for joint venture agreements, I also know I will have a dashboard I can look at when I am promoting other programs to see how well I’m performing.

If the tech here confuses you and you aren’t sure if you’re JV ready – grab this cool resource. It is the Joint Venture Success Roadmap and really gets you started on the right path. Literally.

Joint Venture Examples

I attended my first JVology Live event about 4 months ago – and was blown away at how easy it was to create joint venture partners. In fact, in this community there is such a giving and caring vibe that it’s easy to jump in and start making connections.

Since then, I have attended many other JVology Live events and even joined up to a higher level program. Here are some examples of what joint ventures has done for me in that time. I have:

• Launched my beta program and half of the participants in that group came from people I had met at JVology Live
• Sent over many individual referrals to other JV partners and just being able to make connections has increased my authority as a business owner
• Participated in promoting other programs and launches and have made several thousand in affiliate commission

And here is the biggest joint venture example I have…

I have also realized that there is absolutely potential and business GOLD in tactically participating in promoting a joint venture partner program, especially during a launch. As in, it has become part of my business planning and strategy to actively promote other programs that I know will help my audience.

Sharing other information outside of my own content marketing helps to provide more value to my audience. Promoting and introducing other amazing JV partners to my community helps to increase my own leverage an authority. And, I get to meet and support more amazing like minded people.

Advantages and a Another Killer Example

I have a friend that owns and runs about a million dollar a month business. Yep, you read that right. And you know what he sells? Nothing. That’s right – he literally is a middle man creating traffic and generating leads for other offers and gets commission in return.

It’s brilliant! He does the sales work and is done. He doesn’t have to worry about customer care or delivery and fulfillment.

Bottom line is I know I have barely scratched the surface. And I know also that I will always be part of a joint venture community – and right now the best one I am loving is JVology.

Curious yourself? Check out the next JVology live or get on the waiting list because it’s a win win win for creating joint venture agreements with other businesses.